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Credit Cards, Banking, and Cash Back

Petal 1 Versus Petal 2 | How the Petal Cards Compare

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Petal offers two Visa credit cards– the Petal 1 and the Petal 2. Both Visa cards offer a pre-approval process that will not hurt your credit score if you have one, and they are both available to those with no credit history. But how do the Petal cards compare?

Petal 1 vs Petal 2

Petal 1 vs. Petal 2–Differences

There are several differences between the Petal 1 and Petal 2 credit cards. Generally speaking, the Petal 2 card offers greater rewards, lower fees, a lower interest rate and higher credit limits. At the same time, it does require a higher credit score or higher Cash Score (see below) for approval.

Here are the six key differences between the Petal 1 and Petal 2 Visa credit cards: 

1. Fees

While neither card charges an annual fee, Petal 1 does charge fees for late payments and return payments.

2. Credit limit

The credit limit on the Petal 1 ranges from $500 to $5,000. The credit limit on Petal 2 ranges from $500 to $10,000.

3. Cash Back Rewards

The Petal 2 card offers cash back ranging from 1% to 1.5% on every purchase. Cardholders begin with 1%, and then move to 1.25% after 6 months of on-time payments. They go up to 1.5% cash back after a total of 12 months of on-time payments.

Petal 1 does not offer cash back on everyday purchases. Both cards, however, offer up to 10% cash back on purchases from select merchants (see below).

4. Interest rate 

The APR for Petal 1 is higher than for Petal 2. As of February 25, 2021, the APR on the Petal 1 card ranges from 19.99% to 29.49%. The APR for the Petal 2 card ranges from 12.99% to 26.99%.

5. Credit Requirements

While Petal is designed for those without a credit history, it will consider the credit for those who have established credit history. In those cases, the credit required for approval of each card is different. Petal 2 requires better credit than Petal 1.

  • Petal 1: Low to fair credit (580 to 669)
  • Petal 2: Fair to good credit (670 to 739)

6. Sign up bonus

For a limited time, Petal is offering sign-up bonuses for each card. For the Petal 1 Visa card, you’ll earn $25 on approval. For Petal 2, you’ll earn $50 on approval. This offer ends February 28, 2021

Petal 1 vs. Petal 2–Similarities

There are several important features that both the Petal 1 and Petal 2 credit cards share.

1. Pre-Approval Process

The pre-approval process is the same for both cards. In fact, the pre-approval process does not require you to select a card in advance. You connect your bank account so that Petal can evaluate your cash flow, including both your income and expenses as reflected in your checking account. Based on this information, Petal calculates what it calls a Cash Score. Petal will then determine whether you are eligible for the Petal 1 card, the Petal 2 card, or both.

The pre-approval process does not affect the applicant’s credit score. If you have a credit history, Petal does a soft pull from Experian. It’s only if you decide to apply for one of the cards that Petal will make a hard inquiry on your credit.

2. No Credit Score Required

As noted above, neither card requires a credit score. This is what makes Petal unique among most credit cards. Instead, it uses a proprietary formula based on the cash flows of your checking account. Based on this information Petal generates what it calls a Cash Score, and it makes its underwriting decisions based on this information.

3. Benefits

The core benefits are the same for both credit cards. Benefits and features include roadside assistance, purchase protection and auto rental collision damage waiver. In addition, both cards offer a budgeting tool, free access to your credit score and a smartphone app. In addition, both cards work with Apple pay, Google pay and Samsung pay.

4. Cash Back Offers

While only the Petal 2 card offers Cash Back Rewards, both cards include Cash Back Offers. These offers range from 2% to 10% in cash rewards at select merchants. Eligible merchants can be located in the Petal app.

5. Credit Bureau Reporting

Both cards report payments to all three credit bureaus: Equifax, TransUnion and Experian. It also reports to SageStream. In this regard, the Petal 1 and Petal 2 can help you build a positive credit history with on-time payments.

Is Petal 1 or Petal 2 Right for You?

Both cards are ideal for those who have no credit history. The cards are also well suited for those with credit scores in the range of fair to good. In fact, within this credit score range, Petal stands out as an excellent option because neither card charges an annual fee and neither card requires a security deposit.

For those with good to excellent credit, however, Petal is not the best option. There are better cash back and travel rewards credit cards for those with credit scores of 720 or higher.

Petal 1 vs Petal 2 Video

Final Thoughts

Both the Petal 1 and Petal 2 cards are ideal for those who have not established a credit history. They both offer a pre-approval process that will not affect your credit score. At the same time, the Petal 2 card offers Cash Back Rewards, a higher potential credit limit, lower interest rates and lower fees.

Petal 1 Visa Credit Card Review | $25 Signup Bonus

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The Petal 1 Visa Card is designed for those looking to improve their credit score. It is available to those with no credit or low to fair credit. It charges no annual fee and requires no security deposit.

