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- Petal 2 Review
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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.
On Petal's Secure Website.
Petal® 2 "Cash Back, No Fees" Visa® Credit Card
On Petal's Secure Website.
Great for: No credit history and building credit
Bottom Line
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.
Credit Rating Requirement:
Rewards
1.5% cash back after making 12 on-time monthly payments. 1% cash back on purchases right away
Annual Fee
$0
Intro APR
Purchases: N/A
Balance Transfers: N/A
Ongoing APR
12.99% - 26.99%, variable
Welcome Bonus
N/A
Highlights
Petal® 2 "Cash Back, No Fees" Visa® Credit Card topped the podium in the following category for The Ascent's 2020 credit card awards:
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 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:
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.
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.
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.
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Discover it® Student Cash Back | Discover it® Secured |
Rating image, 5.0 out of 5 stars.
5.0 stars
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. |
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5.0 stars
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. |
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On Discover's Secure Website. |
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On Discover's Secure Website. |
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Rates & Fees | Rates & Fees |
Credit Rating Requirement: |
Credit Rating Requirement: |
Welcome Bonus: Dollar-for-dollar match of all cash back earned the first year |
Welcome Bonus: Dollar-for-dollar match of all cash back earned the first year |
Rewards Program: Cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Unlimited cash back on all other purchases - automatically |
Rewards Program: Cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter. Unlimited cash back on all other purchases - automatically |
Intro APR: Purchases: 0%, 6 months Balance Transfers: 10.99%, 6 months |
Intro APR: Purchases: N/A Balance Transfers: 10.99%, 6 months |
Regular APR: 12.99% - 21.99% Variable APR |
Regular APR: 22.99% Variable APR |
Annual Fee: $0 |
Annual Fee: $0 |
Highlights:
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Highlights:
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Apply Now
On Discover's Secure Website. |
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On Discover's Secure Website. |
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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.
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