Petal® 2 Visa® Credit Card Review

What we like

• Up to 1.5% cash back
• No credit history required
• No fees
• Minimum $300 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

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 

Cash back Offers are tied to specific merchants. Any available Merchant Offers are automatically loaded to your Petal account. When you make a purchase with a merchant 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 in 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® Credit Card based on your specific spending habits.

How do I apply for the Petal Credit Card?

The Petal® 2 Visa® Credit 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.

When you apply for a Petal Card, you submit a pre-approval request, and then Petal funnels your application to whatever card you qualify for: Petal® 1 “No Annual Fee” Visa® Credit Card, Petal 2, or . The pre-approval request is a soft pull. If you choose to apply for the card Petal pre-approves you for, Petal does a hard pull. You can’t choose which card you want to apply for outright; you can only apply for the card Petal deems appropriate. You can, of course, not go through with the application.

Who the card is best for

The Petal® 2 Visa® Credit Card is ideal for those who have no credit history. For those 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

Rating

Video Review

Below we recap the features, fees, credit score requirements, and alternatives.