- Get this card if… you despise credit card fees or have a minimal credit history.
- Pick something else if…you want rewards for your spending.
- All credit scores and histories welcome.
The nuts and bolts
|Product name||Petal credit card|
|Recommended credit score range||All scores welcome to apply|
|Purchase APR||17.99% to 24.99%|
|Intro Purchase APR||None|
|Intro balance transfer APR||N/A|
|Balance transfer fee||N/A|
|Foreign transaction fee||None|
|Cash advance rate||N/A|
|Cash advance fee||N/A|
|Late payment fee||None|
|Returned payment fee||None|
|Maximum credit limit||$10,000|
|Minimum interest charge||$0.50|
Many credit cards tout simplicity as a key selling point. Petal is one of them, but it stands out in two important respects: It charges no fees, and it requires no minimum credit score.
Is “no fees” for real?
Yes, Petal really means it: You won’t pay annual fees, foreign transaction fees, overlimit fees or even late fees when you use this card.
That’s excellent, especially given all the other cards that pile on fees any chance they get. If you’re tired of getting hit with random charges, Petal could be the breath of fresh air you’ve been looking for.
When is Petal available — and who’s eligible?
Petal is available to consumers now, but it’s currently invite only. To get access to the card, sign up for the wait list on Petal’s site.
Anyone can apply for the card, regardless of your credit score. That’s unusual for an unsecured credit card that doesn’t charge exorbitant fees.
If you don’t have a credit score but you feel you’re a responsible borrower, consider Petal over a secured card. With a secured card, you have to put down a security deposit. Not so with Petal.
Is there a catch?
There isn’t a “catch,” exactly. But because Petal doesn’t collect fees, it tries to serve only customers who can responsibly pay their card bills.
If there’s a reason to take caution, it’s this: You’re required to share your bank account information — including your login credentials — with your application. Petal then uses this information to analyze your digital finances and assess your income and spending.
The company 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 from merchant transaction fees and from consumer interest payments.
You give up your financial privacy to Petal. But in an age of expensive credit, that might be a small price to pay to escape fees for good.
- No fees. Petal promises no annual, foreign transaction, overlimit or even late fees.
- No credit score required. If you don’t have a credit score, you can still apply for the Petal card. Petal will analyze your income and your financial records — such as checking accounts or bill payments — to determine your eligibility.
- No security deposit required. Without a credit score, it can be difficult to get an unsecured credit card. You’re typically limited to secured cards, which require security deposits. Petal, on the other hand, doesn’t require a deposit.
You’ll also like…
- Money-management tools. Petal offers features like automated payments and reminders to help you can pay your bill on time.
What to watch out for
- No credit card rewards. You’ll find powerful cards that can quickly earn you points, miles and cash back. Petal isn’t one of them, offering no rewards whatsoever. (Petal says it’s coming out with rewards in the future, however.)
Consider other cards if…
- You want a signup bonus. Many excellent credit cards offer strong signup bonuses.
- You want rewards for spending. Whether you want cash back or travel rewards, there’s a card for you.
What should I know before I apply?
To apply for the Petal card, you must be at least 18 years old. You must also be a US resident with a valid Social Security number or Individual Taxpayer Identification Number (ITIN).
Always consider your options and your financial situation before you apply for a credit card.
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?
There’s no minimum credit score to apply for the Petal card. However, you’ll have a better chance of approval if you can prove sufficient income and a responsible history of paying your bills.
How to apply for Petal
Right now, you can’t apply directly for the Petal card — you must be invited. For early access to the card, join the wait list on Petal’s website.
I got the card. Now what?
- Make timely payments. Pay your card bill online or enroll in autopay. Petal lets you set reminders to pay your card bill.
- Avoid interest. After the close of each billing cycle, you have a grace period of 22 days to pay your balance. If you do, you won’t pay interest on your purchases. Petal has a “true” grace period — you’ll get a window of no interest each month on new purchases.
The Petal card doesn’t offer rewards for spending, but you won’t pay any fees for the life of the card. It’s a good choice if you don’t have a credit score yet but think you’ve been a responsible borrower.