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Last updated on October 4th, 2022
Petal 1® Visa Credit Card
Petal 1® Visa Credit Card
Higher Limits, Better Rates, No Annual Fee
- Regular Purchase APR 24.24% to 33.74% variable based on the Prime Rate
- Annual Fee None
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Credit NeededBestCards.com uses a variation of FICO Score 8, which is one of many different types of credit scores. A financial institution may use a different score when deciding whether to approve you for a credit card.Fair , Poor
- Processing Network Visa
- $0 Annual Fee
- Variable APRs range from 24.24% to 33.74%
- $300 - $5,000 credit limits
- Earn a credit limit increase in as little as 6 months. Terms and conditions apply.
- No credit score? No problem. If eligible, we'll create your Cash Score instead.
- 2% - 10% cash back at select merchants
- See if you're pre-approved within minutes without impacting your credit score.
- No annual or foreign transaction fees.
- Build credit alongside hundreds of thousands of Petal card members.
- Petal's mobile app makes it easy to manage your money, track your spending, and automate payments.
- Petal reports to all 3 major credit bureaus
- No deposits required
- Card issued by WebBank
- Regular Purchase APR: 24.24% to 33.74% variable based on the Prime Rate
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: $29
+ 4% cash back
+ 2.4% cash back
+ 0.8% cash back
+ 2% cash back
+ 0.8% cash back
+ 2.4% cash back
+ 0.8% cash back
+ 0.8% cash back
+ 1.2% cash back
+ 2.4% cash back
At a Glance
The Petal 1® Visa Credit Cards is an entry-level fintech and credit builder card from WebBank. The card features no annual fee, no foreign transaction fee, and relatively generous credit limits.
Ideal for Those Who:
- Have a limited credit history
- Have a solid banking history of providing access to a larger credit line
- Plan to pay their statement balance on-time every month
- Don’t want to pay an annual fee
Petal® 1 “No Annual Fee” Visa® Credit Card Review
The Petal 1 “No Annual Fee” Credit Card is an entry-level offering designed to help establish and build credit.
No Annual Fee
According to Petal, the Petal 1 Visa “is a different card, designed to include an even larger audience.” So the reasoning goes that this audience is those consumers who have a credit history but want to improve it responsibly – and affordably. While this is a noble venture, the credit builder marketplace is hardly underserved.
The major selling point of the Petal 1 Visa is the lack of an annual fee. No annual fee credit repair credit cards – or no annual fee bad credit credit cards – are uncommon, but not unheard of. Other fintech firms also provide access to entry-level credit cards for people seeking to build credit, with the Jasper Mastercard and Deserve EDU being two notable examples.
Still, the prospect of no annual fee or set-up fees when building credit is a great perk with the Petal 1 Card.
Cash Score Creditworthiness Model
Petal can generate insights into an applicant’s creditworthiness on their proprietary “Cash Score.” This process analyzes credit history, banking, and other aspects of an applicant’s history to gauge their creditworthiness. Petal says this provides access to higher credit limits and broader acceptance. Credit limits with the card range from $300 to $5,000 based on creditworthiness, with the latter being an impressive credit line for someone seeking to build up their FICO score.
Other Features
Other notable features with the Petal 1 “No Annual Fee” Visa Credit Card include:
- Earn between 2%-10% on purchases at select merchants
- Monthly reporting to the three major credit bureaus (Experian, Equifax, and TransUnion)
- Basic Visa perks and protection, including Zero Fraud Liability, Roadside Dispatch, and more
Should You Apply for the Petal® 1 “No Annual Fee” Visa® Credit Card?
Overall, the Petal® 1 “No Annual Fee” Visa® Credit Card is an enticing offer for consumers seeking to build a positive credit history with on-time payments and responsible credit use. Most credit cards for poor credit scores come with an annual fee, making a card without such a charge an exciting opportunity.
While the Petal 1 lacks any exciting bells and whistles, like meaningful rewards or a signup bonus, the lack of fees, decent APR, and expanded availability for more expansive credit scores make it a worthwhile card to consider.