Snapshot

The Petal 1 Visa Card uses a proprietary underwriting method to evaluate applicants with no credit history. It offers credit limits ranging from $500 to $5,000, and charges no annual fee.

Petal 1 Visa Card Petal 1 Visa Card
Learn More
  • Designed for those with low-to-fair credit or cash flow who are seeking to improve their credit score.
  • Limited Time Offer: $25 bonus upon approval
  • $0 Annual Fee
  • 2% – 10% cash back from select merchants
  • $500 – $5,000 credit limits
  • No annual or international transaction fees.
  • Build credit alongside tens of thousands of Petal Card members
  • Cash flow technology may help applicants without credit history get approved
  • Petal’s mobile app makes it easy to manage your money, track your spending, and automate payments
  • See if you’re pre-approved within minutes without impacting your credit score
  • Petal reports to all 3 major credit bureaus
  • No deposits required
Read our full review here.

Pros & Cons

What we like

  • Looks beyond credit score to create a cash score based on your banking history
  • Offers cash back at select merchants
  • No annual fee
  • No foreign transaction fees
  • Pre-approval process that does not affect your credit score

What could be better

  • No cash back rewards on everyday purchases
  • High interest rates

Rewards

The Petal 1 Visa Card  does not offer traditional cash back or other Rewards. It does, however, offer cash back ranging from 2% to 10% at select merchants. The Petal mobile app uses your location to identify merchants participating in the Petal cash back program. Petal cause this program Petal Offers.

Cash back earned is added to the card holder’s Cashback Wallet the following billing cycle. Card holders can redeem cash back rewards as a statement credit or as cash in the form of a check or bank transfer for amounts over $20. 

Petal 1 App

Features & Details

The Petal 1 Visa Card offers the following features:

Card Type: Starter, Student

Credit Required: No Credit, Fair Credit

Issuer: WebBank

Contactless Payment: Apple Pay, Google Pay, Samsung Pay

Rewards: Turn 2% to 10% from select merchants in the Petal Offers Program

Credit report pulled: Experian

Annual fee: $0

Foreign transaction fee: None

Benefits

The Petal 1 Visa Card offers the following benefits:

Purchase Protection & Benefits

  • Purchase Protection
  • Visa Local Offers

Travel Perks

  • Auto Rental Collision Damage Waiver
  • Roadside Assistance

Security

  • EMV Chip Enabled
  • Fraud Monitoring
  • Freeze Account
  • Zero Liability

Money Management Tools

  • Budget Tracking
  • Free Credit Score Access
  • Smartphone App

How do I apply for the Petal 1 Visa Card?

The Petal 1 Visa Card does not require a credit history for approval. If you do not have a credit score, Petal analyzes your bank account (you link it to Petal as part of the application process) and generates what it calls a Cash Score. The Cash Score is based on factors such as bills you pay on a monthly basis and how much money you make. Petal then uses the Cash Score to evaluate the application.

If you have a credit score, however, Petal will evaluate it. The Petal 1 Visa Card is designed for those with low to average credit. If you have bad credit, the card is probably not for you. 

The first part of the application is a pre-approval process. During this step, Petal performs a soft pull (will not affect your credit score) to see if you are likely to be approved for the card. While pre-approval does not guarantee that you will be approved for the card, it is a good indication that you meet Petal’s underwriting requirements. From there, you’ll be invited to apply for the Petal card, in which case a hard inquiry will be made on your Experian credit report if you have one.

You can learn how to apply for the Petal card here.

Is This Card for You?

Who the card is best for

The Petal 1 Visa Card is ideal for those with no credit history or with low to average credit. Unlike a secured credit card, it does not require a security deposit. It also charges no annual fee, and reports payments to all three credit bureaus. Its mobile app allows you to track your spending and monitor your credit. As such, it’s a good option for those with limited credit who need a credit card and want to improve their credit. It’s also a good option as a student credit card.

Who might do better with a different card

Those with good credit will be better served with a different card. For example, the Petal 2 Visa Card offers up to 1.5% cashback with absolutely no fees. It would be a better option for those with a fair to good credit score.

FAQs

Is the Petal 1 Visa Card a good credit card?

Yes. It is a good card for those with no credit history or with low to average credit. Unlike other cards in this category, it does not charge an annual fee or require a security deposit.

What credit score is required to get the Petal 1 Visa Card?

The card does not require a credit score. For those with a credit score, however, it requires low to average credit (roughly 580 to 669). Those with bad credit will likely not qualify for the card.

How long does it take to get approved for the Petal 1 Visa Card?

Petal uses a pre-approval process that does not affect the applicant’s credit score. The pre-approval process takes just minutes. As for the application process itself, the time to approval varies based on the applicant’s specific financial circumstances.

Is the Petal 1 Visa Card a scam?

