Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

2021 Review: Petal® 1 "No Annual Fee" Visa® Credit Card Review

A no-annual-fee credit card with cashback rewards for building credit.

finder.com’s rating: 4.5 / 5

★★★★★

  • Pick this card if you want to build your credit score without paying an annual fee.
  • Pick something else if you have a bad credit score.
  • Petal 1‘s issuer uses its own “Cash Score” technology, which analyzes your banking history and credit score. Because of that, you can apply with a new credit score and still potentially get a high credit limit.
No reviews yet. Write a review

$0

Annual fee

19.99% to 29.49%

Purchase APR (variable)

550

Recommended credit score

Details

Annual fee$0
Welcome OfferN/A
Rewards2% - 10% cash back from select merchants
Purchase APR19.99% to 29.49% variable
Balance transfer APRN/A
Recommended minimum credit score550
IssuerVisa

Review by


Steven Dashiell is a writer at Finder specializing in all things credit cards. With more than 300 articles under his belt, he aims to help readers embrace credit cards and maximize their rewards. Steve is studying to become a Certified Educator in Personal Finance, and is a frequent face on Finder’s YouTube channel, offering the latest in credit card hacks and advice. His expertise has been featured on numerous outlets, including U.S. News & World Report, Time, CBS, Fox Business, Lifehacker, Martha Stewart Living and more.

Expert review

The Petal® 1 "No Annual Fee" Visa® Credit Card is a credit-building card from Petal. It has 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 new or fair credit scores to apply and potentially qualify. 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. Petal may also increase your credit limit if you make 6 consecutive on time payments and keep your credit score within a personalized range.

How to apply for the Petal 1

Applying for the Petal 1 is straightforward:

  1. Go to the comparison table below
  2. Click Apply now.
  3. Fill out your information and click Submit.

What credit score do I need?

To qualify for the Petal 1, apply with a new or fair credit score. The bank will also consider your income, banking history and bill payments, not just your credit score. The resulting “Cash Score” may affect the size of your credit limit and your interest rates.

WATCH: Petal 1 card review

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.

Petal 1 card benefits

  • No annual fee. You won’t pay an annual fee to use this credit card. This is always appreciated on a credit-building card, as you’ll want to focus on safe and efficient spending.
  • High potential credit limit. The Petal 1‘s minimum credit limit starts at $500 and goes as high as $5,000. This is a high range for a card that accepts individuals with less than great credit.
  • Reports to all three major credit bureaus. Petal will report your credit activity to Equifax, Experian and TransUnion.
  • Offers program. The Petal 1 allows you to earn 2% to 10% cash back from select merchants. Considering this is a credit-building card, earning cash back rewards even on some purchases is a rare sight.
  • Leap program. If you make 6 consecutive on time payments and keep your credit score within a personalized range, Petal may increase your credit limit. To qualify you must pay the greater of your minimum payment or 15% of your monthly statement balance.

What to watch out for

  • High APR. The Petal 1 comes with a purchase APR of 19.99% to 29.49% variable. Pay your statement balance each month to avoid accruing interest.
  • Fees. Miss your first payment and you’ll get hit with a $29 late fee. All late payments after will incur a $40 fee. You’ll also pay $29 for returned payments.

Compare Petal 1 to similar cards

Below you can see how this card stacks up to similar cards.

Petal® 1 "No Annual Fee" Visa® Credit Card

★★★★★

Finder Rating: 4.5 / 5

Go to site

Minimum credit score

550

Annual fee

$0

Purchase APR

19.99% to 29.49% variable

Balance transfer APR

N/A

Rewards

2% - 10% cash back from select merchants

Welcome offer

N/A

Petal® 2 "Cash Back, No Fees" Visa® Credit Card

★★★★★

Finder Rating: 3.1 / 5

Terms apply, see rates & fees
Go to site

Minimum credit score

New to credit

Annual fee

$0

Purchase APR

12.99% to 26.99% variable

Balance transfer APR

N/A

Rewards

1% cashback, 1.25% after six on-time payments and 1.5% after 12 on-time payments, plus 2% - 10% back from select merchants

Welcome offer

N/A

Petal® 1 "No Annual Fee" Visa® Credit CardOpenSky® Secured Visa® Credit CardDestiny Mastercard®
Annual fee$0$35$59 annually or $75 for the first year, and $99 thereafter, depending on creditworthiness
Credit limit$500 to $5,000$200 to $3,000$300
Requires a secured depositNoYesNo
Rewards2% - 10% cash back from select merchantsNoNo

Bottom line

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.

Credit card ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

Our team evaluates credit cards to determine their value against similar cards on the market.

We rank card types — travel, cash back, business — on a set of factors that are most relevant to that type of card. We create these rankings to help you narrow down a credit card that best suits your spending and budget.

Learn the details of our methodology and scoring.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site