Petal Visa Credit Card Review: Helping People Gain Access to Credit [2021]

The two Petal Cards are no-hassle cashback credit cards that can provide access to credit for those with little or no credit history. Here's how they both work.
Last updated Dec 4, 2020 | By Brett Holzhauer

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There are a few recognizable names when it comes to issuers that offer credit cards. Chase credit cards or American Express credit cards may immediately 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 both credit and cashback rewards via the Petal 1 Visa Credit Card and Petal 2 Visa Credit Card

With simple cashback earnings, credit limits ranging from $500-$10,000, and 24/7 customer support, one of the Petal Visa Credit Cards could provide you with a way to get your credit history started and your personal finances on the right path. Keep reading our Petal Card review to learn about these cards and which you might qualify for.

Rewards for Beginners to Credit Cards

Petal 1 Visa Credit Card

Petal 1 Visa Credit Card

Petal 1 Visa Credit Card

Benefits

  • Initial credit limit between $500-$5,000
  • 2%-10% cash back at select merchants
  • No deposit required
  • No annual fee

Drawbacks

  • No sign-up bonus
  • Rewards limited to specific merchants

In this Petal card review

Who should get a Petal Visa Credit Card?

If you are on the search for a credit card but have no credit history or a limited credit history, then a Petal card may be a great way to build credit and have access to a credit line for spending. 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, either of the two Petal Visa Credit Cards can earn you cash back on eligible purchases. And you may be able to boost those cashback savings simply by paying your statements. That’s because your cashback earnings with the Petal 2 Visa will actually increase after both 6 and 12 on-time monthly payments.

Great Starter Card for Those With No Credit

Petal 2 Visa Credit Card

Petal 2 Visa Credit Card

Petal 2 Visa Credit 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

In addition, if you are applying for a Petal 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


Petal 1 Petal 2
Card type Cash Back Cash Back
Credit card issuer WebBank WebBank
Credit card network Visa Visa
Annual fee $0 $0
Intro bonus None None
Reward rate 2% to 10% cash back at select merchants
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
Recommended credit score Bad, Poor Excellent, Good, Fair
Foreign transaction fee None None

Petal 1 and Petal 2 Visa Credit Card benefits and perks

  • Respectable cash back: With the Petal 2 card, 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. Rewards on the Petal 1 are not as robust. Cardholders will earn 2% to 10% cash back at select merchants.
  • No fees or few fees: With the Petal 2 Visa Credit Card, you will pay no annual fees, late payment fees, or foreign transaction fees. With the Petal 1 Visa Credit Card, you will enjoy a $0 annual fee and no foreign transaction fees, but you will be subject to late fees. Both Petal cards will apply a variable APR to any balance you carry over each month, though. 
  • Higher minimum credit limit: The Petal cards 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, 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 these card. But you can potentially qualify for a Petal Visa Credit 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 so that your cash flow, income, and spending can be assessed.
  • Budgeting tool: With either Petal Visa, cardholders will have access to the mobile app and 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.
  • Build credit for your future: With either Petal card, you can confidently practice good financial habits and work at building credit. Petal reports to all three major credit bureaus.

Drawbacks to this card

  • One application for both cards: You won't know which Petal card you qualify for until you fill out and submit the pre-approval application. On the plus side, you can check your pre-approval without impacting your credit score.
  • No intro APR: There is no introductory interest rate offer on either of the Petal cards. So if you were hoping to avoid interest charges for a few months with a new credit card, the Petal cards would not be a good fit.
  • No balance transfers or cash advances: Neither Petal card allows you do do balance transfers or cash advances.

Earning & redeeming cash back

Earning cash back with a Petal Visa Credit 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.

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 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.

Potential earnings in years one and two

Here's a look how your cash back can add up with the Petal 2 Credit Card. To calculate these values, we used the 1% rewards rate. Your earnings will be higher than this if you make on-time payments and work up to one of the higher cashback rewards rates.

Remember, this is an estimation. The actual value will be determined by how much you spend and in which categories you spend.

Year one earnings: $335

Year two earnings: $335

These values are based on the FinanceBuzz Credit Card Rewards Valuation Model which takes a look at points earned via spending, the sign-up bonus, and the annual fee. 

Best ways to earn

The best way to earn cash back with a Petal Visa Credit 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.

Petal 1 Credit Card
Categories Rewards rate
Select merchants 2% to 10%

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.

Petal 2 Credit Card
Categories Rewards rate
Unlimited cash back on all purchases 1%
Unlimited cash back on all purchases after 6 on-time payments 1.25%
Unlimited cash back on all purchases after 12 on-time payments 1.5%

Petal Card FAQs

Is the Petal Visa Card legit?

Both of the Petal Visa Credit Cards are legitimate cards issued by WebBank, Member FDIC. It is essentially an app built by a well-established tech company. 

Does Petal report to the credit bureaus?

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

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

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

Can I get a cash advance with a Petal Visa Credit Card?

No, neither Petal Vis Credit Card allows for cash advances.

Can you use the Petal card anywhere?

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


Other cards to consider

If neither the Petal 1 Visa Credit Card nor the Petal 2 Visa Credit Card fits your needs, don’t fret. If you have limited or no credit history, you still have other credit card offers to choose from that can help you both save on your purchases and build your credit history.

The Secured MasterCard® from Capital One is a secured 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 a Petal Visa Credit Card. 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. Even better, the Journey Student Rewards from Capital One is a rewards credit card. 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 2 Visa Credit Card

Petal 2 Visa Credit Card

Petal 2 Visa Credit 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:

Secured Mastercard® from Capital One
Secured Mastercard® from Capital One
  • $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
  • Earn up to $60 in streaming service credits with on-time payments
  • Boost cash back to 1.25% with on-time payments
  • No annual fee