
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
$0
Annual fee
19.99% to 29.49%
Purchase APR (variable)
550
Recommended credit score
Review by
Steven Dashiell is a credit cards writer at Finder. He's worked on 250 Finder articles and counting, helping readers embrace and maximize credit cards. Backed by nearly a decade of research and reporting experience, Steve's work can be seen on Debt.com, CreditCards.com and Lifehacker.
The Petal® 1 "No Annual Fee" Visa® Credit Card is a new credit-building card from Petal. It requires no annual fee, a potential credit limit between $500 and $5,000 and an APR of 19.99% to 29.49% variable.
It allows consumers with credit scores as low as 550 to apply and potentially qualify. This is a benefit Petal’s first card — now rebranded as the Petal® 2 "Cash Back, No Fees" Visa® Credit Card — lacks. Consumers with bad credit will likely not be approved for Petal 2, but will automatically be checked for eligibility for the Petal 1.
For the purpose of credit building, the Petal 1 is a solid card. There’s no security deposit or annual fee required for use, and the potential credit limit you can nab is quite high for a credit-building card. However, unlike the Petal 2 this card does feature a few fees: up to $40 on late payments and up to $29 on returned payments. The card’s APR skews a bit high as well, though this isn’t uncommon for a credit-building card. Finally, this card also lacks the flat rewards the Petal 2 earns, though it can earn 2% to 10% back at select merchants.
On the whole, the Petal 1 is a great addition to the Petal lineup and adds a sorely missing credit-building option for those looking to improve their credit.
Watch our short video in which we break down the benefits and drawbacks of the new Petal 1 card, as well as how you can get your hands on it.
Applying for the Petal 1 is straightforward:
To qualify for the Petal 1, apply with a bad to fair credit score of 550 or greater.
The Petal 1 is a natural addition to the Petal lineup and a great choice if you need to build credit but don’t want to shell out a security deposit for a secured credit card. But if you don’t think you can qualify, examine your secured card options to find the right avenue for rebuilding your credit.