Petal Visa® Credit Card Review: A Great Option to Build Credit

This Petal Visa® Credit Card review will tell you why we think it's a great credit card if you have little or no credit history. It's the first card released by Petal, a company that is clearly looking to make waves in the credit card industry. 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. Read on to find out more about this card.

No credit history required -- The Petal 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 Visa® Credit Card earns 1% cash back to start, but that increases to 1.25% after you've made six on-time payments and 1.5% 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 -- Many credit cards for consumers with no credit history 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.

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.

Petal Visa® Credit Card is specifically designed for people with no credit history and/or below average credit, or a FICO® score under 670. If you do have a credit history, Petal will review it during the application process.

However, 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.

If your goal is to build your credit, then you should strongly consider applying for the Petal 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.