Many have asked if the card is legit because it doesn’t require a credit score. It is a legitimate credit card. Petal has partnered with Visa, Experian, Transunion and Equifax. It has also partnered with WebBank, an FDIC-insured financial institution. It also has received funding from Peter Thiel’s Valar Ventures and Jefferies.

Petal’s founder, Jason Gross, was on the Consumer Advisory Board of the Consumer Financial Protection Bureau. Before that he was an attorney and graduated from Harvard Law School in 2012. Petal has about 100 employees and is approaching 100,000 customers.

Rating

Petal 1 Visa Card Rating

Rob Berger

Features
Benefits
Fees

Summary

The Petal 1 Visa Card is an excellent choice for those with no credit history or low to average credit. While it doesn’t offer significant Rewards, it charges no annual fee, does not require a security deposit, provides free access to your credit score, and reports payments to all three credit bureaus.

4.7

Petal 2 Visa Credit Card Review | $50 Signup Bonus

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The Petal 2 Visa Card offers up to 1.5% cash back and up to 10% cash back at select merchants. For a limited time, Petal will pay new cardholders a $50 bonus when approved. The card has absolutely no fees and the ability to improve your credit score.

Petal 2 Visa Credit Card Review
Petal 2 Visa Credit Card Review

Snapshot

The Petal 2 Visa Card Is part rewards credit card, part credit score Builder, and part budgeting app all-in-one. It offers up to 1.5% cash back on all purchases. It also provides free credit score tracking with tools to help you improve your score. And it provides a budgeting app to plan how you’re going to spend your money each month.

The card is also unique in that those with no credit history can qualify for the card. For those that have a credit score, Petal will evaluate the score as part of its underwriting process. For those that don’t have a credit history, however, Petal asks them to link their bank account. Based on the bank account activity, Petal generates would it cause a quote cash score in quote. Which it then uses to evaluate your application.

Petal 2 Visa Card Petal 2 Visa Card
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  • Limited Time Only: Get $50 when you are approved for the card.
  • Designed for those with fair-to-good credit or cash flow.
  • Credit score not required.
  • No fees whatsoever.
  • Up to 1.5% cash back after making 12 on-time monthly payments
  • 1% cash back on eligible purchases right away
  • 2% – 10% cash back from select merchants
  • $500 – $10,000 credit limits
  • Build credit alongside tens of thousands of Petal Card members
  • Cash flow technology may help applicants without credit history get approved
  • Petal’s mobile app makes it easy to manage your money, track your spending, and automate payments
  • See if you’re pre-approved within minutes without impacting your credit score
  • Petal reports to all 3 major credit bureaus
  • No deposits required
Read our full review here.

Pros & Cons

What we like

  • Up to 1.5% cash back
  • No credit history required
  • No fees
  • Minimum $500 credit limit 
  • Reports payments to all three major credit bureaus

What could be better

  • Not designed for those with poor credit
  • It takes 12 months to reach the 1.5% cash back tier

Rewards

The Petal 2 Visa Card offers the following rewards:

Earning Rewards

Petal offers two types of cash back, Rewards and Offers. The Cash Back Rewards work as follows:

  • Earn 1% cash back on every purchase
  • After making six on-time monthly payments, you’ll start earning 1.25% cash back
  • After making 12 one-time monthly payments, you’ll begin earning 1.5% cash back 

Cashback Offers are tied to specific merchants. Any available Merchant Offers are automatically loaded to your Petal account. When you make a purchase with the merchants that meets the eligibility requirements, you earn the cash back based on the terms of the offer. You can earn cash back rewards and offers on the same purchase. Furthermore, cash back offers work the same as rewards in terms of redemption.  Cash back offers range from 2 to 10%.

Redeeming Rewards

Cardholders can redeem cash back is either a statement credit or cash in the form of a check or ACH transfer to the bank account. To redeem rewards as a check or transfer, the redemption must be for over $20.

You can redeem rewards through the Petal app or online. The app also tells you your lifetime cash back, the current balance in your Cashback Wallet, the cash back that will be available on the next statement, and your cash back rewards current rate.

Potential Rewards Value

The potential value of Petal 2 Cash Back Rewards depends on both the amount charged to the card and your current cash back tier. Assuming one charges $2,500 a month to the card, the cash-back reward would range from $25 to $37.50 depending on the cash back tier.

Rewards Calculator

You can use this rewards calculator to estimate the cash back potential from the Petal 2 Visa Card based on your specific spending habits.

Features & Details

The Petal 2 Visa Card offers the following features.

