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Pros & Cons
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
The card_name offers the following 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%.
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.
You can use this rewards calculator to estimate the cash back potential from the Petal® 2 "Cash Back, No Fees" Visa® Credit Card based on your specific spending habits.
How do I apply for the Petal Credit Card?
The card_name 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.
Is This Card for You?
Who the card is best for
The Petal® 2 "Cash Back, No Fees" Visa® Credit 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.
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.
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.
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.
No. It is not a secured credit card.
You can check out all of the differences in our Petal 1 vs Petal 2 comparison.
Petal® 2 "Cash Back, No Fees" Visa® Credit Card Rating
The card_name 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.