Who is the Petal 2 Visa Credit Card for?
The Petal 2 Visa Credit Card is great for those looking for a sleek, modern, and rewarding credit card while trying to build their credit score and history. This card helps new credit cardholders become responsible credit users with its innovative feature of increasing cashback rates with increased on-time payments.
This card's offering of no fees of any kind offsets it from other credit cards geared towards those just starting with credit. No annual fee, no international fee, no late payment fee, are some of the many traditional fees that don’t apply to the Petal 2 Visa Credit Card.
No Welcome Bonus
While this card is targeted for those wanting to establish and strengthen their credit score, welcome bonuses are a factor that should also be considered. Unfortunately, the Petal 2 Visa Credit Card does not offer any sign-up bonus for obtaining this card. However, this is the typical norm for credit cards that allow card users to build credit, such as secured and student cards.
No Annual Fee
The Petal 2 Visa Credit Card has no annual fee, making your process even smoother. This is a very strong benefit of this card as other credit cards geared for those looking to build their credit, do commonly charge annual fees that can be in the range of $30 - $50. This small saving adds up in the long run as you could save hundreds if not thousands of dollars in annual payments just for using a credit card.
Cash Back Rewards
The cash back rewards program of the Petal 2 Visa Credit Card is one that is made to incentivize good credit habits. Starting from when you activate this credit card, you earn 1% cash back on eligible purchases. After six months of on-time payments, you will earn 1.25% cash back on eligible purchases. After 12 months of on-time payments, you will earn 1.5% cash back on eligible purchases. On-time payment means that you make at least the minimum payment listed on your periodic statement by the due date reflected on that statement. If you're new to using credit cards or have had a hard time repaying, this card definitely provides the incentive for you to improve on that. Eligible purchases are transactions less:
- balance transfers, direct or indirect
- cash advances, if applicable
- traveler’s checks, foreign currency, money orders, wire transfers or similar cash-like transactions
- lottery tickets, casino gaming chips, race track wages, or similar betting transactions purchases that are returned or otherwise credited to your Card Account
- interest and fees, if applicable
- unauthorized or fraudulent charges
- finance charges
- purchases of gift cards or pre-paid cards
- purchases of cash equivalents
- person-to-person payments
You are automatically enrolled in this card's cash back program which allows you to earn cash back on eligible purchases and qualifying transactions on offers.
Also, there is no minimum amount of eligible purchases required before earning cash back and no limit on how much you can earn. The cashback doesn't expire as long as your account is in good standing, so you can rest assured that if you forget to redeem your points for a billing cycle you can always redeem them for the next.
Speaking of redemption, the Petal 2 Visa Credit Card allows you to redeem your point through an account statement credit or by receiving a check mailed to you. Unlike other credit cards, there is no minimum amount of cash back needed to receive a statement credit. However, you need to mount at least $20 in cash back to receive the option of a check in the mail.
Petal cash back can not only be earned from day to day purchases but can also be earned from bonus opportunities. Petal allows users to earn bonus cash back points at rates higher than what is regularly offered, between 2% and 10%, on select qualifying purchases at participating merchants. This means that even though the cash back rate may seem like a flat rate, it is in fact flexible if you are willing to take advantage of bonus opportunities that can give between 2% up to 10% cash back
No Security Deposit Required
Secured credit cards are the most common type of credit cards for those wanting to improve their credit rating, but they come at the cost of having to place a security deposit in the amount of credit limit you want. The Petal 2 Visa Credit Card achieves this same purpose with no security deposit and yet is more lenient in its approval process. This means that if you don't have the funds to apply for a secured credit card, you can receive this card and receive a minimum of $500 credit limit.
Your credit management and payment history are reported to the three major bureaus, TransUnion, Experian, and Equifax on a monthly basis. This is a keystone feature that allows users to be able to enjoy gaining rewards and being able to make their creditworthiness more well known. These two functions are such that they are rarely to be seen in one credit card as the Petal 2 Visa Credit Card offers.
Petal Offers is a program for cardholders in which they can take advantage of offerings and receive discounts with participating merchants on purchases made using their Petal Card. Some of these offers are also available while traveling so you can make the most out of your foreign trips. It should be noted that the discounts and credit received from Petal Offers, do not appear on your transaction but rather will be applied to your Petal 2 Visa Credit Card account as cash back.
For times when you have to purchase goods abroad, this card is a perfect choice. There is no foreign transaction fee charged when you use the Petal 2 Visa Credit Card. With exchange rates already devaluing your money, a foreign transaction fee would be a really big headache.
Not only are foreign fees waived on this card, but all other fees are non-existent with this card. There are no late fees, penalty fees, and other traditional fees associated with this card. This card is unlike any other in this realm as other cards are known to charge fees in the range of $39 - $200 depending on the category.
Lastly, this modern credit card comes with a sleek app that allows you to be on top of payments where you used your Petal 2 Visa Credit Card. The Petal app allows you to see how much interest you will owe on your outstanding balance, allows you to set and maintain a budget, and the ability to track your credit score. These additional benefits are not included in most traditional credit cards as they are limited in how much insights you can gain from your credit card.
If you happen to go over the allotted credit limit, Petal reserves the right to block those transactions and ask you to pay in full the amount over your credit limit. Therefore, it is highly important that you greatly consider your spending habits before applying for this credit card. If you are known to go over your credit limit, you can find yourself in bigger complications with this credit than if you had used it up to your given credit limit.
The Petal 2 Visa Credit Card is one of the most rewarding credit cards for those looking to make the most out of their low credit score while attempting to increase it. This card is really beneficial for first-time card users and those who have bad credit management skills as it is structured in such a way that you can get into the habit of becoming more responsible with your spending and repayment actions. The fact that this card also offers a rewards program that is higher than what secured and student cards offer, ensures that it is a beneficial card to use. With no fees of any kind associated, the Petal 2 Visa Credit Card should be highly considered by those wanting to take control of their finances while receiving incentives to do so. You can apply for this card online here.