If you need a credit card to help you successfully build your credit, you should check out Petal credit cards. In this Petal 1 No Annual Fee Visa Credit Card review, I’ll list all of its features and benefits so you can decide if it is the right credit card for you.
Petal 1 No Annual Fee Visa Credit Card is designed for consumers who have low-to-fair credit or cash flow. It’s ideal if you wish to improve your credit score. It may not be the best credit card with a rewards or cash back program. Nonetheless, it’s an ideal credit card for those who don’t have an impressive credit history.
Read on to learn more about the Petal 1 No Annual Fee Visa Credit Card, its features, benefits, and pros and cons.
About Petal 1 No Annual Fee Visa Credit Card
Ideal for People With Low-to-fair Credit
Petal 1 No Annual Fee Visa Credit Card is designed for you with low-to-fair credit or cash flow. It’s perfect if you intend to improve your credit score. It may not be a credit card with the ideal rewards or cash back program. Still, it’s perfect, especially if you don’t have an impressive credit history.
Petal Generates Cash Score Based on Banking History
This credit card may be the solution if you seriously need to build good credit. You will not be required to have a high credit score to apply. Instead, Petal will generate your cash score based on your banking history. That’s basically how they will assess your creditworthiness.
No Annual Fee
Not requiring you any annual fee is only one of its perks. Owning a Petal 1 Visa Credit Card also allows you to earn rewards through its Petal Offers program. For instance, you can earn roughly 2 to 10 % cash back on your purchases from accredited merchants.
In case you have fair or better credit, Petal offers another credit card with better features. This is known as the Petal 2 Cash Back No Fees Visa Credit Card.
The Petal credit cards look promising, but there are also card applicants that get disapproved. For instance, your application might not get approved if you have filed for bankruptcy in the past 48 months. This applies even if your current financial situation has already improved.
Petal 1 Visa Credit Card Features
Here’s a list of the features of the Petal 1 Visa Credit Card:
- No maintenance fee, account opening fee, and annual fee
- Fees for late and returned payment apply
- People with limited or no credit history can apply
- Annual percentage rate (APR) ranges between 19.99 and 29.49 percent
- No foreign transaction fees
- Petal 1 does not allow cash advances and balance transfers
- No welcome bonus
Petal 1 Credit Card Benefits
The Petal 1 No Annual Fee Visa Credit Card is loaded with features basic to all Visa credit cards. These include the following:
- Lost or Stolen Card Assistance
- Roadside Dispatch
- Automotive Rental Collision Insurance
- Uber Credit Via Visa Offers
1. Lost or Stolen Card Assistance
In case of loss or stolen Petal 1 Visa Credit Card, report this immediately to the Customer Service Team. Visa can quickly send you an emergency replacement card. If not, they will find an alternative way of sending you cash.
This feature is particularly beneficial if you’re out on vacation or a business trip.
2. Roadside Dispatch
Visa offers a pay-per-use roadside assistance program to all its cardholders.
To use this benefit, contact the Customer Service Team and mention your intention to use this program. The program may provide the following per service call:
- Fuel Delivery
- Tire Changing
- Lockout Service
- Jump Starting
You may confirm with Customer Service, the mechanic, the locksmith, or the operator in case of any service restrictions or limitations.
3. Automotive Rental Collision Insurance
Visa offers secondary rental car coverage for its cardholders. This benefit is specifically intended for theft or damage of your rental vehicle.
To get this benefit, you must use your Petal 1 Visa credit card to rent a vehicle. You must also decline to get the collision damage waiver offered by the rental company.
4. Uber Credit Via Visa Offers
Link your Petal 1 credit card to your Uber account. That way, you earn Uber credits automatically every time you get Uber services.
Petal 1 No Annual Fee Visa Credit Card Rewards
In terms of rewards, let’s talk about the following topics:
- How to Earn Rewards
- How to Redeem Rewards
- Rewards Potential
How to Earn Rewards
Through the Cash Offers program of Petal, you may earn rewards at accredited merchants. The earnings rate ranges between 2 and 10% cash back. This cashback will automatically reflect in your Petal account.
The earnings rate is not the same for all merchants. For every transaction made with an accredited merchant, the amount of cash back to be earned depends on their offer. The funds are typically added to your account in the following billing cycle.
