Petal 1 Visa Card Review

The Petal 1 Visa Card empowers you with a credit line based on your financial habits, not just a static credit score.

The Petal 1 Visa Card is an exciting and innovative option designed for individuals eager to build or rebuild their credit history! This isn’t just a traditional credit card; it’s a modern solution that embraces technology to offer access to credit even if you don’t have a perfect credit score or any credit history at all.

CREDIT CARD

Petal 1 Visa

Up to 10% cash back No annual fee

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Here are some of the fantastic benefits of the Petal 1 Visa Card:

1. “Cash Score” Underwriting for Approval: Imagine being approved for a credit card based on your actual financial behavior, not just a credit score! The Petal 1 Visa Card utilizes a unique “Cash Score” underwriting model, which analyzes your income, spending, and savings by securely linking to your bank account. 

2. No Annual Fee: Celebrate the joy of building credit without the burden of an annual charge! The Petal 1 Visa Card proudly boasts a $0 annual fee, ensuring that your focus remains entirely on establishing positive credit habits without incurring recurring costs. 

3. No Security Deposit Required: Say goodbye to tying up your hard-earned cash! Unlike secured credit cards, the Petal 1 Visa Card is an unsecured credit card, meaning you don’t need to provide a security deposit. 

4. Reports to All Three Major Credit Bureaus: Feel the impact of every responsible payment contributing directly to your credit growth! The Petal 1 Visa Card reports your payment activity to all three major credit bureaus – TransUnion, Experian, and Equifax.

5. Earn Cash Back with Petal Perks: Get excited to earn tangible rewards on your everyday spending! While it’s not a flat rate on all purchases, the Petal 1 Visa Card automatically enrolls you in the Petal Perks program, allowing you to earn 2% to 10% cash back at select local and national merchants. 

6. No Foreign Transaction Fees: Travel with confidence and avoid unnecessary costs! The Petal 1 Visa Card does not charge foreign transaction fees.

7. Potential for Credit Limit Increases: Watch your credit limit grow as you demonstrate responsible financial behavior! Petal offers the opportunity for credit limit increases, often after as little as six qualifying on-time monthly payments. 

8. Fast and Easy Pre-qualification: Get an idea of your approval odds without impacting your credit score! Petal allows you to pre-qualify for their cards in minutes. 

9. Designed for Financial Inclusion: This card is a true champion for those traditionally left behind by the credit system! It truly offers a pathway for millions to establish a positive credit profile.

Who Can Apply?

The Petal 1 Visa Card is specifically designed for individuals who are new to credit or have less-than-perfect credit history. Here are the typical criteria:

• Credit Score: While it doesn’t require a traditional FICO score, it’s generally for those with no credit history, limited credit, or fair/poor credit (e.g., FICO scores typically below 670).
• Cash Score: Petal heavily relies on its proprietary “Cash Score”, which is derived from analyzing your linked U.S. bank accounts (income, spending, savings, bill payment behavior). Consistent cash flow and responsible banking habits are key.
• Age: You must be at least 18 years old.
• U.S. Resident: You must be a U.S. resident.
• Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): A valid SSN or ITIN is required. This makes it accessible to a wider range of applicants, including some non-U.S. citizens.
• U.S. Bank Account: You must have a U.S. bank account that you are willing to link for the application process and for payments.

How to Apply?

Applying for the Petal 1 Visa Card is an entirely online process that starts with a pre-qualification step:

1. Visit the Official Petal Card Website: Go to the Petal 1 Visa Card page on Petal’s official website.
2. Click “See if you Qualify” or “Get Started”: This initiates the pre-qualification process, which involves a soft credit inquiry and will not impact your credit score.
3. Provide Personal Information: You’ll enter basic details such as your name, address, email, phone number, date of birth, and SSN/ITIN.
4. Securely Link Your Bank Account(s): You will be prompted to securely link your primary checking account(s) (and sometimes savings accounts) through a service like Plaid. This allows Petal to analyze your “Cash Score.”
5. Review Pre-Qualified Offers: Based on your provided information and bank account analysis, Petal will typically present you with a pre-qualified offer (or offers for other Petal cards you might qualify for), including a potential credit limit and APR range.
6. Accept Offer (If Desired): If you like the offer, you can accept it and proceed with the full application. This step will usually involve a hard credit inquiry, which may temporarily impact your credit score.
7. Complete Full Application: Provide any additional information requested and review the final terms and conditions.
8. Receive Final Decision: Petal aims to provide quick decisions, and if approved, your card will be mailed to you.

Frequently Asked Questions

Is the Petal 1 Visa a secured card?

No, the Petal 1 Visa is an unsecured credit card, meaning it does not require a security deposit.

Does Petal do a hard credit pull?

Petal uses a soft credit inquiry for pre-qualification, which does not affect your credit score. If you accept a pre-qualified offer and proceed with the full application, a hard credit inquiry will typically be performed.

Does the Petal 1 Visa offer rewards?

Yes, it offers cash back through the Petal Perks program, where you can earn 2% to 10% cash back at select participating merchants. It does not offer a flat-rate cash back on all purchases.

How do I redeem Petal Perks cash back?

Cash back earned through Petal Perks can typically be redeemed as a statement credit to your account. In some cases, for amounts over $20, it can also be redeemed via ACH transfer or check.

CREDIT CARD

Petal 1 Visa

Up to 10% cash back No annual fee

APPLY NOW You will be redirected