Card type: Cash Back, Starter

Credit Card Network: Visa

Issuer: WebBank

Contactless Payment: Apple Pay, Google Pay, Samsung Pay

Rewards: 

  • Up to 1.5% cash back
  • 2% to 10% cash back at select merchants

Credit report pulled: Experian

Annual fee: $0

Foreign transaction fee: None

Benefits

The Petal 2 Visa Card offers the following benefits:

Purchase Protection & Benefits

  • Purchase Protection
  • Visa Local Offers

Travel Perks

  • Auto Rental Collision Damage Waiver
  • Roadside Assistance

Security

  • EMV Chip Enabled
  • Fraud Monitoring
  • Freeze Account
  • Zero Liability

Money Management Tools

  • Budget Tracking
  • Free Credit Score Access
  • Smartphone App

How do I apply for the Petal Credit Card?

The Petal 2 Visa Card is unique in that it does not require a credit history for approval. If you have bad credit, however, the card is probably not for you. Petal will consider your credit score if you have one. If you do not have a credit score, however, you must link your bank account to Petal so that it can generate what it calls a Cash Score.

The Cash Score is based on factors such as bills you pay on a monthly basis and how much money you make. For those without a credit score, Petal uses this Cash Score to evaluate the application.

The first part of the application is a pre-approval process. During this step, Petal performs a soft pull (will not affect your credit score) to see if you are likely to be approved for the card. While pre-approval does not guarantee that you will be approved for the card, it is a good indication that you meet Petal’s underwriting requirements. From there, you’ll be invited to apply for the Petal card, in which case a hard inquiry will be made on your Experian credit report if you have one.

You can learn how to apply for the Petal to card here.

Is This Card for You?

Who the card is best for

The Petal 2 Visa Card is ideal for those who have no credit history. For this with a credit file, aim for a fair to good credit score. It does require a bank account to be linked to Petal, and Petal will evaluate income and bill payment history from the bank account. As a credit card that doesn’t require a credit history, it offers one of the best combinations of cash back rewards, no fees, and no security deposit requirement available today.

Who might do better with a different card

 For those with good to excellent credit, you may be able to qualify for a credit card that pays 1.5% cash back or more.

FAQs

Is the Petal 2 Visa a good credit card?

Yes. Particularly for those with limited or no credit history, the Petal 2 card offers an excellent combination of cash back rewards, credit building tools and low fees.

What credit score is required to get the Petal 2 card?

Unlike most credit cards, the Petal 2 card does not require a credit score or credit history for approval. For those that do have a credit score, however, a bad credit score could prevent you from being approved for the card. A history of missed payments or bankruptcy, for example, may disqualify you from getting the card. Petal does offer a pre-approval process that does not affect one’s credit score.

Does applying for the Petal 2 card hurt my credit score?

You can see if you are pre-approved for the Petal 2 card without affecting your credit score. Petal makes a soft inquiry during this process. If you are pre-approved and then apply for the card, however, Petal will make a hard inquiry on your Experian credit report.

Does the Petal to credit card require a security deposit?

No.  It is not a secured credit card. 

Rating

Petal 2 Visa Card Rating

Rob Berger

Rewards
Fees
Features
Benefits

Summary

The Petal 2 Visa Card offers up to 1.5% cash back, credit-building tools, a budgeting tool, no fees, and no required security deposit. It’s an excellent option for those looking to build their credit.

4.5

Editor’s Pick

The Petal 2 Visa Card is an Editor’s Pick in the following categories:

Video Review

Capital One QuicksilverOne Credit Card Review

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The Capital One QuicksilverOne Cash Rewards Credit Card is ideal for those with fair credit looking for a solid cash back credit card. This card offers 1.5% cash back on all purchases, unlimited credit score access, as well as some other features. We’ll cover this and more in this review.

Snapshot

The Capital One QuicksilverOne Cash Rewards Credit Card is a cash back card designed for those with average or fair credit. Like its cousin, the Capital One Quicksilver Card, this card offers 1.5% cash back. There are, however, some notable differences between the cards besides the credit score requirements. 

The Capital One QuicksilverOne Cash Rewards Credit Card has an annual fee. It offers fewer benefits over all compared to the Quicksilver Card. That said, it’s arguably one of the best credit cards for those with fair credit.

Capital One QuicksilverOne Cash Rewards Credit Card Capital One QuicksilverOne Cash Rewards Credit Card
Learn More
  • Cash Back: Earn 1.5% cash back on every purchase
  • Get automatically considered for a higher credit line in as little as 6 months
  • Free credit monitoring with the CreditWise® app
  • $0 fraud liability if your card is ever lost or stolen
  • Get customized alerts and manage your account with the Capital One mobile app
  • $39 annual fee

Pros & Cons

What we like

  • Offers 1.5% cash back
  • Low credit score requirement
  • $0 foreign transaction fees
  • Can help build credit

What could be better

  • High APR
  • $39 annual fee
  • No signup bonus

Capital One QuicksilverOne Card Rewards

Earning Rewards

The Capital One QuicksilverOne Cash Rewards Credit Card enables you to earn rewards on every purchase you make. The reward program is simple and straightforward–you’ll earn 1.5% cash back on all purchases. There are no rotating or bonus categories to worry about, and no complicated miles award charts to decipher.

