Last updated on November 3rd, 2020
The popular Petal Card will receive a new name starting in October. In addition, the issuer will launch an entirely new card product. Here’s what you need to know about the Petal 1 and Petal 2, as well as what the changes mean for current cardholders.
Rebranded Petal 2 “Cash Back, No Fees” Visa
The rebranded Petal 2 card debuted on October 1, 2020. The card, which replaces its previous Petal Cash Back Visa Card version, offers enhanced rewards, responsible credit limits, and no fees.
New features of the Petal 2, also known as the Petal 2 “Cash Back, No Fees” Visa Credit Card, include:
- Credit limits between $500 and $10,000
- No fees, including no fees for foreign transactions, annual fees, service fees, late payment fees, or any-other-kind-of-fee fees.
- Cash back rewards with every purchase
Petal 2 Cash Back Rewards
The cash back rewards are the central talking point with the Petal 2 Card. The card earns 1% cash back on all eligible purchases right away. Cardholders who meet specific requirements can earn more cash back with every purchase, as outlined here:
- Up to 1.5% cash back after making 12 on-time monthly payments
- Up to 10% cash back from select retailers
New Petal 1 “No Annual Fee” Visa Credit Card
In addition to the Petal 2, an entirely new product has launched. Dubbed the Petal 1 “No Annual Fee” Visa Credit Card, it’s designed for applicants with non-prime credit scores who wish to rebuild their credit.
Unlike the Petal 2, the Petal 1 charges certain fees, such as for late and returned payments. It also has a higher APR range than the Petal 2. Like the Petal 2, however, it doesn’t charge an annual nor international fees. The Petal 1 earns up to 10% cash back from certain retailers, though that’s where its rewards earning potential ends.
The Petal 1 launched at the beginning of October along with the Petal 2.
The Petal Card is a credit building card issued through WebBank. The card is one of many options in the bad credit repair market. This market includes other popular names such as the Milestone Mastercard, Indigo Platinum Mastercard, Capital One Platinum Card, and more.
WebBank also issues several other credit card products, including the Avant Card, the Zero Card, and the Upgrade Card. The Avant Credit Card is another offer for subprime credit scores, while the Upgrade Card is a versatile balance transfer and low APR card issued by the popular lender, Upgrade.
Related Article: What Is a Deep Subprime Credit Score?