Petal 1 Visa Credit Card Reviews: No Annual Fee Visa Credit?
The world is not a sunny place where everything is as it should be, affecting our finances. We have made mistakes, and when we don’t make mistakes, life happens.
Sadly, we have financial issues that affect our credit score due to mismanagement or just plain uncontrollable circumstances. Our credit score problems affect our ability to get cheap loans, mortgages, etc., but there is a way out.
The Petal 1 No Annual Fee Visa Credit is your way out of bad or fair credit scores as it is an unsecured credit card. So, your poor credit score should not prevent you from getting financial benefits as the Petal 2 No Annual Fee Visa Credit Card will help you, and below is how.
What is Petal 1 Credit Card?
So, Petal 1 No Annual Fee Visa Credit card is your answer to an unimpressive credit score and the limitations that come with it. The Petal 1 No Annual Fee Visa Credit Card doesn’t need your credit score or credit history; rather, it uses a cash score which includes your income, your dedication towards paying bills, etc., while being an unsecured card.
The Petal 1 No Annual Fee Visa Credit Card is your buddy as you can see from the name, it has no annual fee, and you would also be getting other juicy rewards. You would also get cashback in about 2% to 10% from select merchants and a credit limit increase without a recommended credit score.
Petal 1 No Annual Fee Visa Credit Card introduces credit newcomers to card finance without the costs attached to credit cards. So, you will get all the benefits of owning a card without paying the usual activation fees, annual fees, monthly service fees, etc., attached to a secured credit card.
This credit card will help you build your credit while also rewarding you with intriguing bonuses to make the rebuild journey smoother.
How does Petal 1 work?
Petal 1 works by helping you improve your finances especially by building your credit score to the accepted recommended credit score and improving your credit history. So, to take advantage of how it works, you must learn to be smart with your spending, and to be smart means small purchases.
Small purchases will help you take advantage of how the Petal 1 No Annual Fee Visa Credit Card works as you would be to repay in a short period. Spending what you can quickly repay when your statement credit balance helps build credit and low variable APRs range from 20.24% – 29.74%
Building credit also qualifies you for a higher credit limit, and in a short period, you would soon reach good credit with your determination. However, to see how the card works, you must first apply on Petal’s website and provide necessary financial, personal, employment, income and housing details.
Thereafter, you will get an offer that will get you approved for the Petal 1 No Annual Fee Visa Credit Card after selection. After approval, you can begin to work towards a higher credit limit, get out of your limited credit situation and improve your credit profile.
Click Here to Get Started With Petal 1 Visa Credit Card.
What are the Features of Petal 1?
Zero Annual Fee
We can say for the fact that no annual fee, hands down, is one of the best features of Petal 1 credit cards. You see, when people have well, unhealthy credit, the financial system tends to want to prey on them by asking for annual fee.
Honestly, we find it amusing and confusing that financial institutions use the same criteria they use for people with excellent credit and people with bad credit. Similarly, we find it equally amusing and confusing that people with bad credit have to suffer large fees in return for financial access.
Now, this is where Petal 1 No Annual Fee Visa Credit Card stands out from the rest. It doesn’t charge an annual fee.
Doesn’t need Credit Score
When you are applying for this card, you don’t need to have a desirable credit score, a great credit report, or excellent credit history
Most financial institutions use just your credit score and credit history, and from there, they decide if you are worthy of a credit card or not. Petal or different as it doesn’t require you to have the best credit score, you only need cash score.
Now, Petal arrives at your cash score by looking at your banking history, your attitude towards bill payment, your income, etc. Through this, Petal determines if you are creditworthy and whether they wouldn’t be taking too much risk by giving you one of the best-unsecured credit cards ever.
Card is Unsecured
Sadly, the nature of a secured credit card means someone needs a security deposit. Interestingly, it is mostly the type of card people with less than the recommended credit get
Secured credit cards will help nurture your credit back to health and help you build your credit history. But, you would need to make an upfront security deposit before you get the card.
Now, with Petal that necessarily isn’t the case as with Petal 1 has no security deposit required nor cash advance fee needed to issue you a credit card. As a credit card issuer, Petal is much concerned with letting you get a card rather than not letting you get a card.
Cashback at selected merchants
Petal card members will get cashback from select merchants on eligible purchases with the Petal 1 No Annual Fee Visa Credit Card. However, with the other benefits you get from this card, a lower cash back percentage is to be expected.
At least, you still earn cash back on eligible purchases with select merchants. Half a cashback is greater than none. You need to open a petal account to benefit
No Foreign Transaction Fee
Major credit bureaus will charge you when you make purchases abroad. This is not a good fit for people who travel most of the time as these foreign transaction fees can disturb your budget.
With Petal, you don’t need to worry about foreign transaction fees. You can use your card as much as you want when you travel without foreign transaction fees biting into your budget.
Increase In Credit Limit.
Don’t forget that this card will help you build a credit score and credit history if you use it correctly. The result of having your credit improve is the increase in your credit limit.
Credit limits are not fun when you are looking for card freedom, but with the many perks that come with this card, it is easy to overlook the $500 to $5,000 credit limit. Additionally, this limit can be for a short while if you make repayments on time and ensure your score doesn’t go any lower.
Interestingly, within 6 months, you would have gotten a credit limit increase.
Mobile App
This card has tools that can help you budget, save, know of the petal perks program, etc. Also, Petal's mobile app makes your budget, calculate and make payments on time for each month
What is the Credit Score Requirement of Petal 1?