You can also earn up to $500 each year in statement credits when you refer your friends to Capital One and they are approved for a credit card. For each approved referral, you can earn $100 in statement credits, up to 5 referrals each year, giving you $500 in statement credits per year. The reward usually arrives in your account within 4 weeks after approval.

Redeeming Rewards

Redeeming rewards is as easy as earning them. Card members can redeem their rewards for cash, a statement credit, or gift cards. If you want cash, Capital One will send you a check. You can apply the rewards as a statement credit or to cover specific purchases. For gift cards, points are generally worth 1 cent each.

Potential Rewards Value

The rewards depend entirely on how much is charged to the card. At a 1.5% reward rate, the calculation is easy. According to the Bureau of Labor Statistic’s most recent data, the average household spends approximately $1,750 a month on expenses that can be charged to a credit card (e.g., food, transportation, entertainment, clothing). At this spending rate, the Capital One QuicksilverOne Cash Rewards Credit Card would generate $26.25 a month in cash back rewards.

QuicksilverOne Rewards Calculator

You can use this calculator to estimate cash back rewards based on your spending habits.

Features & Details

The Capital One QuicksilverOne Cash Rewards Credit Card offers the following features.

  • Card type: Cash Back
  • Network: Mastercard
  • Issuer: Capital One
  • Contactless Payment: Tap to Pay, Apple Pay and Google Pay
  • Rewards: 1.5% cash back on all purchases
  • Credit report pulled: Experian, Equifax and TransUnion
  • Annual fee: $39
  • Foreign transaction fee: $0

Benefits

  • CreditWise: Free, unlimited access to your credit score and tools to help improve your score.
  • Proactive Account Alerts:  Receive an alert if Capital One finds a mistake or unexpected charge.
  • Personalized Payment: Pick your own monthly due date and even your payment method.
  • Autopay: Choose to have your payment automatically withdrawn from your account monthly.
  • 0% Fraud Liability: You will not be held responsible if your card becomes lost or stolen.
  • Card Lock: Lock your card if you lose it, or if it gets stolen. This will prevent the card from being used.
  • Security Alerts: If any suspicious activity is seen on your account, Capital One will notify via email, text, etc.
  • 24 Hour Travel Assistance: This service helps you by getting you an emergency replacement card, or even a cash advance if your card becomes lost or stolen.
  • Roadside Assistance: Find assistance with this benefit when you’re needing a tire change, need a jump, or even a tow.
  • Extended Warranty: Items you purchase with your credit card will get additional warranty coverage at no cost.
  • Auto Rental Collision Damage Waiver: Rent a vehicle with your credit card, and you will be covered for damage due to collision or theft.
  • Eno Your Capital One Assistant: With this feature, Capital One will send you an alert if they find a mistake, or unexpected charge like a duplicate purchase or a sudden bill increase. Eno is active 24/7 and can always answer questions wherever you are.

Getting Approved

Capital One designed the Capital One QuicksilverOne Cash Rewards Credit Card for those with limited, fair or average credit. While Capital One doesn’t disclose a minimum credit score, several have reported in forums that they were approved with scores in the mid-500s. Some even had charge-offs or collection agency actions who were approved for the card.

Is This Card for You?

Who the card is best for

The card is ideal for those with limited or fair credit who are looking for a cash back credit card.

Who might do better with a different card

Those with good to excellent credit should consider other cash back cards that do not charge an annual fee.

How Does the Capital One QuicksilverOne Card Stack Up

The Capital One QuicksilverOne Cash Rewards Credit Card is one of several 1.5% cash back cards on the market today. Unlike most of the other cards in this category, this card is designed for those rebuilding their credit. Thus, it’s ideal for those with fair to average credit.

FAQs

Q: What is the highest credit limit for the Capital One Quicksilver One Card?

Reportedly, it is set at a maximum $5,000.

What credit score is required for the Capital One QuicksilverOne Card?

To be approved for this card, card applicants must have an average credit score. While Capital One doesn’t disclose credit score requirements, an average score is generally considered to fall between 630 to 689, although some report being approved with scores in the mid-500s.

Capital One does identify average credit as applying to a consumer who has defaulted on a loan in the past 5 years or has limited credit history. Limited credit history would include those who have “had my own credit card or other credit for less than 3 years (including students, people new to the U.S., or authorized users on someone else’s credit card).”

Should I choose the Capital One Quicksilver Card or the QuicksilverOne Card?

While the Capital One Quicksilver Card has no annual fee and a 0% APR offer, it earns the same cash back amount (1.5%) as the QuicksilverOne Card. Both cards share nearly identical benefits. However, the APR is higher on the Capital One QuicksilverOne Card, and it does have an annual fee. The QuicksilverOne Card requires an average credit score, while the Quicksilver Card requires a “good” score.

