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The Petal 1 No annual fee visa credit card is one of the finest cards for you if you are looking for a good card to build or rebuild your credit. As the name suggests, it does not charge you an Annual Fee. Petal 1 “No Annual Fee” Visa Credit Card is a Secured Card that helps you build or rebuild your credit. It does not.
The Petal 1 No annual fee visa credit card is a secured credit card. It is one of the finest cards if you are looking for a good card to build or rebuild your credit. Since this card does not necessarily require you to have a good credit score, you can even qualify for this card with bad credit or even without credit. This ease of approval makes it an apt card for building or rebuilding credit.
Petal 1 No Annual Fee Visa Credit Card is a low-maintenance cost card that does not charge you any Annual Fee. Moreover, it does not charge you any Foreign Transaction Fee and Balance Transfer Fee. And what’s best? You can earn a 2-10% cashback reward on purchases made by you at selected merchants.
As a Visa Card, it offers you several perks, including Auto Rental Collision Insurance, Roadside Dispatch, Lost or Stolen Card Assistance.
What’s Ahead
- Key Highlights
- Pros & Cons
- Rates & Fees
- Why might you want to go for Petal 1 No-annual fee visa credit card?
- Why might you want to go for a different Credit Card?
- What are the better alternatives of Petal 1 No annual fee visa credit card?
- Petal 1 No Annual Fee Visa Credit Card Vs. Discover It Secured Card
- Petal 1 No Annual Fee Visa Credit Card Vs. Capital One Secured MasterCard
- BottomLine: is Petal 1 No annual fee visa credit card good ?
Key Highlights
- No Sign-up Bonus is offered
- No Annual Fee is charged.
- Extensive Credit Limit of $500-$5,000.
- Your credit limit can be increased within the next 6 months if you responsibly use the card.
- Pretty much everyone can apply for this card since there is no credit history required. Even with bad credit or no credit, you can still apply for this card.
- Petal 1 considers your payment information from previous bank transactions to an approver you for this card.
- Reports to all 3 major credit bureaus in the US.
- You should also know that you might not be eligible for this card if you have filed for bankruptcy within the period of the last 4 years (48 Months), even with a better financial situation.
- Cashback Reward of 2%-!0% at selected merchants.
- No Foreign Transaction Fee is Applicable on Foreign Purchases.
- No Balance Transfer Fee is Applicable on Balance Transfers.
- No introductory APR is applicable.
- The Regular APR is Variable in Nature ( ranges from 19.99%-29.49%)
- As a Visa Card, it offers you several perks, including Auto Rental Collision Insurance, Roadside Dispatch, Lost or Stolen Card Assistance.
Pros & Cons
Pros✔
- Reports to all 3 major credit bureaus in the US.
- Ease of building or rebuilding your credit score.
- Cashback Reward of 2%-10% on your purchases at select merchants.
- Low Maintenance Cost
- Visa Perks Applicable
Cons❌
- Lack of Introductory APR.
- Cashback Offers applicable on Select Merchants.
Full Review
Here are the full review about Petal 1 No annual fee visa credit card.
Rates & Fees
| TYPES | RATES ($) |
|---|---|
| Joining Fees | None |
| Annual Fees | None |
| Balance Transfer Fees | None |
| Foreign Transaction Fees | None |
| Introductory APR | None |
| Regular APR | A regular APR of (ranging from 19.99%-29.49%) is applicable on all purchases and Balance Transfers made by you. |
Why might you want to go for Petal 1 No annual fee visa credit card?
#. 1 Cashback Reward of 2%-10% on your purchases
While making purchases using the Petal 1 No annual fee visa credit card at participant merchants, you can earn a cashback reward ranging from 2%-10%. Petal’s list of participating merchants currently includes 20 national offers and 500 local offers. The ability to earn Cashback using this card makes it an excellent card.
# 2. Reports to all 3 major credit bureaus in the US
Petal 1 Credit Card reports your credit information from your card every month to 3 major credit bureaus in the US (including Equifax, Experian, and TransUnion). I
t initiates the process of building or rebuilding your credit as long as you pay your dues and debts timely. Simultaneously, your bad credit information will also be reported to these bureaus. Hence, making it critically important for you to pay your dues timely.
# 3. Ease of building or rebuilding your credit score.
As a secured credit card, it assists you in the process of building or rebuilding your credit score. Since secured credit cards are feasible for anyone, irrespective of their credit score. So, whether you have a bad credit score or do not have a credit history, your odds of approval for this card are relatively higher.
Responsible usage of this card can be highly rewarding for you. Paying your debts and dues timely using the card will surely increase your credit score, thereby increasing your creditworthiness for your lenders.
# 4. Low Maintenance Cost
Low maintenance cost is one of the major attractive features of Petal 1 No annual fee visa credit card. As the name implies, It does not charge you any Annual Fee. Moreover, it does not charge you any Foreign Transaction Fee and Balance Transfer Fee.
# 5. Additional Visa Perks
The Petal 1 No annual fee visa credit card that offers you several Visa Perks, which include the following:
- Automobile Rental Collision Insurance is a secondary rental automobile coverage policy that covers you in case of damage or theft of your rental automobile if you paid for a rental using Petal 1 Credit Card.
- Lost or Stolen Card Assistance is another worst-case scenario policy that covers you in case of loss or theft of your card. You can easily get an emergency replacement card, and you just have to contact Visa.
