Because the Petal Credit Card is available to consumers with limited credit or no credit at all, you should consider this option as an alternative to a secured credit card. While secured credit cards require you to put down a cash deposit as collateral to secure your line of credit, the Petal Credit Card, an unsecured card, does not.
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 first time.
Available to consumers with limited or no credit history
Earn greater rewards after making on-time payments
No major fees
Earn more cash back by shopping at partner stores
Limited redemption options for rewards
Minimum rewards balance required to redeem via check
- Available to consumers with limited or no credit history: The Petal Credit Card is available to consumers with no credit or a very limited credit history. You can even see if you prequalify for the card without a hard inquiry on your credit report.
- Earn greater rewards after making on-time payments: This card reinforces good habits by giving you access to a higher rewards rate when you consistently make on-time credit card bill payments.
- No major fees: The Petal Credit Card charges no annual fee, no foreign transaction fees, no late payment fees, or any other kind of fees.
- Earn more cash back by shopping at partner stores: If you use this card to pay for purchases at retailers who are participating in Petal's Cash Back Offers program, such as GAP, Lowe's Home Improvement, and Heartland Vet Supply, you'll earn a higher rate of cash back, anywhere from 2% to 10%, depending on the retailer and current offer.
- Limited redemption options for rewards: While earning 1% to 1.5% on your purchases is nice, this card doesn’t let you redeem your rewards for gift cards or merchandise like some other cash-back credit cards do.
- Minimum rewards balance required to redeem via check: There’s no minimum rewards balance you need to redeem your cash back for a statement credit, but if you want your rewards in check form, you must have at least $20 in rewards.
Earning Points & Rewards
The Petal Credit Card offers a tiered rewards program that incentivizes you to pay your bill on time. You’ll start out earning 1% cash back on all purchases. From there, you’ll earn 1.25% back once you make six on-time payments and 1.5% back once you’ve made 12 monthly credit card payments on time. And as we mentioned, you can also earn extra cash back (between 2% and 10%) by using this card at retailers who are participating in Petal's Cash Back Offers program. This is a great addition to a simple card designed for building credit.
The best part is there is no limit to the amount of cash back you can earn.
An on-time payment means you make at least the minimum payment by the date on your bill. To avoid debt and interest charges, pay your statement balance full each time it comes due.
This card lets you redeem rewards in any amount of $20 for a statement credit or check in the mail. While these options are good ones, note that many cash-back credit cards a broader selection of redemption options including gift cards, merchandise, charitable donations, and more.
How to Get the Most Out of This Card
Since the Petal Credit Card is geared to consumers with a limited credit history, you’ll want to use it regularly to build good credit. Fortunately, this credit card reports to all three credit reporting agencies—Experian, Equifax, and TransUnion.
Use your credit card for your regular purchases, then make your payments early or on time in order to earn more cash back as the months progress. If you can take advantage of the bonus cash-back offers to snag some extra rewards on purchases you were already going to make, even better. Just don't use those offers to shop more than you can afford to.
While WebBank isn’t included in any of the credit card satisfaction studies, they do feature an A+ rating with the Better Business Bureau (BBB). The Petal Credit Card also promises 24/7 customer service assistance.
If you love using technology, note that the Petal Credit Card has a mobile app that helps you track your spending and manage your money in one place. It also gives you the ability to track changes in your Experian credit score.
The Petal Credit Card comes with standard security features and the ability to freeze or unfreeze your account from the mobile app, at any time you want.
Petal Credit Card: Serious About Cutting Fees
The Petal Credit Card doesn’t really charge any fees to speak of, and it’s especially nice you won’t pay foreign transaction fees for purchases made abroad.