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2022 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.
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Up to 10%
Cash back
$0
Annual fee
22.24% to 31.74%
Purchase APR (variable)
550
Recommended credit score
Review by
Steven Dashiell
steven.dashiell@finder.comSteven Dashiell is Senior Writer, Personal Finance 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, NASDAQ, 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 $300 and $5,000 and an APR of 22.24% to 31.74% 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.
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% - 10% cash 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.
Finder experts pick Petal® 1 "No Annual Fee" Visa® Credit Card as a 2021 best product for credit cards.
How to apply for the Petal 1
Applying for the Petal 1 is straightforward:
- Go to the comparison table below
- Select Apply now.
- 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 $300 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.
Petal 1 card drawbacks
- High APR. The Petal 1 comes with a purchase APR of 22.24% to 31.74% 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 |
Petal® 2 "Cash Back, No Fees" Visa® Credit Card |
Jasper Cash Back Mastercard® |
 |
 |
 |
|
★★★★★ |
★★★★★ |
★★★★★ |
|
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Minimum Credit Score 550 |
Minimum Credit Score New to credit |
|
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Annual Fee $0 |
Annual Fee $0 |
Annual Fee $0 |
|
Purchase APR Up to 31.74% variable |
Purchase APR Up to 29.24% variable |
Purchase APR Up to 25.74% variable |
|
Balance transfer APR N/A |
Balance transfer APR N/A |
Balance transfer APR N/A |
|
Rewards Up to 10% cash back |
Rewards Up to 10% cash back |
Rewards Up to 6% cash back |
|
Welcome offer N/A |
Welcome offer N/A |
Welcome offer N/A |
Compare even more credit cards
| Petal® 1 "No Annual Fee" Visa® Credit Card | OpenSky® Secured Visa® Credit Card | Destiny Mastercard® | |
|---|---|---|---|
| Annual fee | $0 | $35 | $59 for the first year, and $59 thereafter. |
| Credit limit | $300 to $5,000 | $200 to $3,000 | $300 |
| Requires a secured deposit | No | Yes | No |
| Rewards | 2% - 10% cash back at select merchants | No | No |
Compare Petal® 1 "No Annual Fee" Visa® Credit Card with other cards
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
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