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Review: Is the Petal 1 Visa credit card the best card for you?
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The card earns 2% to 10% cash back, but only at select merchants, so cardholders will need to keep track of eligible merchants through the Petal app in order to earn rewards when they spend. You won't earn any rewards on other purchases. Plus, rewards rates vary based on the merchant, which is a downside if you're looking for a consistent return on your spending.
The regular APR rate is
That said, what makes this card appealing is that those with fair or no credit may qualify. If you don't have a credit score, you may be able to connect your banking history during your application, for a "Cash Score" to determine your creditworthiness. Similarly, unlike secured cards which are also geared toward those with fair credit, you don't have to put down a security deposit. Instead, you can save your money and focus on building your credit. You can also see which Petal card is best for you without impacting your credit score.
If approved for the
You may also qualify for a credit limit increase in as little as six months through Leap, but only after completing two goals:
- You must pay at least your minimum payment or 15% of your monthly statement balance (whichever is greater) on time for six consecutive billing cycles (Petal calls this a "payment streak")
- You must not let your VantageScore drop 50 or more points below your Leap credit score goal (also for six consecutive billing cycles). If you don't have a VantageScore, you'll still be able to progress toward completing the second goal. Your VantageScore will typically be added to your Leap dashboard within three months of regular payments.
That said, the current Petal policy only provides a credit limit increase once under the Leap program.
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Another great starter card is the
How to earn rewards with Petal 1 Visa credit card
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Unfortunately, finding which merchants are eligible for rewards can be a hassle as the only way to access the participating merchant list is through the Petal app, meaning that unless you already have a Petal card you won't know what you're signing up for. If you do have a Petal card, you can find the current list of participating merchants on the Perks page of your Petal account either online or in the app.
The Petal 1 credit card is partnered with Dosh, a third-party provider, for discounts, credits, and other services related to Petal Card Offers. Dosh currently partners with over 10,000 brands (like Walmart, Instacart, Pizza Hut, and Disney+), but which of these partners applies to the
How to use Petal 1 credit card rewards
Your rewards are redeemable once they pop up in your Cash Back Wallet. You can redeem rewards as a statement credit up to your current balance with no minimum redemption requirement.
On the Perks page you can access your Cash Back Wallet, Lifetime Cash Back, Pending Cash Back, and Active Cash Back rewards. To redeem as a statement credit, go to the Perks page under your Petal account and click "redeem" to enter your desired amount.
You can redeem your cash back as an ACH transfer or check, but you can only request to redeem amounts equal to $20 or more.
Keep in mind, that if your account is ever demoted from Good Standing, regardless of the reason, you'll be unable to redeem rewards. Also, rewards are non-transferable and can only be redeemed by the account holder.
Petal 1 Visa card benefits and features
The Petal mobile app
One of the most substantial features of the
No foreign transaction fees
You won't get charged any foreign transaction fees when you use the
AutoPay
You can turn on the AutoPay feature in the app to automatically schedule your minimum amount due every month. This feature is especially handy if you have a lot on your plate or need help remembering your monthly due date.
Lost or stolen card liability
You won't be held liable for any unauthorized use of lost or stolen cards if you call 855-697-3825 to notify Petal. You may still be liable for unauthorized use occurring before Petal is notified.
Petal 1 credit card fees and costs
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There are no fees for cash advances or balance transfers because the card doesn't offer these features.
Comparison: Petal 1 Visa vs other starter credit cards
| Annual fee | |||
| Rewards rate | Between 2% - 10% cash back at eligible merchants No rewards on other spending | 1% cash back on eligible purchases After six on-time monthly payments, you'll start earning 1.25% cash back After 12 on-time monthly payments, you'll start earning 1.5% cash back | N/A |
| Welcome bonus offer | |||
| Card benefits | Petal mobile app Qualify for credit line increase after the first six months (terms and restrictions apply) No foreign transaction fees | Petal mobile app Qualify for credit line increase after the first six months (terms and restrictions apply) No foreign transaction fees | Capital One mobile app Automatic credit line review after the first six months No foreign transaction fees |
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Petal 1 Visa vs other cash-back credit cards
| Annual fee | |||
| Rewards rate | Between 2% - 10% cash back at eligible merchants No rewards on other spending | 5% cash back on hotels and car rentals booked through Capital One Travel 1.5% cash back on all other purchases | 2% cash back at gas stations and restaurants (on up to $1,000 in combined purchases each quarter, then 1% back) 1% unlimited cash back on all other purchases |
| Welcome bonus offer | |||
| Card benefits | Petal mobile app Qualify for credit line increase after the first six months (terms and restrictions apply) No foreign transaction fees | Capital One mobile app Automatic credit line review after the first six months No foreign transaction fees Up to six months of Uber One monthly membership until 11/14/2024 | After seven months, Discover will review your account and credit history monthly and may refund your security deposit No foreign transaction fees |
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Petal 1 Visa frequently asked questions (FAQ)
Is Petal 1 Visa credit card worth it?
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If you're new to the credit world and looking for a starter card, there are other beginner credit cards (some which also offer better reward opportunities) that might be more beneficial. But if you already have an established credit history, one of the cards for fair or limited credit might suit you better with additional card benefits and features.
Where is the Petal 1 Visa card accepted?
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You can't use Petal cards to purchase digital currencies, such as bitcoin, or for balance transfers. You also can't withdraw cash at ATMs using the
When will fees show up on your Petal account?
If you are charged a late payment fee or a returned payment fee, it will appear in your activity feed and on your next statement after assessment.