If you have good or better credit, the Quicksilver is the better option. If you have fair, average or limited credit, QuicksilverOne increases your odds of approval.

Rating

Capital One QuicksilverOne Cash Rewards Credit Card Rating

Rob Berger

Rewards
Features & Benefits
Fees

Summary

The Capital One QuicksilverOne Cash Rewards Credit Card is one of the best credit cards for those with average or limited credit. It’s annual fee is reasonable and its 1.5% cash back reward rate is one of the best available for those building their credit.

4.2

The is an Editor’s Pick in the following categories:

Capital One Platinum Credit Card Review | No Annual Fee

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The Capital One Platinum Credit Card is a no fee card designed for those with fair credit. It offers tools to help you build your credit, 24/7 access to your account and fraud coverage. In this review, we’ll look at the card’s features, fees and benefits, along with alternatives to the Capital One Platinum Credit Card.

Snapshot

The Capital One Platinum Credit Card is a good choice for those with average credit. There is no annual fee, free access to your credit score, and an automatic credit line review in as little as 6 months. It comes with Tap to Pay for hands-free payments and works with digital wallets. 

Capital One Platinum Credit Card Capital One Platinum Credit Card
Learn More
  • No annual fee
  • Get access to a higher credit line after making your first 5 monthly payments on time
  • Fraud coverage
  • Use online banking to access your account, even from your smartphone
  • Pick the monthly due date that works best for you
  • Get access to your account 24 hours a day, 7 days a week
  • Help strengthen your credit for the future with responsible card use
Read our full review here.

Pros & Cons

What we like

  • No annual fee
  • Free credit score access
  • Automatic credit line increase consideration
  • Can help build credit
  • Reports to all 3 major credit bureaus

What could be better

  • No rewards

Features

The Capital One Platinum Credit Card offers the following features.

Card type: Starter, Fair Credit, Limited Credit, Average Credit

Issuer: Capital One

Contactless Payment: Tap to Pay, Apple Pay, Google Pay

Credit report pulled: TransUnion, Equifax and Experian

Annual fee: $0

Foreign transaction fee: $0

Account Alerts: Set up email or text alerts to monitor your account.

Autopay: You can set up Autopay so payments to the card are made automatically each month.

Virtual Card Numbers: You can use virtual card numbers when paying online to protect your actual card number.

Eno: Capital One uses technology called Eno to alert you if it detects unusual activity on your account.

Card Lock: Use the Capital One Mobile app to lock your card if it’s lost, stolen or misplaced.

Benefits

$0 Fraud Liability: You are not responsible for unauthorized charges if your card is lost or stolen.

CreditWise: See your credit score and receive alerts when TransUnion or Experian report changes to your credit report.

Capital One Platinum Credit Card Upgrade Options

Some claim you need a credit limit of several thousand dollars before an upgrade is possible, although we could not verify this information. Further, upgrades are often to either the VentureOne or QuicksilverOne, but generally not Savor or SavorOne. Some have reported being able to upgrade to a QuickSilver card after a few months.

Keep in mind, however, that this information is not from Capital One. It’s from forums I monitor to bring you the inside scoop. Once logged into your account, you can try this link to see what upgrade options are available.

Getting Approved

The Capital One Platinum Credit Card is designed for those with fair credit. Those with past bankruptcies can qualify for the card. In one case, an individual with a credit score in the mid-500s and a Chapter 7 bankruptcy discharge a year earlier qualified for the card. At the same time, Capital One denied one application with scores in the mid-500s because of too many recent inquiries. 

Keep in mind that Capital One considers a number of factors in making its credit decisions. The above anecdotes give some idea of one’s odds of getting approved, but every case is different.

Is This Card for You?

Who the card is best for

The is ideal for those with fair or average credit, including those who have been discharged from bankruptcy. It’s one of the few credit cards in this class that doesn’t charge an annual fee and automatically considers a credit line increase in as little as six months.

Who might do better with a different card

Those who can qualify for a credit card offering rewards or a 0% introductory rate would do better with another card. For individuals with bad credit, a secured credit card may be a better option.

How Does the Capital One Platinum Credit Card Stack Up

The  is considered one of the best cards in the fair credit category. It earns top marks because it doesn’t charge an annual fee and puts cardholders on a path to higher credit limits and eventual upgrade to Capital One rewards credit cards. Other cards that are worth considering in this category include the Petal 1 and 2 cards.

FAQs

Is the Capital One Platinum Mastercard a good credit card?

Yes. It is an excellent card for those with fair or average credit.

Does the Capital One Platinum card require a security deposit?

No. It is a traditional credit card, not a secured card.

Can I qualify for the Capital One Platinum card if I’ve filed for bankruptcy?

Yes. Our research has uncovered numerous individuals discharged from Chapter 7 bankruptcy who have qualified for the card. 

