Petal 2 Visa Credit score Card Assessment

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Petal 2

Good for No Credit score Historical past

Petal 2 “Money Again, No Charges” Visa® Credit score Card

Rewards price:

As much as 1.5% money again after making 12 on-time month-to-month funds. 1% money again on eligible purchases straight away.

  • Intro bonus: No present supply
  • Annual charge: $0
  • Common APR: 12.99% – 26.99% (Variable)
  • Beneficial credit score rating: (No Credit score Historical past)

The Petal 2 Visa Credit score Card, issued by WebBank, is designed to assist credit score newcomers set up credit score and construct a superb credit score rating with no annual charge. You’ll earn money again rewards in your spending, and the cardboard makes use of another approval course of which may help you qualify even with no credit score historical past. 

At a Look

  • Earn a baseline 1% again on all purchases, and as much as 1.5% again after 12 on-time funds
  • Studies fee historical past to all three credit score bureaus
  • Credit score restrict between $500-$10,000
  • No annual charge
  • 12.99%-26.99% variable APR

Execs

  • Money again rewards improve with accountable credit score use

  • No annual charge or safety deposit

  • Prequalify on-line with no onerous inquiry in your credit score report

Cons

  • No welcome bonus or introductory APR

  • Excessive variable APR

Further Card Particulars

For the reason that Petal 2 Visa Credit score Card is geared towards individuals who want to start constructing credit score, there aren’t many cardholder advantages past money again rewards and no charges (this consists of no overseas transaction charges and no late or returned fee charges). 

As you pay your bank card payments on time, you’ll be able to increase your money again earnings. After six well timed funds, you’ll earn 1.25% money again on eligible purchases; after 12 on-time funds, you’ll earn 1.5% money again. Individually, you additionally get the possibility to earn 2% to 10% again on purchases made along with your card at choose shops via Petal Affords.

The Petal Card additionally has a sturdy cell app which you need to use to verify your buy exercise, monitor your credit score rating, calculate funds, work out a funds, and discover out which retailers close to you supply further Petal money again affords.

Ought to You Get this Card?

This card is a superb possibility for individuals trying to construct credit score with no credit score historical past.

It’s even on our listing of greatest bank cards for no credit score historical past, primarily due to the distinctive approval course of accessible for credit score novices. While you apply, your creditworthiness isn’t solely decided by your credit score rating. As a substitute, Petal creates a “Money Rating” based mostly on earnings, financial savings, and spending historical past utilizing your checking account data.

We additionally like Petal 2 Visa for its lack of charges and potential rewards, mixed with ongoing incentive for cardholders to apply good credit score habits. Usually, individuals with little credit score historical past have few credit-building choices exterior of secured bank cards. Nevertheless, the Petal 2 Visa Credit score Card is an unsecured card, which implies you can begin constructing credit score with out placing down a deposit as collateral. 

There’s no annual charge and no late or returned fee charges, and the minimal credit score restrict is $500 — which is larger than many different starter playing cards. Plus, you get the possibility to earn rewards in your spending. After 12 on-time funds, you’ll be able to earn as a lot as 1.5% money again on every buy, which isn’t unhealthy in comparison with different money again bank cards available on the market, and particularly good for a starter bank card. 

Use the Petal 2 Visa Credit score Card

In case you’re a newbie to utilizing credit score, use the Petal 2 Visa Credit score Credit score Card as a software to construct your credit score rating and start working towards good credit score habits. Begin by charging small purchases you’ll be able to afford to repay to your card, and ensure solely constructive funds are reported to the credit score bureaus by paying your bank card invoice early or on time every month. 

Not solely will these constructive funds have a giant impact in your credit score rating, however you’ll additionally earn a boosted 1.25% in your spending after six on-time bank card funds, then 1.5% again after 12 on-time funds. While you’re able to redeem your money again, you’ll be able to request a press release credit score, switch to your checking account, or paper verify.

You must keep away from carrying a stability on this card — accruing curiosity at a price between 12.99% and 26.99% will shortly wipe out any rewards you earn in your spending.

Lastly, preserve your credit score restrict in thoughts when you spend with this card. Credit score utilization ratio, or the quantity of credit score you might have accessible (your credit score restrict) versus the quantity you owe (your stability), is without doubt one of the most influential credit score scoring components. Specialists suggest holding this ratio beneath 30%. In case you’re assigned the minimal credit score restrict of $500, for instance, it is best to intention to maintain your assertion stability beneath $150.

Petal 2 Visa Credit score Card In comparison with Different Playing cards

Petal 2

Petal 2 “Money Again, No Charges” Visa® Credit score Card

  • Intro bonus:

    No present supply

  • Annual charge:

    $0

  • Common APR:

    12.99% – 26.99% (Variable)

  • Beneficial credit score:

    (No Credit score Historical past)

  • Be taught extraexterna hyperlink icon at our accomplice’s safe web site
Capital One Platinum Credit Card

Capital One Platinum Credit score Card

  • Intro bonus:

    No present supply

  • Annual charge:

    $0

  • Common APR:

    26.99% (Variable)

  • Beneficial credit score:

    (No Credit score Historical past)

  • Be taught extraexterna hyperlink icon at our accomplice’s safe web site
Bank of America® Cash Rewards credit card

Financial institution of America® Money Rewards bank card

  • Intro bonus:
  • Annual charge:

    $0

  • Common APR:

    13.99% – 23.99% Variable APR on purchases and stability transfers

  • Beneficial credit score:

    670-850 (Good to Wonderful)

  • Be taught extraexterna hyperlink icon at our accomplice’s safe web site

Backside Line

EDITORIAL INDEPENDENCE

As with all of our bank card critiques, our evaluation is just not influenced by any partnerships or promoting relationships.

The Petal 2 Visa Credit score Card is a superb selection for anybody with little to no credit score historical past. You may improve your credit score rating via common reporting to the credit score bureaus whereas incomes rewards in your spending. Plus, there’s no annual charge and you may handle your card use and funds via the Petal cell app.

However earlier than you apply, take into account all of the choices accessible for shoppers constructing credit score for the primary time. Evaluate Petal 2 Visa to our picks for the most effective bank cards for adverse credit, greatest secured playing cards, and greatest playing cards for no credit score to be sure you select the appropriate card in your targets. 

Regularly Requested Questions

Which financial institution points the Petal 2 Visa Credit score Card?

The Petal 2 Visa Credit score Card is issued by WebBank, member FDIC.

How does the Petal 2 Visa Credit score Card work?

The Petal 2 Visa Credit score Card works like another unsecured bank card. When you’re accredited, you may be assigned a credit score restrict between $500 and $10,000. You may cost purchases to your bank card and also you’ll be required to pay a minimal fee every month. In case you carry a stability from one month to the following, you’ll be charged a variable price between 12.99% and 26.99%.

What’s the minimal credit score rating for the Petal 2 Visa Credit score Card?

The Petal 2 Visa Credit score Card doesn’t present a advisable credit score rating. When you’ve got no credit score historical past, you’ll be able to enable entry to your banking data to show your creditworthiness based mostly on particulars like earnings, financial savings, and spending historical past. You too can see in the event you prequalify for the cardboard on-line earlier than you endure a tough inquiry in your credit score report.

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