You don’t need a credit history to be eligible for this no-fee card.
- Get this card if you want something without any fees.
- Pick something else if you want a rewards program, or a card that’ll help repair your credit score.
- Apply if you have no credit history, or if you have an existing fair to good credit score around 670.
|Product Name||Petal Visa Credit Card|
|Purchase APR||15.24% to 26.24% variable|
|Intro Purchase APR|
|Intro Balance Transfer APR|
|Balance Transfer Fee||None|
|Foreign Transaction Fee||None|
|Interest Free Period||Up to 21 days|
|Rates & Fees||Rates & Fees|
|Minimum Age||18 years of age|
Petal’s dedication to helping people responsibly manage their money and credit makes this card stand out. There are absolutely no fees associated, and you don’t need a credit history to be eligible for the card.
Who is the Petal Visa Credit Card for?
The Petal Visa Credit Card is designed for Americans who want access to great credit but are considered ineligible for cards by most credit companies. According to Petal’s site, nearly 45 million people in the US are “credit invisible” and unscoreable — with nearly 62 million considered thin-file and on the margin.
Petal gives these people a chance by granting cards based on a person’s full digital financial record rather than just their credit score.
Is “no fees” for real?
Yes. Petal Visa Credit Card really means it: You won’t pay annual fees, foreign transaction fees, overlimit fees or even late fees when you use this card.
Who’s eligible for the Petal Visa Credit Card?
Anyone can apply for the credit card, even if you have no prior credit history. That’s unusual for an unsecured credit card that doesn’t charge fees. That said, the Petal Visa Credit Card is not for rebuilding poor credit. A history of bad credit or a poor financial history will likely disqualify you from obtaining the card.
You’re more likely to get approval with a fair to good credit score. Your credit history can also factor into your credit limit, along with the rest of your financial history.
If you want to rebuild poor credit, consider a secured card option instead.
Why choose the Petal Visa Credit Card over a secured card?
The Petal Visa Credit Card is an excellent alternative to a secured card if you have no prior credit history because you won’t need to foot the security deposit required of most secured cards.
Many secured cards can also start you with a credit limit as low as $200. The Petal Visa Credit Card starts at a $500 minimum limit if you’re approved, and a maximum of $10,000.
Is there a catch?
There isn’t a “catch,” per se. But because the Petal Visa Credit Card doesn’t collect fees, it tries to serve only customers who can responsibly pay their card bills.
Note that you’re required to sync your bank account through a secure third-party when you apply. Petal will have read-only access, allowing them to analyze your digital finances by looking at your income, savings and spending.
This account linking allows Petal to accept applicants with no credit history. Its intuitive mobile app also allows Petal to help you monitor your spending practices.
Petal doesn’t appear to pad its bottom line through sneaky tactics — for example, it doesn’t spike your APR for late or missed payments. According to Petal’s CEO, the company makes money purely through merchant transaction fees and from consumer interest payments.
There’s no annual, foreign transaction, overlimit or even late fees.
No credit history required.
If you have no credit score or limited credit history, Petal will analyze your income and financial records, including your checking accounts and bill payments, to determine your eligibility. You can still apply if you already have a good credit history and you want to take advantage of the card’s generous fee structure.
Potentially high credit limit.
Petal offers credit limits between $500 and $10,000. This range is higher than average compared to similar cards. However, a high limit is not guaranteed since your limit is based on your financial history.
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Download Petal’s associated mobile app to track your spending and upcoming payments. Streamlined information and data through the app gives you a high level view of your finances and spending. You can track all your accounts connected to Petal, as well as schedule payments.
What to watch out for
No credit card rewards.
While Petal says it may come out with rewards in the future, it currently offers no such perks as points, miles or cash back. Consider a rewards credit card if these benefits are important to you.
No signup bonus.
Unlike many of its competitors that offer signup bonuses or introductory cards, Petal has no such offer.
Compare unsecured cards that can help you build credit
What should I know before I apply?
You must be at least 18 years old and a US resident with a valid Social Security number or Individual Taxpayer Identification Number (ITIN).
Information you’ll need
- Full name and contact information
- Residential status
- Annual income, source of income and employment information
- Social Security number and date of birth
What credit score do I need?
You don’t need a credit history to apply for the Petal Visa Credit Card. However, you’ll have a better chance of approval if you can prove sufficient income and a responsible history of paying your bills. If you do have a credit score, apply if you have a fair to good score.
If you have a poor credit score or a history of financial difficulties, Petal might not be for you.
How to apply for the Petal Visa Credit Card
Applying for the Petal Visa Credit Card is simple:
- Click apply now.
- Fill out the requisite information on each form to complete your application.
- If preapproved, Petal will alert you and invite you to fill out the full application
Credit pulls during the approval process.
Petal will perform a soft pull during the preapproval process and a hard pull during the full approval process. Note the difference between a soft and hard pull.
I got the card. Now what?
- Spend responsibly and pay off your balance in full at the end of each month.
- Use the accompanying Petal app regularly to see the state of your finances and spending habits and to develop better financial awareness.
- Set up autopay in your Petal account to ensure you never miss any payments.
The Petal Visa Credit Card has no associated fees and can help you learn to use credit responsibly. It’s a good choice if you don’t have a credit score but feel like you’re a responsible borrower.
If you need to rebuild from poor credit or you’re looking for a card with a robust reward structure, Petal might not serve your needs. Compare secured or reward cards to see what options are available.