Petal® 1 «No Annual Fee» Visa® from WebBank Credit Card Review

Petal® 1 Visa® Credit Card Review

Petal® 1 «No Annual Fee» Visa® comes with a $0 annual fee, no foreign transactions fee, and cash back opportunities from 2% to 10% at select merchants. Petal® 1 card doesn’t use only a FICO score to determine your creditworthiness but rather looks beyond it to create a score based on your banking history. If you are looking for a credit card that will help you to build/rebuild your credit - Petal® 1 Visa® is one of the options to consider despite its high variable APR of 29.49% - 34.49% and no intro APR offer (these shortcomings are quite usual among the credit cards for bad credit).

Petal® 1 Visa®: rewards system in a nutshell

The Petal® 1 Visa® rewards system is not typical. There is no flat-rate cash back for every purchase or even in some special categories. You can only get 2% - 10% cash back at select merchants that you can find in the Petal mobile app. However, the number of these merchants is constantly growing.

Petal® 1 Visa® cash back can be redeemed in 2 ways:

• Get your cash back as a statement credit up to the amount of your current balance.
• If the amount of cash back that you would like to redeem is $20 or more you can request a check or a direct deposit to your bank account.

Who can benefit from getting the Petal® 1 Visa® Credit Card?

Petal® 1 Visa® credit card is not a common credit card for bad credit. It looks beyond your FICO score which allows people with bad/limited credit history to get a chance to be approved. If you can’t get a regular credit card due to your non-ideal credit history - Petal® 1 Visa® might be a great alternative.

Those who don’t like to deal with a huge number of various fees will definitely appreciate Petal® 1. If you make on-time payments - there will be no fees at all. The foreign transactions fee is nonexistent which makes Petal® 1 credit card a nice option for travelers with a bad/limited credit history.

The limitation of the rewards system may seem like a major drawback if you want not only to improve your credit but also get constant cash back from all purchases. In this case, we would recommend taking a closer look at Petal® 2 Visa® Credit Card - the second card on the Petal credit cards’ list. You won’t have to pay annual and foreign transaction fees. The variable purchase APR of 29.49% - 31.49% is lower, and there is a chance of earning 1% cash back on every eligible purchase plus 2% - 10% bonus cash back at select merchants. If you will pay on time for 12 months straight - you will be able to earn up to 1.5% cash back on every eligible purchase.

Are there any other benefits?

Here, we have a list of benefits that weren’t mentioned earlier but still deserve your attention:

• Reports to all 3 major credit bureaus. Petal 1 reports to the 3 main credit bureaus: TransUnion, Equifax, and Experian. With its help, you can easily start to build or improve your credit history.
• 24/7 support service. Customer support is ready to help you with every concerning question through the mobile app or by calling on their support service number any time.
• Innovative mobile application. Petal mobile app is truly remarkable. You can plan your budget, check your credit score, control your paid subscriptions, find cash back merchants near you, and calculate how much interest you'll likely owe based on what you choose to pay.
• See your pre-approval status within minutes. You can pre-qualify for the Petal® 1 card on the Petal official website in a few minutes and see if you are likely going to be approved or not without impacting your credit score.

Conclusion

Overall, Petal® 1 Visa® is a good credit card on the way of building or rebuilding your credit. If you make payments on time - there will be no fees at all which is almost unique for no-history credit cards or credit cards for bad credit.

There are some notable drawbacks that Petal® 1 Visa® has: high APR, no signup bonus, limited cash back options, and absence of balance transfers and cash advances features. However, among credit cards for bad credit, these disadvantages are not unusual.

With Petal® 1 Visa® that looks beyond your crest score, you can quite easily get the card and start building or rebuilding your credit. Planning the budget function in the Petal mobile app will help you on your way of doing it.

Petal® 1 card might become the first step on your way of building your credit score. It will help you to apply for a better credit card in the future.