Petal 2 Visa Credit Card Review 2021

Petal 2 Visa Credit is travel friendly with no fees. Also, it provides many cashback programs. If you want to know more, check it out this article!
petal 2 visa credit card

Petal 2 “Cash Back, No Fees” Visa Credit Card is a great choice for those who are new to the world of credit cards. It is an excellent credit card for the starters and for those who have no or very limited credit history. This card is specially created to help and assist the newcomers establish their credit without any hurdles. Newbies can build very good credit scores by taking into account this card without any kind of fee. Petal 2 Cash Back, No Fees Visa Credit Card was founded in 2016.

It stepped into the field with the aim to eliminate all the hassles and inconvenience that comes up with the credit cards. Petal 2 Visa credit card became a solution for those who struggled to get the approval for certain credit cards at that time. It has intentions to help those freshers who are struggling to build up their credit history. Keeping in mind this problem they generally created a card that was designed to help those who have no credit history. On October 1, 2020, Petal came up with their innovative and value-based new version of the card. The name of the card was Petal 2 Cash Back, No Fees Visa Credit Card.

They created this card with the partnership of famous card issuer bank WeBank. In order to determine the creditworthiness, the bank not just takes into account the FICO scores which is a traditional method of measuring creditworthiness. The unique algorithm of the bank considers more than that which comprises your earnings, expenses, savings and other spendings. Here if we look at other cards which offer cashback reward programs, then you have to consider the cards of those people who have better to excellent previous credit history.

Who Should Consider Petal 2 Visa Credit Card?

So if you are a starter and searching for a card that helps you to build your credit with the addition of earning rewards for your progress then Petal 2 Cash Back, No Fees Visa Credit Card is a perfect choice. This card runs on the VISA network which is one of the best service providers among its competitors. VISA network credit cards are accepted all over the world due to their services and reputation among starter level credit cardholders. Therefore if you are a starter in credit score building then go with Petal 2 VISA credit card.

Features at Glance

One of the best features that Petal 2 Cash Back, No Fees Visa Credit Card provides is that it does not demand fees of any kind like annual fee, foreign transaction fee, late fee, travel fee which is common for other credit card providers. This makes it the best product for starters. In addition to its features, Petal 2 Cash Back, No Fees Visa Credit Card provides cashback of 1.25% if you make full on-time payments for straight 6 months. You can also earn a high rate of 1.5% cashback if you make payments on time for 12 months.

petal 2 visa credit card

Quick Details of Petal 2 Visa Credit Card

No need to pay any kind of fees including an annual fee, late fee, international fee or whatsoever. You can get up to 2%-10% cashback on making purchases from selected merchants. Avail 1% cashback on certain eligible purchases on the spot. The minimum credit limit is $500 whereas the maximum credit limit is $10,000. Get up to 1.5% cashback after making monthly payments for 12 months. Annual Percentage Ranges from 12.99% to 26.99% variable APR.

Build up your credits along with other members of the petal card. With the help of cash flow technology, you can get approval without a credit history. Without taking the risk of credit score, you can check if you are pre-approved. You don’t need to deposit any amount. The issuer of this credit card is world-renowned bank WeBank. WeBank is also a member of FDIC. Petal 2 Cash Back, No Fees Visa Credit Card also provides customer support in case of any problem or inconvenience.

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Other Features of Petal 2 Visa Credit Card

Payment Reports, The credit card providers report the payments transactions to three major and prominent credit bureaus Equifax, Experian and Transunion. Mobile App and website, You can manage your account and utilize budgeting tools by use of a mobile app that is available for Android and iPhone. You can, before making monthly payments, decide how much it will cost in interest to keep the amount if you don’t pay in full. Visa Partnership benefits, you can get certain visa partnership advantages, like theft coverage, roadside dispatch, rental collision insurance. You can also earn uber credits because Petal backs up the VIS Local Offers.

Why You Should get the Petal 2 Cash Back, No Fees Visa Credit Card

Multiple Factors for Evaluation

There are many factors concerned in order to qualify for a credit card. Firstly, you must be a valid US resident. You should also have an individual taxpayer identification number or social security number to be in the qualified members of Petal 2 Cash Back, No Fees Visa Credit Card. But that’s not enough to get the card. The issuing bank of Petal’s credit card may go for more information and stats than your credit scores. Jason Gross has declared this in his statement.

According to the CEO and Co-founder Jason Gross, they also use an algorithm to evaluate the creditworthiness which analyzes your savings, income and spendings.  You need to link your bank account to grant the information. As mentioned on their website, they can only read your information and don’t have access to log in or keep your credentials. If you are in search of a good credit card that has no annual fee and a good redemption rate then you should go for a Citi® Double Cash Card.

Rewards

Petal 2 Cash Back, No Fees Visa Credit Card provides starter cashback of 1.25% on making 6 months on-time payment. You can avail of a maximum cashback reward of 1.5% on Petal 2 Cash Back, No Fees Visa Credit Card. This cashback rate is equal to the rates on stalwart cards. To get a top rate cashback reward you will need to pay on time monthly for one year. But a 1% rate is better in contrast to what you get on most starter cards.

No Fees

If you have a Petal 2 Cash Back, No Fees Visa Credit Card then you don’t need to pay any kind of Fees. So you don’t need to worry about the annual fee, late fee, International transaction fee, or any other fee. If you are late on a payment, you won’t be charged any penalty APR. You may think of how the company makes money? The answer is, the company makes money by interest paid on revolving balance and certain merchant transactions fees. If you want to avoid interest charges then you should pay your bill in full every month. This will also keep your credit scores in a good position.

High Credit Limit

Usually, the starter cards have low credit limits, but Petal 2 Cash Back, No Fees Visa Credit Card cardholders can enjoy a credit limit of up to $10,000. However, the minimum credit limit is $500 which is very suitable for starters. This offer is for those who qualify for such a high limit. We evaluate this limit on the basis of creditworthiness. That being said, often secured cards offer a high credit limit which is equal to the amount of your security deposit.

Excellent Travel Companion

If you have Petal 2 Cash Back, No Fees Visa Credit Card then you can save your money during travel or abroad. Other credit cards charge a foreign transaction fee which usually ranges from 1% to 3% per transaction. As it is backed up by VISA network credit card providers, it is widely accepted across the borders. That makes it very suitable and travel friendly. It often happens that credit cards stop working and issues arrive in foreign countries. Which really creates inconvenience during travel. But there is no such scenarios with this credit card.

No Security Deposit Fee

There are many cards that are crafted for secured products and limited credits. This means that they require an upfront deposit as a collateral which is usually a few hundred dollars and sometimes equal to your credit limit. Once the account is closed or changed to unsecured the amount of deposit is returned back. The inconvenience is that you need to come up with the money at the upfront end. But thanks to Petal 2 Cash Back, No Fees Visa Credit Card that does not have such requirements.