What credit score do you need to get the Capital One Platinum card?

Aim for a score of 570 or higher. While Capital One does not disclose a minimum score requirement, this card is designed for those with fair or average credit.

What credit limit will I get from the Capital One Platinum card?

The minimum credit limit is $300, however, users have reported starting limits as high as $1,000, $1,500 and even $3,000.

Rating

Capital One Platinum Credit Card Rating

Rob Berger

Fees
Features
Benefits

Summary

The Capital One Platinum Credit Card is ideal for those with fair to average credit looking to get their first card or rebuild their credit history. It charges no annual fee and offers free access to the cardholder’s credit score.

4.3

Jasper Mastercard Review | Up to 6% Cash Back

by

The Jasper Mastercard is designed for those with no credit history. It offers a unique rewards program that pays up to 6% cash back. With a credit limit of up to $5,000, no annual fee, and credit-building features, the Jasper Mastercard is a top rated card for first-timers and young adults. In this review we’ll look at its key features and benefits to see if the Jasper Mastercard is right for you.

Snapshot

The Jasper Mastercard, issued by WebBank, made our list of the best student credit cards. In reality, it’s much more than that. In fact, it’s not technically a student credit card at all. Formerly known as CreditStacks, It’s designed for those with no credit history, yet its rewards rival many credit cards that require excellent credit.

Jasper Mastercard Jasper Mastercard
Learn More
  • Earn 1% cash back on every eligible purchase
  • Boost cash back to 6% by referring friends
  • No credit history required to apply if you don’t already have one
  • No annual fee
  • No security deposit
  • Up to a $5k credit limit.
  • Unique credit-building tools and tips via email and app Issued by WebBank, Member FDIC

Pros & Cons

What we like

  • No credit history required
  • Up to 6% cash back
  • No annual fee
  • Excellent mobile app
  • Helps build credit
  • Up to $5,000 credit limit

What could be better

  • Initial cash back is 1%
  • No signup bonus
  • Jasper reports payments to TransUnion and Equifax, but not Experian

Rewards

Earning Rewards

The Jasper Mastercard offers one of the highest cash back rates available today. The card starts earning 1% cash back at the outset. You can increase this rate, however, to as high as 6%. And this is on all purchases, not just a few select categories.

Jasper increases the reward rate by 0.50% for 12 months for each friend a cardholder refers to Jasper. A qualified referral occurs when a cardholder refers a friend who applies for the card, is approved and activates the card. Refer ten friends to qualify for the highest reward rate in the industry–6%. The reward rate is applied to purchases, up to the the maximum credit limit of the card.

Here’s how Jasper describes the rewards potential:

You will earn 1% Cash Back on the Eligible Amount. As noted above, the Eligible Amount for a given billing cycle shall not be greater than your credit limit . You can earn an up to an additional 5% Cash Back through Qualified Referrals. A Qualified Referral is when you refer an individual to apply for a Jasper Credit Card that is not a current Jasper cardholder, that person applies and is approved, and that person activates theirJasper Credit Card. If you make a Qualified Referral (up to a maximum of 10 at any time), your Cash Back Rate will be increased by the Referral Cash Back Rate of 0.5% for a 12-month period starting the day after the referred individual activities their Jasper Credit Card.

Redeeming Rewards

Jasper is unique even in the way it redeems rewards. To redeem rewards, you must first make three monthly on-time payments. Interestingly, they don’t have to be consecutive. Making a late payment doesn’t restart the three month period. Once a cardholder makes the third on-time payment, Jasper automatically redeems the rewards for a statement credit. Thereafter, Jasper continues to automatically redeem the rewards each month so long as the account remains in good standing.

Jasper Mastercard Rewards Calculator

The potential cash back from the Jasper card depends on the amount of purchases and how many friends have been referred. For a cardholder earning 6% who puts $5,000 a month in purchases on the card, the cash back would total $300 a month (6% of $5,000), or $3,600.

Credit Needed for Approval

This is another area where Jasper is unique. You do not need a credit history to apply for the card. In fact, if you don’t have over one year of credit history, Jasper doesn’t consider your credit at all. If you do have more than one year of credit history, Jasper will consider it among other factors. For example, Jasper considers your income and work history.

Based on our research, it appears that when Jasper does consider an applicant’s credit history, it pulls the report from TransUnion. In one case we found online, Jasper approved an individual two months out from Chapter 7 bankruptcy. At the same time, Jasper purportedly denied another applicant with a 615 TransUnion credit score.

Features

Card type: Starter, Student, No Credit

Rewards:

  • 1% cash back on all purchases
  • 0.50% cash back bump for each friend referred to Jasper
    • Limit 10 referrals–6% cash back
    • Each 0.50% per referral bump good for 12 months

Credit report pulled: TransUnion

Annual fee: $0

Foreign transaction fee: $0

Benefits

The Jasper Mastercard comes with a long list of benefits. They divide the benefits between safety & security and travel.

