Petal is a credit card company that helps you build credit. At the same time, it enables you to save money. In this Petal 2 Cash Back No Fees 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.
The Petal 2 Cash Back No Fees Visa Credit Card is a starter card perfect for consumers with fair-to-good credit scores. It doesn’t require any security deposit and doesn’t charge any fees. Its credit limit ranges between $500 and $10,000.
Read on to learn more about the Petal 2 Cash Back No Fees Visa Credit Card, its features, benefits, and pros and cons.
About Petal 2 Cash Back No Fees Visa Credit Card
The Petal 2 Cash Back No Fees Visa Credit Card is a starter card ideal for consumers with fair-to-good credit scores. It doesn’t require any security deposit and doesn’t charge any fees. Its credit limit ranges between $500 and $10,000.
Credit Score Requirement
To ensure that Petal would approve your application, your credit score should be between 580 and 850. This credit card allows you to earn cash back of up to 1.5 %. It also provides several benefits, such as automotive rental insurance.
Its regular annual percentage rate (APR) ranges between 12.99 and 26.99 %. It has no annual and foreign transaction fees.
Rewards Earning Rate
As for its rewards earning rate, it offers 1 % cash back on all items bought. It eventually increases to 1.25 % after six months of consistently paying your credit card bill on time. This then expands to 1.5 % after 12 months of consistent Petal 2 credit card bill payments.
Petal 2 Visa Credit Card Target Market
Ideal for Consumers Who Want to Build Credit
The Petal 2 Cash Back No Fees Visa Credit Card is ideal for consumers who intend to build credit, are averse to annual fees, and is a cash back strategist.
This is ideal if you recently graduated from college, are a young adult, or haven’t completely established a positive credit history yet. However, if you currently have a damaged credit record, it is possible that it can negatively affect your credit card application.
Good Alternative If You Want a Basic Credit Card
Petal 2 is a good alternative if you want a basic credit card with a slightly high credit limit. It is better than a secured card which initially limits your spending based on the amount you deposit.
Not Requires a Security Deposit
With Petal 2, you also have a credit limit, but you are not required to make a security deposit. It’s basically what makes this credit card better than other starter cards, especially in building a positive credit history.
How to Earn Rewards with Petal 2 Visa Credit Card
You can earn cash back rewards with your Petal 2 Visa credit card. Use the card when shopping for clothes, dining out, buying groceries, or gassing up.
Initially, you’ll only earn 1 % cash back per transaction for the first six months of using your Petal 2 card. If you responsibly pay your Petal 2 credit card balance on time, the cash back rate will increase to 1.25 %. Consistently paying your Petal 2 credit card balance on time for a year will eventually allow you to earn 1.5 % cash back on your purchases.
The Petal Offers program will also allow you to earn extra cash back. Under this program, Petal-accredited merchants provide discounts and other special offers for a limited period. You will automatically earn up to 10 % in cash back every time you use your Petal 2 card within this period.
How to Redeem Petal 2 Visa Credit Card Rewards
Cash back rewards can be redeemed for statement credits. You also have the option to redeem check rewards when you have at least $20.
However, redeeming rewards in statement credits is the more convenient redemption method between the two. Rewards can be cashed out online at any time for statement credits, regardless of the amount. You have the option to redeem all or only a portion of your cash back.
If you prefer to redeem your rewards in the form of a check, you have to call the Petal Hotline at 1-855-697-3825. Inform the customer service representative to mail the check to the address in your record with them.
How to Maximize Petal 2 Visa Credit Card Rewards
The Petal 2 Cash Back No Fees Visa Credit Card won’t charge you any annual fee or monthly maintenance fees. So, the only way to get the most value from it is by consistently using it for daily purchases and responsibly paying your credit card balance on time. Before you know it, you are already earning up to 1.5 % cash back on all your daily purchases.
The average consumer spending per year roughly costs $16,022, according to the U.S. Bureau of Labor Statistics. This means that if you use your Petal 2 credit card, you will most likely earn $240.33 in cash back rewards.
Again, what does the Petal 2 Cash Back No Fees Visa Credit Card offer? The Petal 2 Cash Back No Fees Visa Credit Card caters to the needs of consumers with fair-to-good credit scores. This card doesn’t require you to make a security deposit and doesn’t charge you fees. Plus, you’ll get a credit limit ranging between $500 and $10,000.
