Last updated on September 11th, 2023
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Petal® 2 “Cash Back, No Fees” Visa® Credit Card Review
The Petal® 2 “Cash Back, No Fees” Visa® Card is a no annual fee, cash back rewards credit card for people serious about boosting their credit score.
1% Unlimited Cash Back to Start
The most significant difference between the Petal 2 and Petal 1 is that the Petal® 2 “Cash Back, No Fees” Visa® Credit Card earns 1% cash back on all eligible purchases to start. This 1% cash back isn’t spectacular, as it is a common feature with an ever-increasing number of credit builder cards, plus many checking and debit accounts.
After six on-time monthly payments, that 1% cash back becomes 1.25%, not bad. However, the real highlight with the Petal 2 is that the 1% cash back becomes 1.5% unlimited cash back after 12 on-time monthly payments. For a credit card aimed at consumers with subprime credit scores (namely, average credit), 1.5% cash back on all eligible purchases can be tempting.
The Petal 2 Visa also earns between 2% and 10% back on purchases with select retailers. This feature also appears with the Petal 1 Visa – still, it is a nice little bonus for cardholders.
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.
|How Does Petal Calculate Your Cash Score?|
|Your Cash Score is a method Petal has created to compliment your credit score. Your Cash Score includes:|
|① Your monthly income in your linked bank account.|
|② How much you pay in bills every month.|
No Fees and an Excellent APR
The Petal 2 Card features the same lack of fees as the other offering from Petal (the Petal 1 Card), with no foreign transaction fees, no penalty APR, no late fees, no over-the-limit fees, and more.
Credit limits with the Petal® 2 “Cash Back, No Fees” Visa® Credit Card are also impressive. Credit lines start at $300 (the same as Petal 1) but rise to $10,000 – a very healthy credit limit, indeed.
Petal Credit Card Comparison
Here’s how the two Petal credit cards compare:
Petal 1® Visa
Petal 2 Visa®
|No rewards on all purchases||Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments; 1% back on all other purchases|
|Earn between 2% and 10% back on purchases with select retailers||Earn between 2% and 10% back on purchases with select retailers|
|Best for No Credit||Best for Fair Credit|
Other notable features of the Petal 2 “Cash Back, No Fees” Visa Credit Card include:
- 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
Visa Traditional protections and benefits include:
|Zero Fraud Liability||Cardholder Inquiry Services||Emergency Card Replacement|
|Roadside Dispatch and Auto Collision Damage Waiver||Lost/Stolen Card Reporting||ID Navigator from Norton|
Other Cash Back Cards to Consider
Citi® Double Cash
Sam's Club® Mastercard®
|Rewards||Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.||Earn 5% cash back on gas anywhere Mastercard is accepted (on first $6,000 per year, then 1%), up to 3% back on Sam's purchases and 3% cash back on dining and takeout, and 1% on all other purchases|
|Welcome Offer?||0% intro APR on Balance Transfers for 18 months||$30 statement credit after making $30 in Sam's purchases in 30 days.|
Should You Apply for the Petal® 2 "Cash Back, No Fees" Visa® Credit Card?
The Petal® 2 “Cash Back, No Fees” Visa® Credit Card is an interesting credit card for several reasons. First, the card’s chance at more significant cash back with on-time payments is an excellent lure for those serious about building their credit and willing to put the work in.
Second, the excellent interest rates and generous credit limits are likely better than many applicants can find elsewhere. Finally, the lack of fees is a hallmark of any decent fintech credit card – and something the Petal credit cards knock out of the park.
These features make the Petal 2 an enticing credit card offer for people with decent credit who want an alternative to the other credit cards for fair credit scores on the market today. The Petal 2 Visa isn’t the most complete credit card available – by far – but it provides an excellent jumping-off point for those willing to put in the work – and desiring a great entry-level rewards card.