- No annual fee
- Regular Purchase APR: 19.99% to 29.49% variable based on the Prime Rate
- Late Payment Penalty Fee: Up to $40
- Return Payment Penalty Fee: $29
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At a Glance
The Petal 1® Visa Credit Cards is an entry-level fintech and credit builder card from Petal and WebBank. The card features no annual fee, no foreign transaction fees, and 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 Visa Card is a no annual fee credit card designed to help establish and build credit. The Petal 1 “No Annual Fee” Visa Credit Card is the entry-level offering from Petal, a fintech firm seeking to revolutionize how Americans think of 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 offer 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 Card.
Cash Score Creditworthiness Model
Petal bases 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 $500 to $5,000, with the latter being an impressive credit line for someone seeking to build up their FICO score.
Petal also states that its Cash Score algorithm provides better rates and fees for users. This is proven true with interest rates: on the lower end, cardholders can expect a rate almost 2% lower than the national average for a bad credit credit card. At the higher end of the spectrum, the APR rises to nearly 30%, but that isn’t uncommon.
The card also features limited fees – another perk. There are, for example, no foreign transaction fees, no penalty APR, and no over-the-limit fees.
Other notable features with the Petal 1 “No Annual Fee” Visa Credit Card include:
- Earn up to 10% cash back on select purchases with eligible 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.