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

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Build your credit with few fees.

  • Pick this card if you want to rebuild your credit score with few fees.
  • Choose something else if you have a credit score below 550.
  • Petal 1 uses its own “Cash Score” technology, which analyzes your banking history and credit score. Because of that, you can apply with a credit score of 550 and still get a high credit limit.

Up to 10%

Cash back

$0

Annual fee

19.99% to 29.49%

Purchase APR (variable)

550

Recommended credit score

Details

Product NamePetal 1 "No Annual Fee" Visa® Credit Card
Card typeVisa
Annual fee$0
Purchase APR19.99% to 29.49% variable
Balance transfer APRN/A
Late payment feeUp to $40
Returned payment feeUp to $29

Expert review

Steven Dashiell

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.

Expert review

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 poor 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 up 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 with poor credit.

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.

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 poor credit score of 550 or greater.

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 credit bureaus. Petal will report your credit activity to Equifax, Experian and TransUnion.
  • Potential rewards. The Petal 1 allows you to earn up to 10% cash back from select merchants. The participating merchants haven’t been revealed yet, but we’ll update this review when details become available.

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 credit cards

Name Product Filter values Rewards Purchase APR Annual fee
Petal 1
Up to 10% cash back from select merchants
19.99% to 29.49% variable
$0
A high-limit no-annual-fee credit card that's ideal for rebuilding scores as low as 550. See if you prequalify with no impact to your credit.
Petal 2 “Cash Back, No Fees” Visa® Credit Card
Up to 10% cash back from select merchants, on other purchases earn 1% back, 1.25% after six on-time payments and 1.5% after 12 on-time payments
12.99% to 26.99% variable
$0
Build your credit with rewards and no fees: Apply if you're new to credit or have a fair to good score of 600 or higher. See if you prequalify with no impact to your score.
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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.

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