December 10, 2023

Qualifying for a brand new bank card will be troublesome once you don’t have nice credit score. When you don’t wish to put down a big safety deposit, your choices are much more restricted. Nevertheless, the card_name appears to be like to alter that. There isn’t any minimal safety deposit and annual_fees annual price. Minimal credit score rating to use is credit_score_needed, however you may additionally apply you probably have no credit score rating.

Nonetheless, there are downsides. The annual share price (APR) is excessive, and comparable playing cards have more-compelling rewards packages, together with a distinct card from Petal. Whereas the Petal 1 Visa is an efficient selection general, it’s value contemplating the professionals and cons earlier than signing up.

TIME’s Take

The card_name is a annual_fees-annual-fee card with no minimal safety deposit and occasional cash-back rewards. You may apply for it with solely a credit_score_needed credit score rating or with no credit score rating in any respect. Nonetheless, the APR is excessive, and also you could possibly earn higher rewards with different playing cards.

Petal 1 bank card execs and cons


  • annual_fees annual price.
  • No safety deposit required.
  • Potential to earn money again.


  • Excessive APR.
  • Rewards tied to particular gives.
  • No welcome bonus.

Who’s the cardboard for?

The card_name is for you if you’re on the lookout for a bank card for poor or restricted credit score with out a safety deposit requirement. It’s doable to qualify with imperfect or no credit score as a result of, along with your credit score rating, Petal makes use of your banking historical past to assign a “Money Rating.” This various measure of creditworthiness is predicated in your revenue, financial savings, and spending historical past.

This card can also be for you if you wish to keep away from annual and international transaction charges, because it has neither. Nevertheless, with a variable APR that may be as excessive as reg_apr,reg_apr_type, it may be costly to make use of.

With the card_name you possibly can earn 2% to 10% money again at choose retailers. Quite than incomes flat-rate money again, you earn with personalised gives that change all year long. Presents are mechanically added to your account, and also you’ll earn money again any time you make a purchase order with a service provider that meets the necessities within the provide phrases.


Very excessive APR

Carrying a stability on a bank card isn’t a good suggestion, however the ache will be much more acute with the card_name. At reg_apr,reg_apr_type, its variable APR is excessive, even for a bank card for these with bad credit report. Whereas this price might drop primarily based on the prime price, it’s not a good suggestion to hold a stability on this card.

Excessive most credit score restrict

The card_name’s credit score restrict ranges from $300 to $5,000, relying in your creditworthiness. Whereas $300 is nothing particular, $5,000 is spectacular amongst bank cards marketed to individuals who don’t have nice credit score. Nevertheless, if you happen to qualify for a $5,000 restrict with this card, you possibly can in all probability qualify for bank cards with higher advantages and perks.

Restricted rewards program

As talked about earlier, this card can earn money again primarily based on gives from Petal. Whereas that is arguably much less helpful than incomes flat-rate ongoing money again, bank cards on this class typically haven’t any rewards in any respect.

Higher card out there from Petal

The card_name is an efficient card, however its older, wiser cousin, the card_name, is healthier in nearly each method. The card_name doesn’t have an annual price, has a decrease APR, and earns 1% or 1.5% money again on each buy. The caveat is that the card_name might not be out there to these with restricted credit score, so it might not be an choice if you happen to’ve simply began your credit-building journey. On this case the card_name continues to be a stable selection.

The fantastic print

  • Annual price is annual_fees.
  • Intro APR: intro_apr_rate,intro_apr_duration.
  • Steadiness switch intro APR: balance_transfer_intro_apr,balance_transfer_intro_duration.
  • Common APR is reg_apr,reg_apr_type.
  • Money advance price: cash_advance_apr.
  • Overseas transaction price: foreign_transaction_fee.
  • Late charges: late_payment_fee.
  • Returned fee price is as much as $29.

Further hidden perks

The card_name doesn’t include many hidden perks, although that’s typical for playing cards on this class. Because it’s a Visa card, it might embrace such conventional card advantages as:

  • Cardholder inquiry service.
  • Misplaced or stolen card reporting.
  • Emergency card substitute and emergency money disbursement.
  • Dovly Uplift.
  • ID Navigator by NortonLifeLock.
  • Zero legal responsibility.
  • Roadside Dispatch®.

Needless to say card advantages might differ. Contact the cardboard issuer for particular details about card advantages and perks.

What could possibly be improved

For essentially the most half the card_namea is an efficient selection for folks with restricted credit score. Nevertheless, there are some things about it that could possibly be higher. One is that it gives only a few advantages and perks; for instance, it lacks the 1% or 1.5% money again on each buy that you simply get with the card_name. There’s additionally no welcome bonus. These aren’t customary for starter playing cards such because the card_name, however they might nonetheless be good to see.

It might even be good to see just a few further advantages and perks. As it’s now, this card doesn’t have a lot to supply past its credit-building advantages.

Lastly, a decrease APR could be useful for card_name cardholders. Whereas a excessive APR is to be anticipated with a card for these with restricted credit score, its APR is excessive even on this context. As an example, the APR for the Mission Lane Visa® Credit score Card, one other unsecured card for folks with unhealthy or restricted credit score, is 29.99-33.99% Variable

Options to Petal 1 bank card

Petal 1 Visa® Credit score Card

TIME Stamp: Greatest for these with a restricted credit score historical past

There’s a lot to love in regards to the card_name, together with annual_fees annual charges, no safety deposit requirement, and money again at choose retailers. Nevertheless, its APR is excessive, it doesn’t earn rewards on each buy, and it gives few hidden advantages. It may be a sensible choice you probably have restricted credit score, however the card_name overshadows it as soon as you determine a wholesome credit score historical past.

Steadily requested questions (FAQs)

What’s the distinction between card_name and card_name?

There are a number of key variations between these two playing cards. The card_name earns 1% or 1.5% money again on each buy, whereas the card_name solely earns money again at choose retailers. As well as, the card_name has a decrease variable APR. One other key distinction is the utmost credit score restrict, which is $5,000 for the card_name and $10,000 for the card_name.

Can I improve my preliminary card_name credit score restrict?

Sure, you possibly can. With the Petal Leap program, you possibly can qualify by making six month-to-month funds in a row of your minimal fee or 15% of your assertion stability, whichever is larger. As well as, your VantageScore should not drop 50 factors or extra beneath your Leap credit score rating objective.

What banks difficulty the card_name?

WebBank points all Petal playing cards.

The place can I take advantage of the card_name?

You need to use the card_name at any U.S. service provider that accepts Visa playing cards, on-line, and internationally.