Safety & Security Benefits

Purchase Assurance: Protects you for 90 days from theft, damage, or loss of purchases made with your Jasper Mastercard.

Satisfaction Guarantee: If you are dissatisfied with a purchase, purchases made entirely with your Jasper Mastercard may be protected for sixty days from the date of purchase for a full refund.

Cell Phone Protection: Coverage in the event your covered cell phone is stolen or damaged. The monthly bill associated with the phone must be paid with the Jasper covered card for coverage to be effective.

Mastercard ID Theft Protection: Mastercard ID Theft Protection (IDT) provides you with access to a number of Identity Theft resolution services, should you believe you are a victim of Identity Theft. This product offering will alert you about possible identity theft by monitoring the surface, dark and deep web, searching for compromised credentials and potentially damaging use of your registered personal information in order to detect fraud at its inception.

Lost Wallet Assistance: Cardholders will be provided assistance with notifying the appropriate issuing authorities to cancel and replace stolen or missing items, such as their debt/credit cards, driver’s license, Social Security card, and passport.

Single Bureau Credit Monitoring: Cardholders’ TransUnion credit file will be monitored for changes that could indicate fraud such as new credit inquiries, an address change or new credit account(s) opened in their name. An alert notification via email will be sent anytime a hard inquiry is made on the cardholders’ TransUnion credit file so they can take immediate action to minimize damage.

Travel Benefits

Mastercard Airport Concierge: Enjoy a 15% savings on Airport Meet and Greet services. Arrange for a personal, dedicated Meet and Greet agent to escort you through the airport on departure, arrival or any connecting flights at over 700 destinations worldwide, 24 hours a day, 7 days a week, 365 days a year.

Mastercard Global Service: Receive worldwide, 24-hour assistance with Lost and Stolen Card Reporting, Emergency Card Replacement, and Emergency Cash Advance.

Collision Damage Waiver: As a Jasper Mastercard holder, you’re covered for damages (physical damage and theft) to a rental vehicle if your Jasper card was used to initiate and pay for the entire rental transaction — even if you declined the car rental company’s collision damage waiver insurance.

Trip Cancellation: When you use your Jasper Mastercard to book travel, you can be reimbursed for the unused, non-refundable portion of your trip if your trip is cancelled as the result of a covered accident or sickness.

Lost Luggage: Coverage for cost of replacing your checked or carry-on luggage and personal property contained therein that is lost or damaged. The Common Carrier trip must be paid for entirely with your Jasper Mastercard.

Travel Accident Insurance with Baggage Delay: Cardholders, their Spouse or Dependent Children are covered for Accidental Death & Dismemberment Insurance while 1) riding as a passenger in or entering or exiting any Common Carrier; or 2) at the airport, terminal or station, at the beginning or end of a covered trip. To be eligible the entire cost of the Common Carrier passenger fare, less redeemable certificates, vouchers, or coupons, must be charged to your Jasper Mastercard. Included on covered travel is Baggage Delay Insurance. Baggage Delay reimburses expenses incurred for emergency purchases of essential items such as toiletries and clothing if a covered person’s baggage is delayed 4 hours or more while traveling on a covered trip.

Is This Card for You?

Who the card is best for

The Jasper Mastercard is designed for those with no credit history, including college students. It’s also ideal for young adults and those looking for their first credit card. Its reward potential, no annual fee and benefits, however, make it a strong consideration for those with excellent credit.

Jasper is also ideal for those with a green card or a work visa.

Who might do better with a different card

The card is not ideal for those who are seeking a 0% APR or a balance transfer card. It’s also not best for those looking for significant travel rewards. Finally, because it doesn’t report to Experian, a secured credit card may be a better match for those who are trying to build their credit score.

FAQs

Is the Jasper Mastercard a good card?

Yes. It offers good rewards with no annual fee, and it is available to those with out a credit history.

Does the Jasper Mastercard require a security deposit?

No. It is not a secured credit card.

Will Jasper run a hard inquiry on my credit file?

It depends. If you just arrived in the U.S on a work visa, Jasper will not run a hard inquiry with the credit bureaus to process your application. If you are a U.S. citizen, a U.S. permanent resident (“green card” holder), or if you have been living in the US for more than one year at the time of application, Jasper will run inquiry with the credit bureaus.

Does Jasper work with Apple Pay or Google Pay?

Yes. It works with both digital wallets.

Does Jasper report to all 3 credit bureaus?

No. It currently reports payments to TransUnion and Equifax, but not Experian. It says it is working on reporting to Experian at some point.

Rating

Jasper Mastercard

Rob Berger

Benefits
Fees
Rewards

Summary

The Jasper Mastercard is ideal for those new to the U.S. or professionals with little or no credit history. It offers low fees and the chance for up to 6% in cash back rewards.

4.7