This is where Petal stands out. Many financial institutions require that you must reach a certain level of credit before they do business with you.
Some of these institutions will set their minimum credit at 670 and would very much rather you have a greater score. If you have a lower score, they will issue you the credit card you are applying for, making you pay more for their credit card.
The good news is, a credit score is of no use when you are trying to get a Petal 1 No Annual Fee Visa Credit Card. The metrics Petal uses to determine the creditworthiness of its intending customers is different and fairer than what you are used to.
In essence, there is no recommended score to get a Petal 1 No Annual Fee Visa Credit Card.
How much does Petal 1 Cost?
Foreign Transaction Fees
Major credit bureaus will charge you when you make purchases abroad. This is not a good fit for people who travel most of the time as these international transaction fees can disturb your budget.
With Petal, you don’t need to worry about international transaction fees. You can use your card as much as you want when you travel without international transaction fees biting into your budget.
Zero Annual Fee
This is one of the best features on this card. You see, when people have well, unhealthy credit, the financial system tends to want to prey on them by giving them access but asking them to lay more.
It is weird that institutions use the same criteria they use for people with excellent credit and people with bad credit. Similarly, it is weird that people with bad credit have to suffer large fees in return for financial access.
Now, this is where Petal 1 No Annual Fee Credit Card stands out. It doesn’t charge annual fees.
Click Here to Get Started With Petal 1 Visa Credit Card.
Who is Petal 1 Best For?
As a borrower, opening a bank account with Petal 1 No Annual Credit Card will allow you to take advantage of the Petal Perks Program. Depending on your preference, we believe the best perk from petal is their high approval odds, which makes up for their lack of sign-up bonus.
However, the lack of a sign-up bonus is not enough to pass on this card. So, if you don’t mind the bonus, check below to see the categories this card is good for.
If you have Less than Desirable Credit
You don’t have credit, and you intend to improve your credit? Then look no further than Petal and go register on their website now.
The Petal 1 card will revamp your finances, and your approval odds with Petal are quite high. So chances are, even with a low score, and poor credit history, you most likely would get approval.
If you Want an Unsecured Card.
Secured cards can be expensive to obtain, and it is only the type of card people with poor credit can qualify to get. Well, that was before Petal came around with their petal 1 card, which is unsecured and with fewer fees.
As an unsecured card, you will not pay anything as a security deposit. Pretty neat, isn’t it?
If you are looking for a card with fewer fees
Petal 1 No Annual Fee Credit Card has low fees, so much so that it is unbelievable. There are basically no costs on this card and which is why even if the variable APRs range from 20.24% – 29.74% is better, it is very much bearable.
Although if you pay your credit late, you all incur $29 to $40 late payment fees. So pay on time to avoid this late payment fee
Petal 1 Pros and Cons
Petal 1 Compare to other Cards
Click Here to Get Started With Petal 1 Visa Credit Card.
Petal 1 vs. Chase Freedom Unlimited
Chase Freedom Unlimited is an excellent card, no doubt. However, there are some areas where Petal 1 edges it out.
First off, Petal 1 doesn’t require you to have a great score before it approves your application. Chase Freedom Unlimited requires you to have a good or excellent score for loan approval
In addition, Petal 1 has an impressive mobile app that allows you to manage your personal finance. Petal’s mobile app is more robust than Chase Freedom Unlimited.
>> Full Article: Chase Freedom Unlimited Review: Huge Cash Back and Bonus?
Petal 1 vs. Delta SkyMiles Gold American Express
The two institutions belong to credit institutions which are member FDIC. However, some aspects make Petal 1 better.
One thing that makes Petal 1 better is its impressive mobile app. This app makes use manage your finances through your phones in the comfort of anywhere.
In addition, Petal 1 doesn’t require you to have the best score. It uses a whole different requirement to judge creditworthiness.
>> Full Article: Delta SkyMiles® Gold American Express Card Review: Best Travel Credit Card?
Petal 1 vs. OpenSky Secured Visa
The two institutions belong to credit institutions which are member FDIC. However, some aspects make Petal 1 better.
One thing that makes Petal 1 better is its impressive mobile app. This app makes use manage your finances through your phones in the comfort of anywhere.
In addition, Petal 1 doesn’t require you to have the best score. It uses a whole different requirement to judge creditworthiness.
>> Full Article: OpenSky Secured Visa Credit Card Review: No Credit Check Requirement
Conclusion: Is Petal 1 Worth it?
This card is worth it especially if you are trying to make the most of your poor score. The card has zero fees, making it easy for you to maintain and stick to your budget.
In addition, the card is unsecured, which doesn’t often happen with a card that caters to people with terrible credit. So, apart from the lack of cost, it is unsecured increases your chances of approval.
What improves your chances the most has to be the fact that there is no score requirement. You don’t need the traditional score for approval.
This card has all it takes to help you with your credit. If that’s what you want, then this card is for you.
>> Related Topic: Best American Express Card • Compare Top AmEx Credit Cards of 2024
Petal 1 FAQs
Is the petal 1 card secured?
No, the Petal 1 card is majorly unsecured to allow for more people to own cards
Is Petal 1 or 2 better?
Both cards are excellent cards. Use Petal 1 if you have bad credit and Petal 2 if you have better credit
Does Petal 1 increase the credit limit?
Yes, within 6 months of excellent use such as consistent cash payment, you will get a better limit in 6 months.
