The Petal® 1 card is an accessible and supportive option for those eager to build or strengthen their credit. With its no-fee structure for both domestic and international usage, it's an economical choice for diverse spenders. What truly sets this card apart is its unique approval method, bypassing traditional credit checks and offering a more inclusive opportunity. The card's commitment to credit growth is evident as it reports to all major credit bureaus and provides a potential for a swift credit limit boost. And with the accompanying Petal app, managing finances has never been easier, ensuring users remain financially savvy.
Petal® 1 Review
Updated: November 4, 2024
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Petal® 1
On Issuer's Site
Rewards Rate
Earn 2% – 10% Cash BackAPR
25.24% – 34.74% variableAnnual Fee
$0Recommended Credit
580 – 740 (Fair to Good)Moneygeek.com credit ranges are a variation of FICO® Score 8, one of many types of credit scores lenders may use when considering your credit card application.
Petal® 1 Overview
When selecting a credit card, meticulously evaluating its features is crucial to discern its value and potential implications for your financial journey.
Here is an overview of the main features of the Petal® 1 card:
- Regular APR: 25.24% – 34.74% Variable
- Deposit required: $0
- Potential credit limit: $300-$5,000
- Annual fee: $0
- Rewards rate: None
Important Card Details
Credit cards offer a myriad of features, each with advantages and potential pitfalls. In this analysis, we'll delve into some of the prominent attributes of the Petal® 1 card, aiming to clarify its offerings and how they stack up in the broader financial landscape.
Cash Back Rewards
The Petal® 1 offers an enticing cash back rate of between 2% and 10%, which is often associated with cards targeting those with higher credit profiles. However, there's a caveat: these rewards are exclusive to select merchants, so users need to be strategic about their purchases to maximize returns. While this might seem restrictive, it encourages cardholders to plan their shopping, potentially leading to more mindful spending.
Fees
One major advantage of the Petal® 1 is its lack of an annual fee. Yearly charges can eat into any rewards or benefits a card may offer, but that’s not a concern here. Additionally, the absence of foreign transaction fees makes this card an ideal travel companion. When you're abroad, the last thing you want is to incur extra charges with every swipe. This card ensures your adventures remain as cost-effective as possible.
Credit Building Potential
Building or repairing credit can feel like an uphill battle. The Petal® 1 helps you do so by reporting to all three major credit bureaus and ensuring your responsible usage is recognized across the board. Even more impressive is the potential for a credit limit boost in just six months, which rewards responsible card management and can positively impact your credit utilization ratio, a significant factor in credit scores.
Other Features
The card’s contactless technology showcases a commitment to modern convenience, making transactions both swift and secure. Additionally, Petal's dedicated app allows users to manage funds, monitor expenses and automate payments. Checking for pre-approval without a credit ding is the cherry on top, allowing you to gauge your eligibility without any repercussions.
How the Petal® 1 Compares
Let's dive into a comparative analysis of these two credit cards to help you discern the best fit for your financial needs.
How This Card Compares
Petal® 1
- Regular APR: 25.24% - 34.74% Variable
- Deposit required: $0
- Potential credit limit: $300-$5,000
- Annual fee: $0
- Rewards rate: None
- Best for: Individuals seeking a no-deposit card with a potential high credit limit and no annual fee, especially those on a credit-building journey.
Discover it® Secured Credit Card
- Regular APR: 28.24% Variable APR
- Deposit required: $200-$2,500
- Potential credit limit: $200-$2,500 (equal to your deposit)
- Annual fee: $0
- Rewards rate: Earn 2% cash back at gas stations and restaurants (up to $1,000 in purchases per quarter, 1% after that), and 1% cash back on other purchases. It matches all your cash back at the end of your first year
- Best for: Individuals looking to build or rebuild credit with a secured card that offers cash back rewards and a unique first-year cash back match, with the added advantage of a $0 annual fee.
About Grace Pilling
Grace Pilling was the Senior Content Manager for Credit Cards at MoneyGeek. She previously led personal finance teams at Bankrate, CreditCards.com and MoneyUnder30.
Pilling has a bachelor's degree in English from Western Sydney University and a diploma in book editing, proofreading and publishing. She is focused on empowering readers to make informed financial choices that support their best lives, not a company’s bottom line.
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.