Many or all of the products here are from our partners that pay us a commission. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
Issued by WebBank, the Petal® 2 "Cash Back, No Fees" Visa® Credit Card is the first card from Petal, a company that is clearly looking to make waves in the credit card industry. It's one of the more unique cards on the market: Not only does this fee-free card offer an impressive cash back rate, but you can also get it with zero credit history and no security deposit. We'll explain why we think it's also among the best credit cards if you are building credit in our Petal® 2 "Cash Back, No Fees" Visa® Credit Card review.
Petal® 2 "Cash Back, No Fees" Visa® Credit Card
Apply Now
On Petal's Secure Website.
Petal® 2 "Cash Back, No Fees" Visa® Credit Card
Great for: No credit history and building credit
Apply Now
On Petal's Secure Website.
Rating image, 4.00 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. 4.00/5
Apply Now
On Petal's Secure Website.
-
People with no or limited credit histories will be hard pressed to beat it. The rewards program and lack of fees are clear standouts in the category.
-
- No credit history required
- Competitive cash back rewards
- No fees
- Fixed payment due date
- No 0% intro APR offer
-
- No fees whatsoever. No late fee, foreign transaction fee, annual fee, or any-other-kind-of-fee, fee.
- Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
- 1% cash back on eligible purchases right away
- 2% - 10% cash back at select merchants
- $300 - $10,000 credit limits
- Variable APRs range from 12.99% - 26.99%
- No credit score? No problem. If eligible, we'll create your Cash Score instead.
- See if you're pre-approved within minutes without impacting your credit score.
- Build credit alongside hundreds of thousands of Petal Card members.
- Petal reports to all 3 major credit bureaus.
- No deposits required
- Card issued by WebBank, Member FDIC
Full Petal 2 review
This credit card is a good fit for: People with limited or no credit history looking for a fee-free card to build their credit.
Top perks
No credit history required
The Petal® 2 "Cash Back, No Fees" Visa® Credit Card is ideal for consumers who are new to credit, because you don't need any credit history to get the card. If you have no credit, you can link your bank accounts during the application process. Petal will then use information from those accounts to evaluate your application.
Up to 1.5% cash back
The Petal® 2 "Cash Back, No Fees" Visa® Credit Card earns 1% cash back on eligible purchases to start, but that increases to 1.5% back on eligible purchases after you've made 12 on-time payments. These payments don't need to be consecutive. If you make seven on-time payments, miss one, and then make another five on time, you'll start earning 1.5% back.
No fees
You won't need to worry about any fees with this card. It doesn't charge an annual fee, late payment fees, foreign transaction fees, or any of those other credit card fees that cost you money. Credit cards for building credit tend to pack in nuisance fees, but that isn't the case here.
Note that you will pay interest if you don't pay your entire statement balance, but that's standard with any credit card.
Petal app
In addition to this credit card, Petal also offers an application that you can link to your card and most financial institutions. The Petal app includes several features that can help you improve your financial situation, including:
- Estimates of how much interest you'll pay based on your credit card payment amount
- A "Spend Planner" that lets you set a budget and track your spending each month
- A credit score tracker
No security deposit
Secured credit cards are a typical go-to option for consumers with no credit history, but they require a security deposit up front, which can be tough to manage if money's tight. This card doesn't, so you won't need to pay a thing to get started with Petal.
What could be improved
Fixed payment due date
Petal doesn't give you the option of picking a payment due date, so you're stuck with the date you get. Plenty of other credit cards offer this feature, which can be nice if you want to set your payment due date for right after you get paid.
Find the best credit card for your needs
Compare credit card rewards, fees, APRs, and more using our side-by-side comparison tool.
Suggested credit score
The Petal® 2 "Cash Back, No Fees" Visa® Credit Card is available to consumers with no credit history or a limited credit history, so you don't need any specific credit score to get it. If you do have a credit history, Petal will review it during the application process.
Keep in mind that although this card is excellent for building credit, it's not intended for rebuilding credit. If you've had problems with missed payments in the past, they could prevent you from being approved.
The application process for the Petal® 2 "Cash Back, No Fees" Visa® Credit Card is different than that of most other cards. To apply, you need an invite code from Petal. If you don't have one, you can still click the "Apply" button on the Petal website, enter your information, and go through a preapproval process, which doesn't affect your credit score. If Petal preapproves you, it will send you an email with an invitation to officially apply for the card.
Alternatives to consider
- If you want to earn more rewards: The Discover it® Student Cash Back is available to both students and people building credit. It offers up to 5% cash back in rotating quarterly categories that you activate, on up to $1,500 worth of purchases quarterly. Plus, it even has a sign-up bonus. Discover will automatically match all the cash back you’ve earned at the end of your first year for new cardholders.
- If you want a secured credit card with a low deposit requirement: Just about anyone can apply for the Discover it® Secured Credit Card. This secured card requires a deposit of at least $200. It also offers 2% cash back on up to $1,000 in gas and restaurant purchases each quarter and 1% back on all your other purchases.
As of Jan. 13, 2022
|
|
| Discover it® Student Cash Back | Discover it® Secured Credit Card |
|
Rating image, 5.00 out of 5 stars.
5.00 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
Rating image, 5.00 out of 5 stars.
5.00 stars
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. |
|
Apply Now
On Discover's Secure Website. |
Apply Now
On Discover's Secure Website. |
| Read Full Review | Read Full Review |
| Rates & Fees | Rates & Fees |
|
Credit Rating Requirement: |
Credit Rating Requirement: |
|
Cashback Match |
Cashback Match |
|
1% - 5% Cashback |
1% - 2% Cashback |
|
Intro APR: Purchases: 0% Intro APR, 6 months Balance Transfers: 10.99% Intro APR, 6 months |
Intro APR: Purchases: N/A Balance Transfers: 10.99% Intro APR, 6 months |
|
Regular APR: 12.99% - 21.99% Variable APR |
Regular APR: 22.99% Variable APR |
|
Annual Fee: $0 |
Annual Fee: $0 |
|
Highlights:
|
Highlights:
|
|
Apply Now
On Discover's Secure Website. |
Apply Now
On Discover's Secure Website. |
Show More
Show Less
|
|
This card is right for you if:
If your goal is to build your credit, then you should strongly consider applying for the Petal® 2 "Cash Back, No Fees" Visa® Credit Card. It doesn't charge any fees, it doesn't require a deposit, and after 12 on-time payments, it earns a great cash back rate. You can't ask for much better than that from a card you can get without any credit history.
FAQs
-
The credit limit for this card ranges from $300 to $10,000 depending on your creditworthiness.
-
Yes, you can get prequalified for this card. To check if you prequalify for that and other Petal credit cards, go to the Petal website to see offers and fill out their form. After you submit it, Petal will let you know if you prequalify for any of its cards.
-
Customer service for this card has mixed reviews. Some consumers have ranked Petal's customer service highly, whereas others have called it unhelpful. Since Petal is one of the smaller credit card issues, it hasn't been part of any major customer service studies yet.
Apply Now
On Petal's Secure Website.
About the Author
Lyle Daly is a personal finance writer who specializes in credit cards, travel rewards programs, and banking. He writes for The Ascent and The Motley Fool, and his work has appeared in USA Today and Yahoo! Finance. He was born in California but currently lives as a digital nomad with a home base in Colombia.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. The Motley Fool has a Disclosure Policy. The Author and/or The Motley Fool may have an interest in companies mentioned.
The Motley Fool has no position in any of the stocks mentioned.