Outstanding Benefits of Petal 2 Visa Credit Card
Petal 2 offers benefits that are standard to all Visa cardholders. These include the following:
- Auto Rental Damage Collision Waiver
- Roadside Dispatch
Auto Rental Damage Collision Waiver
You get to receive complimentary secondary automotive rental insurance if you have a Petal 2 Visa credit card. However, you will only get this if you pay the rental company using your Petal 2 card. At the same time, you have to decline the insurance coverage offered by the rental company.
You’ll never know when you’ll run out of car battery, you’ll get a flat tire, or basically, your car will break down. But one thing’s for sure; your Petal 2 Visa credit card can save you from all the hassle. Contact their Customer Service Team, and they will provide you with emergency roadside assistance. It is available 24/7.
This Roadside Dispatch Benefit forms part of the pay-per-use roadside assistance program of Visa. Some of the services you can get under this program include the following:
- Lockout service, and
- Fuel delivery.
Petal 2 Visa Credit Card Standard Benefits
There are more Petal 2 Visa Card benefits you can get. These include the following:
- Zero Liability Protection
- Emergency Card Replacement
- Emergency Cash Advance
1. Zero Liability Protection
In case you become a victim of credit card fraud, you are entitled to Zero Liability Protection. This means that if there are any unauthorized transactions involving your Petal 2 Visa Card, you will not be asked to pay for them.
It’s best to contact Petal’s Customer Service Team immediately regarding this matter. This coverage works by Petal’s terms and conditions.
2. Emergency Card Replacement
If your Petal 2 card gets lost or stolen, contact the Customer Service Team immediately to report the incident. Petal can issue an emergency replacement card and send it to you immediately.
This benefit is beneficial if you are on a business trip or vacation and you don’t have any other credit card to use.
3. Emergency Cash Advance
In case sending you an emergency replacement card is not possible, Petal has another option for you. They can instead send you emergency cash. Petal will coordinate with a financial institution or establishment near you to get your emergency cash advance.
Again, this is useful if you are out on a business trip or vacation.
Petal 2 Visa Card Pros and Cons
Just like any other credit cards, Petal 2 has its advantages and disadvantages too. Let’s now take a look at the pros and cons of owning a Petal 2 Visa Card:
Petal 2 Visa Card Pros
The advantages of having a Petal 2 Visa Card include the following:
- Doesn’t Charge Fees
- High Credit Limit for a Starter Card
- Opportunity to Earn a Maximum of 1.5 % Cash Back
Let’s briefly talk about these items.
1. Doesn’t Charge Fees
Typically, credit cards charge extensive fees, and this does not exclude starter credit cards. What makes Petal 2 different is that it doesn’t charge any fees and other types of transaction fees. That way, you can save some of your money and build your credit at the same time.
2. High Credit Limit for a Starter Card
Petal takes the risk of providing credit limits even without any security deposit. Typically, other starter cards provide credit limits ranging between $300 and $1,000. With Petal 2, your credit limit can range between $500 and $10,000.
Your exact credit limit is based on your credit score, if you have one. If not, Petal will review your other banking history to assess your creditworthiness. They call this your Cash Score, mainly based on your spending history, savings, and income.
3. Opportunity to Earn a Maximum of 1.5 % Cash Back
With Petal 2, your opportunity to earn cashback rewards evolves. It will initially start with 1 % cash back per transaction. After six months of good credit standing, your rate will increase to 1.25 %.
Petal will then assess how you use your Petal 2 Cash Back No Fees Visa Credit Card after 12 months. If you consistently pay your balance on time, they will eventually allow you to earn 1.5 % in cash back rewards.
In essence, it doesn’t only allow you to earn higher cash back rewards. But it also allows you to build and improve your credit score.
Petal 2 Visa Card Cons
The disadvantage of Petal 2 concerns Limited Eligibility. This means that getting your Petal 2 Visa credit card application approved is not as easy as applying for a secured card.
Petal 2 will still assess your financial capacity. If you have previously filed for bankruptcy, you may find it difficult to get approved.
Conclusion – Petal 2 Cash Back No Fees Visa Credit Card
The Petal 2 Cash Back No Fees Visa Credit Card is a starter card ideal for consumers who have fair-to-good credit scores. It doesn’t require any security deposit and doesn’t charge any fees. Its credit limit ranges between $500 and $10,000.
If you have not built a positive credit history yet, Petal can use other data to assess your financial capacity. This allows you to own a credit card and improve your credit score.
However, there are still Petal 2 Visa card applications that get disapproved. In which case, you may want to get a Petal 1 No Annual Fee Visa Credit Card instead.