You’ll get a variable APR that ranges between 15.24% and 26.24%. Given that most credit building cards offer little to no rewards, require deposits and fees or have low credit limits, the Petal 2 is an attractive option. You’ll incur a late fee of up to $29 the first time you pay late, and up to $40 for the next time you pay late. The Petal 1 is an entirely new card made for people who don't have a strong enough cash flow or credit history to qualify for the Petal 2. Petal has launched the Petal 1 card for people who want to build credit but have low to fair credit scores and cash flow. It has no annual fee and you can get approved for a credit limit between $500 - $5,000. Traditionally, anyone looking to apply for a credit card would be assessed based upon their credit score which would then determine if the applicant i.e. It’s the first rewards program that Petal Visa Credit Card has ever rolled out, and it offers 1% cash back on all purchases made as of May 1. The Petal 1 Credit Card is a new credit card that Petal launched for people with no credit, poor credit and fair credit! Rates may vary among applicants, however the lowest standard APR is 19.99%* (Variable)*. N/A *. Submitting your information for pre-approval only takes a few minutes, and won’t impact your credit score. Annual Fee . The Petal ® 1 "No Annual Fee" Visa ® Credit Card is Petal's latest card offering, issued by WebBank, Member FDIC, and it's designed for people who have complicated credit histories Unlike a secured card, you don't have to send a security deposit and can still get a decent credit limit. On top of that, this is for rebuilding credit with lower credit scores. Petal is a startup credit card company based in New York. The Petal® 1 “No Annual Fee” Visa® Credit Card is a rarity in the world of entry-level credit cards: a no-annual-fee product that doesn’t require a security deposit and earns cash-back rewards on some transactions. By featuring rewards and having no fees, it’s worth considering when you want to earn cash back as you build credit. Keep in mind that the content on our FAQ and Help Center was created to help you better understand how Petal’s products and services work—it is not meant to provide legal or financial advice, or indicate the availability of any product or service. N/A *. PETAL 1 is designed for those who are seeking to improve their credit score. Final Word. Although it does have some drawbacks, including the potential for a high APR, it’s a great option for … Has some fees. A recent $34 million cash infusion from investors has propelled Petal from a thousands-member trial stage to widespread … When you add these things together, the higher APR makes sense. Rewards, Cash back. 2. While secured credit cards require you to put down a cash deposit as collateral to secure your line of credit, the Petal 2 Visa Credit Card, an unsecured card, does not. View all credit card offers on credit.com and find your perfect credit card today. Intro APR. X1 Card offers credit limits up to 5X higher 1 than traditional cards. Ongoing APR. The cash back rate increases to 1.25% after you make six payments on time — and bumps up to 1.5% cash back after 12 on-time payments. The Petal 1 credit card aims to bring the prime experience to borrowers with limited credit history; it’s a card designed for consumers with poor to average credit scores, or no credit history at all. The Petal Card … $0. As long as you commit to paying your balance in full by the due date each month, this card could be a great first step on the path to building your credit. Credit.com shows you the top credit card offers online. There’s also a fee of up to $29 … Petal® 1 "No Annual Fee" Visa® Credit Card Quick Summary: This card is intended for consumers, or "personal use" with a fair credit history. Petal® 1 "No Annual Fee" Visa® Credit Card. The Petal® 2 Visa® Credit Card is one of the best starter credit cards available to people with limited or no credit. The Petal 1 “No Annual Fee” Visa Credit Card is a decent low-cost choice if you’re dead set on an unsecured card and your credit score doesn’t reflect the best financial habits yet. $0. Petal — a credit card company created to help people build credit and spend responsibly — announced recently that it has raised a $55 million Series C round of funding. The Petal 1 Visa and Petal 2 Visa credit cards are excellent credit cards for beginners (and some of the best credit cards for no credit). 