Personal Finance
Advertiser Disclosure

Petal 1 Visa® Credit Card Review

Our evaluations and opinions are not influenced by our advertising relationships, but we may earn a commission from our partners’ links. This content is created independently from TIME’s editorial staff. Learn more about it.

Updated April 4, 2024

Qualifying for a new credit card can be difficult when you don’t have great credit. If you don’t want to put down a large security deposit, your options are even more limited. However, the card_name looks to change that. There is no minimum security deposit and annual_fees annual fee. Minimum credit score to apply is credit_score_needed, but you may also apply if you have no credit score.

Still, there are downsides. The annual percentage rate (APR) is high, and similar cards have more-compelling rewards programs, including a different card from Petal. While the Petal 1 Visa is a good choice overall, it’s worth considering the pros and cons before signing up.

TIME's Take

The card_name is a annual_fees-annual-fee card with no minimum security deposit and occasional cash-back rewards. You can apply for it with only a credit_score_needed credit score or with no credit score at all. Still, the APR is high, and you may be able to earn better rewards with other cards.

Petal 1 credit card pros and cons

Pros:

  • annual_fees annual fee.
  • No security deposit required.
  • Possible to earn cash back.

Cons:

  • High APR.
  • Rewards tied to specific offers.
  • No welcome bonus.

Who is the card for?

The card_name is for you if you are looking for a credit card for poor or limited credit without a security deposit requirement. It’s possible to qualify with imperfect or no credit because, in addition to your credit score, Petal uses your banking history to assign a “Cash Score.” This alternative measure of creditworthiness is based on your income, savings, and spending history.

This card is also for you if you want to avoid annual and foreign transaction fees, as it has neither. However, with a variable APR that can be as high as reg_apr,reg_apr_type, it can be expensive to use.

With the card_name you can earn 2% to 10% cash back at select merchants. Rather than earning flat-rate cash back, you earn with personalized offers that vary throughout the year. Offers are automatically added to your account, and you’ll earn cash back any time you make a purchase with a merchant that meets the requirements in the offer terms.

Features

Very high APR

Carrying a balance on a credit card is rarely a good idea, but the pain can be even more acute with the card_name. At reg_apr,reg_apr_type, its variable APR is high, even for a credit card for those with bad credit. While this rate could drop based on the prime rate, it’s not a good idea to carry a balance on this card.

High maximum credit limit

The card_name’s credit limit ranges from $300 to $5,000, depending on your creditworthiness. While $300 is nothing special, $5,000 is impressive among credit cards marketed to people who don’t have great credit. However, if you qualify for a $5,000 limit with this card, you can probably qualify for credit cards with better benefits and perks.

Limited rewards program

As mentioned earlier, this card can earn cash back based on offers from Petal. While this is arguably less valuable than earning flat-rate ongoing cash back, credit cards in this category often have no rewards at all.

Better card available from Petal

The card_name is a good card, but its older, wiser cousin, the card_name, is better in just about every way. The card_name doesn’t have an annual fee, has a lower APR, and earns 1% or 1.5% cash back on every purchase. The caveat is that the card_name may not be available to those with limited credit, so it may not be an option if you’ve just started your credit-building journey. In this case the card_name is still a solid choice.

The fine print

  • Annual fee is annual_fees.
  • Intro APR: intro_apr_rate,intro_apr_duration.
  • Balance transfer intro APR: balance_transfer_intro_apr,balance_transfer_intro_duration.
  • Regular APR is reg_apr,reg_apr_type.
  • Cash advance fee: cash_advance_apr.
  • Foreign transaction fee: foreign_transaction_fee.
  • Late fees: late_payment_fee.
  • Returned payment fee is up to $29.

Additional hidden perks

The card_name doesn’t come with many hidden perks, though that is typical for cards in this category. As it’s a Visa card, it may include such traditional card benefits as:

  • Cardholder inquiry service.
  • Lost or stolen card reporting.
  • Emergency card replacement and emergency cash disbursement.
  • Dovly Uplift.
  • ID Navigator by NortonLifeLock.
  • Zero liability.
  • Roadside Dispatch®.

Keep in mind that card benefits may vary. Contact the card issuer for specific information about card benefits and perks.

What could be improved

For the most part the card_namea is a good choice for people with limited credit. However, there are a few things about it that could be better. One is that it offers very few benefits and perks; for example, it lacks the 1% or 1.5% cash back on every purchase that you get with the card_name. There is also no welcome bonus. These are not standard for starter cards such as the card_name, but they would still be nice to see.

It would also be nice to see a few extra benefits and perks. As it is now, this card doesn’t have much to offer beyond its credit-building benefits.

Lastly, a lower APR would be beneficial for card_name cardholders. While a high APR is to be expected with a card for those with limited credit, its APR is high even in this context. For instance, the APR for the Mission Lane Visa® Credit Card, another unsecured card for people with bad or limited credit, is 29.99-33.99% Variable .

Alternatives to Petal 1 credit card

CardMinimum DepositAPRAnnual feeCredit score
Petal 1 Visa® Credit Card
$0
reg_apr,reg_apr_type
annual_fees
credit_score_needed
$0
reg_apr,reg_apr_type
annual_fees
credit_score_needed
$25
reg_apr,reg_apr_type
annual_fees
credit_score_needed

TIME Stamp: Best for those with a limited credit history

There is a lot to like about the card_name, including annual_fees annual fees, no security deposit requirement, and cash back at select merchants. However, its APR is high, it doesn’t earn rewards on every purchase, and it offers few hidden benefits. It might be a good choice if you have limited credit, but the card_name overshadows it once you establish a healthy credit history.

Frequently asked questions (FAQs)

What is the difference between card_name and card_name?

There are several key differences between these two cards. The card_name earns 1% or 1.5% cash back on every purchase, while the card_name only earns cash back at select merchants. In addition, the card_name has a lower variable APR. Another key difference is the maximum credit limit, which is $5,000 for the card_name and $10,000 for the card_name.

Can I increase my initial card_name credit limit?

Yes, you can. With the Petal Leap program, you can qualify by making six monthly payments in a row of your minimum payment or 15% of your statement balance, whichever is greater. In addition, your VantageScore must not drop 50 points or more below your Leap credit score goal.

What banks issue the card_name?

WebBank issues all Petal cards.

Where can I use the card_name?

You can use the card_name at any U.S. merchant that accepts Visa cards, online, and internationally.

The information presented here is created independently from the TIME editorial staff. To learn more, see our About page.

1.2065.530+1.64.6