How to Redeem Rewards
All your rewards reflected in your Petal account can be redeemed at any time, in any amount, and in the form of a statement credit. To redeem:
- Log in to your Petal 1 card account,
- Click “Perks,” and
- Click “Redeem.”
You can also redeem your rewards by calling the Petal Customer Service Team. Request them to mail a paper check or to deposit the amount to your eligible checking account. There is, however, a minimum of $20 earnings for this redemption method.
There is varying rewards potential for Petal 1 credit cardholders. Your geography and being a frequent Petal 1 credit card user are two of the main factors that affect your rewards potential.
You also have to find which Petal-accredited merchants to turn to maximize their rewards program. That way, you would know where you should often use your Petal 1 No Annual Fee Visa Credit Card. Some of the accredited merchants are Rover.com, Lowe’s, and Athleta.
Again, what does the Petal 1 Visa Credit Card offer? With Petal 1 No Annual Fee Visa Credit Card, you can improve your credit score even if you have a low-to-fair credit or cash flow. While it doesn’t have an excellent cash back program, you can count on it if you’re still building your credit history.
Petal 1 Visa Credit Card Highlights
Let’s discuss the highlights of the Petal 1 Visa Credit Card:
1. Issued by WebBank
WebBank issues this credit card. WebBank is an industrial bank based in Utah and is a Federal Deposit Insurance Corp. (FDIC) member.
2. Cash Score Is Based on Banking History
If you’re interested in applying for a Petal 1 Visa Credit Card but have no credit score, it is alright. Petal will be the one to create your Cash Score based on your banking history. Pre-approval of the card application only takes several minutes and does not affect your credit score.
Through your Petal 1 credit card, you can build and improve your credit. Make sure to use it responsibly because Petal provides reports to the three major credit bureaus of the United States.
3. Credit Limits Range Between $500 and $5,000
Credit limits typically range between $500 and $5,000. It is also possible to earn a credit limit increase in 6 months. But, of course, this is by Petal’s terms and conditions.
4. No Need to Make Any Deposits
You are not required to make any deposits to get a Petal 1 Visa Credit Card. But that’s not all. You also don’t have to pay an annual fee and foreign transaction fees. As for its variable APR, it ranges between 19.99 and 29.49%.
5. 2-10% Cash Back
The cash back typically ranges between 2 and 10 % of the transaction amount. As earlier mentioned, you can only get cash back rewards at accredited merchants.
6. Petal Has a Mobile App
Petal has a mobile app too. This way, it will be more convenient for you to automate your payments and track your spending. In essence, it becomes more convenient to manage your money.
Petal 1 No Annual Fee Visa Credit Card Pros and Cons
Let’s list down the pros and cons of owning a Petal 1 No Annual Fee Visa Credit Card. This way, you can decide whether or not this Visa credit card is the right one for you:
Petal 1 Visa Credit Card Pros
- Limited rewards program
- $0 annual fee
- Security deposit not required
Petal 1 Visa Credit Card Cons
- Balance transfer option not available
- Rewards can be earned only at selected merchants
Petal 1 No Annual Fee Visa Credit Card Vs Petal 2 Cash Back No Fees Visa Credit Card
If you have a fair-to-good credit or cash flow, Petal 2 Cash Back No Fees Visa Credit Card might be a better option for you. With Petal 2, you can earn rewards on all items you buy, regardless of the merchant.
The cash back rate ranges between 1% and 1.5%. You can enjoy this after one year of consistently paying your monthly balance. This means that aside from enjoying the cash back rewards, you also allow yourself to build an impressive credit score.
Petal 2 has better features. But then again, if you don’t have a good credit history, you have to settle for Petal 1. Then, work your way up to become qualified for Petal 2 eventually.
Conclusion – Petal 1 No Annual Fee Visa Credit Card
Petal 1 No Annual Fee Visa Credit Card is designed for you with low-to-fair credit or cash flow. It’s perfect if you intend to improve your credit score. It may not be a credit card with ideal rewards or cash back program. Still, it’s perfect, especially if you don’t have an impressive credit history.
If you intend to build your credit and, at the same time, enjoy other credit card perks, then the Petal 1 No Annual Fee Visa Credit Card is perfect for you.