19.99% - 29.49% Variable. If you're pre-approved for both Petal cards, you'll be able to submit an application for one of those products. This funding round will enable Petal to double down on its mission to help more people access honest, simple, and responsible credit. Rewards. While the Petal 2 Credit Card doesn’t have any fees, the Petal 1 Credit Card does. you would be suitable for a credit card. 1. This compensation may impact how and where products appear on this site (including, … The Petal Visa is a unique card for those with average credit. Now, that news is official. † Advertiser Disclosure: The credit card offers that appear on the website are from credit card companies which Credit.com receives compensation. The card offers opportunities to earn cash back, but not on all purchases. 7 Tips for Paying off Your Credit Card Debt. Card details: Petal 1 was designed for consumers who already have a credit history, and want to improve their credit safely, responsibly, and affordably with no annual fees See our current APR ranges at https://www.petalcard.com PETAL 2 is our most advanced card yet. It requires no annual fee, a potential credit limit between $500 and $5,000 and an APR of 19.99% to 29.49% variable. It allows consumers with credit scores as low as 550 to apply and potentially qualify. However, credit score alone does not guarantee or imply approval for any credit card offer. Last week, when the popular payments startup Stripe made some waves with its first move into money lending through the launch of Stripe Capital, we reported that the company was also soon going to be launching a credit card. Rewards Rate . Petal 2 Card vs. Petal 1 Visa® Credit Card. Up to 10% cash back from select merchants. n/a. High credit limits: Petal offers credit limits of $500 to $5,000 for the Petal® 1 "No Annual Fee" Visa® Credit Card. Intro Purchase APR . Balance transfer. Looking Past Your Credit Score. If you think it might be a reach to qualify for the Petal 2 Card, your best bet is to check out the Petal 1 Card. At the end of the day, this is still a rewards card. $0 Annual Fee; 2% - 10% cash back from select merchants; $500 - $5,000 credit limits; Variable APRs 19.99 - 29.49% APR; No annual or international transaction fees. Petal Credit Card – Petal Card Cons 1. If you're pre-approved for Petal 1, you can only apply for that card. It features: No annual fee or security deposit. The Petal® 1 "No Annual Fee" Visa® Credit Card is a new credit-building card from Petal. The Petal 1 can offer a path to credit — and even rewards — for people with a less-than-ideal cash flow or credit history. More From Money: Best Bad Credit Credit Cards of 2020. Annual fee. If you routinely … With $0 fees across the board, rewards equal to 1 - 1.5% cash back on all purchases, and monthly credit-bureau reporting, the Petal 2 Visa Card has all the ingredients needed to grow a good credit score. The Petal 1 Credit Card’s interest rate is variable aprs between 19.99 - 29.49 . Best Cash Back Credit Cards of 2020 The lack of fees with this card—and the fact you can earn rewards—makes it a smart option for anyone who is ready to build credit for the … This is a benefit Petal’s first card … An applicant’s credit score is dependent on factors such as payment history, debt burden and length of credit … You can get 2% – 10% cash back from select merchants, a credit limit up to $5,000, and you can see if you’re pre-approved in … Though it lacks the robust cash back rewards program that comes with the Petal® 2 "Cash Back, No Fees" Visa® Credit Card, the Petal® 1 "No Annual Fee" Visa® Credit Card should help you keep costs low as you work to build positive credit history.. The issuer can look beyond just credit scores to determine eligibility. Higher APR. The card charges no annual fee, does not require a deposit and gives you a chance at a much higher than average credit … Higher limits mean you can spend the same amount with lower utilization, which can boost your credit score. Late and returned payment fees may apply; Build credit alongside tens of thousands of Petal Card members With Petal 2 you can enjoy all the perks of a cash back card … With the motto, “A credit card with a conscience,” the company’s bold move is that its credit card is designed for people without credit scores. Petal® 1 “No Annual Fee” Visa® Credit Card $500 - $5,000 credit limits. ... credit card providers are coming up with different types of credit cards targeting different categories of people with different features and offering …

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