Petal Cash Back Visa Card Review: Helping People Gain Access to Credit [2020]

The Petal Cash Back Visa Card is a no-hassle cashback card with that can provide access to a credit line for those with little or no credit history.
Last updated Sep 13, 2020 | By Brett Holzhauer

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There are a few recognizable names when it comes to banks that offer credit cards. Names like Chase, American Express, or Discover may come to mind. However, a new name you might not recognize — Petal — wants to establish themselves as a “company that aims to help people succeed financially while they build their credit history.” One of the ways they are doing this is by providing people access to credit via the Petal Cash Back Visa Card.

With simple cashback earnings, credit limits ranging from $500-$10,000, and 24/7 customer support, the Petal Cash Back Visa Card may provide you with a way to get your credit history started and on the right path.

Great Starter Card for Those With No Credit

Petal Cash Back Visa Card

Petal Cash Back Visa Card

Petal Cash Back Visa Card

Benefits

  • Earn up to 1.5% cash back on all purchases
  • Great for those with little to no credit history
  • No annual fee
  • No foreign transaction fee

Drawbacks

  • Not a great fit for those with poor or bad credit
  • No balance transfers or cash advances


Who should get this card?

If you are on the search for a credit card but have limited or no credit history, the Petal Cash Back Visa Card may be a great way to start building your credit. It is believed by many people that “credit cards hurt your credit score,” but in fact that is incorrect. Credit cards can raise your credit score when used responsibly and when you pay your bills on time.

Also, if saving on your purchases is important, the Petal Cash Back Visa Card will earn you cash back on everything you buy. And you can boost those cashback savings simply by paying your statements. That’s because your cashback earnings with the Petal Visa will actually increase after both 6 and 12 on-time monthly payments.

In addition, if you are applying for the Petal Cash Back Visa Card, you must be at least 18 years of age and a legal U.S. resident. You will need to provide either a Social Security number or Individual Taxpayer Identification Number, and you must be able to make your monthly payments from a U.S. bank account.

Card basics

Card Type Cash Back
Annual Fee $0
Intro Bonus None
Recommended Credit Score Fair
Foreign Transaction Fee None

Top card benefits

  • Respectable cash back: You will earn unlimited 1% cash back on purchases; after 6 on-time payments, earn 1.25% cash back; after 12 on-time payments, earn 1.5% cash back.
  • No fees: With the Petal Cash Back Visa Card, you will pay no annual fees, late payment fees, or foreign transaction fees. The Petal card will apply an interest rate, though. The Petal card’s APR ranges from 12.99% to 29.49% (variable).
  • Higher minimum credit limit: The Petal Cash Back Visa Card offers credit lines ranging from $500-$10,000. The credit line you receive will be based on your personal creditworthiness. But unlike with other credit cards, with the Petal Cash Back Visa Card more than just your credit score may be considered when determining your credit line.
  • Apply without a credit score: If you have a credit score, it will be considered during the application process for this card. But you can potentially qualify for the Petal Cash Back Visa Card without a credit score or credit history. And even better, the card does not need an upfront deposit like a secured credit card. Be aware that if you do not have a credit score, you may be asked to link to your bank account during the application process.
  • Budgeting tool: With the Petal Cash Back Visa Card, you’ll have the ability to track your spending in the Spending Planner. This makes it simpler for you to set a budget and then compare your spending to the plan you set for yourself.

Earning & redeeming

Earning cash back with the Petal Cash Back Visa Card is simple. Just use the card for your purchases, and pay off your statements on time. Over time, your cashback earnings will grow, and the cashback rate will rise as well.

You will start with 1% unlimited cash back on all purchases. After this, you will earn 1.25% unlimited cash back on all purchases after 6 on-time payments. Finally, you can earn up to 1.5% unlimited cash back on all purchases after 12 on-time payments.

Redeeming the cash you earn is quite simple as well. You can redeem your cash back as either a statement credit or a check (if it’s over $20) as long as your account is in good standing. Your cash back will show up in your Petal Visa dashboard and be available to redeem as soon as 7 days after your current billing cycle ends, as long as you have been making on-time payments.

Best ways to earn

The best way to earn cash back with the Petal Cash Back Visa Card is to put as many of your regular expenses on your credit card as possible. If your monthly bills such as cable or cell phone accept credit cards, this is a great way to earn easy cash back without increasing your spending.

And, as always, be sure to not get carried away earning cash back. These kinds of rewards are a great perk, but your savings can get quickly erased if you’re making frivolous purchases just to earn cash back.

Common questions

Is the Petal Cash Back Visa legit?

The Petal Cash Back Visa Card is a legitimate card issued by WebBank, Member FDIC. It is essentially an app built by a well-established tech company. In fact, Petal recently raised over $300 million in funding.

Does Petal report to the credit bureaus?

Yes, Petal reports to all three credit bureaus: Equifax, Experian, and TransUnion.

Does Petal do a hard inquiry?

Yes, it does. This means that if you submit an application, a hard inquiry will show up on your credit report.

How long does it take to get my Petal Cash Back Visa Card?

You should receive your Petal credit card within 6-10 business days.

Can I get a cash advance with a Petal Cash Back Visa Card?

No, the Petal Cash Back Visa Card does not allow for cash advances.

Can you use the Petal Cash Back Visa Card anywhere?

Yes, anywhere that accepts Visa (online and in-person) will accept the Petal Cash Back Visa Card.

Other cards to consider

If the Petal Cash Back Visa Card does not fit your needs, don’t fret. If you have limited or no credit history, you still have options to choose from that can help you both save on your purchases and build your credit history.

The Capital One® Secured Mastercard® is a secured credit card, meaning you will need to put down a deposit if you qualify for this card. If you struggle with bad credit, though, this card may be a better fit for you than the Petal Cash Back Visa. If you pay your first five statements on time, your credit line with automatically be increased and this card has a $0 annual fee.

The Journey® Student Rewards from Capital One® is a great card if you are a current college student. It is a great idea to start building your credit while you are in college so when you graduate, you will have both your degree and a good credit score. With the Journey® Student Rewards from Capital One®, you will earn 1% cash back on all purchases and 1.25% cash back each month you make an on-time monthly payment. If you need a larger credit line with the card, you can Get automatic consideration for a higher credit line as quickly as 6 months after account opening.

Great Starter Card for Those With No Credit

Petal Cash Back Visa Card

Petal Cash Back Visa Card

Petal Cash Back Visa Card

Special Offer

Earn up to 1.5% cash back on purchases with no annual fees, late payment fees, or foreign transaction fees

See how these cards compare:

Capital One® Secured Mastercard®
Capital One® Secured Mastercard®
  • $200 initial credit line after making minimum security deposit
  • Consideration for higher credit line as soon as 6 months after account opening
  • No annual fee
  • Pick your monthly due date
Journey® Student Rewards from Capital One®
Journey® Student Rewards from Capital One®
  • Earn 1% cash back on all purchases
  • Boost cash back to 1.25% with on-time payments
  • No annual fee
  • CreditWise from Capital One for credit monitoring