- Roadside Dispatch is another critical service offered by Visa. If your vehicle breaks down, you just have to call Visa Office, and you will be dispatched to the roadside assistance team.
- Uber Credit via Visa Offer: If you registered Visa through your Uber account, you would automatically earn Uber Credit points whenever you purchase Visa Offers using the card.
Why might you want to go for a different Credit Card?
# 1. Lack of Introductory APR
Like many other cards in the same segment, the Petal 1 No annual fee visa credit card does not offer you an introductory APR. Having an Introductory APR gives you some relief from hefty interest rates on purchases made by you.
Instead, it charges you the Regular Variable APR of 19.99-29.49%, depending upon your creditworthiness. These rates ranging from 19.99%-29.49( can be lower or higher than many cards in the same segment since you are charged a certain amount based on your creditworthiness.
On the other hand, Discover It Secured Card offers you an introductory APR of 10.99% for 6 Months on all purchases you make. Then, it charges you the Regular APR of 22.99%.
# 2. Cashback Offers applicable on Select Merchants
When you use Petal 1 No annual fee visa credit card to make payments at participant merchants, you can earn a cashback reward of 2%-10% on those purchases. But the list of participant merchants of Petal includes over 20 national offers and approximately 500 local offers. So, you may not get cashback rewards on your everyday purchases.
Discover It offers you an introductory cashback reward of 2% with a quarterly spending cap of $1,000, and then 1% unlimited cashback can be availed.
What are the better alternatives of Petal 1 No annual fee visa credit card?
We have analyzed a variety of credit cards that can provide you with a better value for your money spent. These include the following:
- Discover It Secured Card
- Capital One Secured Credit Card
Petal 1 No Annual Fee Visa Credit Card Vs. Discover It Secured Card
| FEES & RATES | Petal® 1 No Annual Fee Visa® Credit Card | Discover it® Secured Credit Card |
|---|---|---|
| Welcome Bonus/Sign-up Bonus | None | Introductory Cashback Reward of 2% on purchases made worth $1,000. After that, an unlimited 1% cashback is applicable. |
| Cashback Rewards | None | 2% Cashback on purchases made worth $1,000 (within each quarter). After that, an unlimited 1% cashback is applicable. |
| Intro APR | None | Introductory APR of 10.99% is applicable on Balance Transfers for the first 6 months of Account Opening |
| Regular APR | Variable 19.99%-29.49% | Variable 22.99% |
| Annual Fee | Nil | Nil |
| Foreign Transaction Fees | Nil | Nil |
| Balance Transfer Fee | None | 3% introductory Balance Transfer Fee, then Balance Transfer Fee of 5% is applicable. |
Cashback Reward Rate
Petal 1 No annual fee visa credit card offers you a cashback reward of 2%-10% on select merchants. On the other hand, Discover It Secured Card offers you an introductory Cashback Reward of 2% on expenses made (up to $1,000 within each quarter). After that, an unlimited 1% cashback is applicable.
Sign-up Bonus
Discover It Secured Card offers a sign-up bonus in the form of 2% cashback on expenses made ($1,000 within each quarter). Once you reach the threshold of expending $1,000, the unlimited 1% Cashback Reward is Applicable.
On the other hand, Petal 1 No annual fee visa credit card does not offer you any Sign-up Bonus.
Annual Fee
The Petal 1 No annual fee visa credit card and Discover It Secured Card do not charge you any Annual Fee.
Foreign Transaction Fee
The Petal 1 “No Annual Fee” Visa Credit Card and Discover It Secured Card does not charge you any Foreign Transaction Fee.
Balance Transfer Fee
Both Petal 1 “No Annual Fee” Visa Credit Card and Discover It Secured Card does not charge you any Balance Transfer Fee.
Introductory APR
Discover It Secured Card offers you an Introductory APR of 10.99% for the first 6 months of Account Opening. On the other hand, Petal 1 “No Annual Fee” Visa Credit Card does not offer you an Introductory APR.
Regular APR
Discover It charges you the Regular APR of 22.99%.On the other hand, Petal 1 No annual fee visa credit card charges you the Regular APR of 19.99%-29.49%.
Petal 1 No Annual Fee Visa Credit Card Vs. Capital One Secured MasterCard
| FEES & RATES | Petal® 1 No Annual Fee Visa® Credit Card | Capital One Secured MasterCard |
|---|---|---|
| Welcome Bonus/Sign-up Bonus | None | None |
| Cashback Rewards | None | None |
| Intro APR | None | None |
| Regular APR | Variable 19.99%-29.49% | Variable 26.99% |
| Annual Fee | Nil | Nil |
| Foreign Transaction Fees | Nil | Nil |
| Balance Transfer Fee | None | None |
Cashback Reward Rate
Petal 1 No annual fee visa credit card offers you a Cashback Reward of 2%-10%. On the other hand, Capital One Secured MasterCard does not offer you any Cashback Reward.
Sign-up Bonus
Both Petal 1 “No Annual Fee” Visa Credit Card and Capital One Secured MasterCard do not offer you any Sign-up Bonus.
Annual Fee
The Petal 1 No annual fee visa credit card and Capital One Secured MasterCard do not charge you any Annual Fee.
Foreign Transaction Fee
Petal 1 “No Annual Fee” Visa Credit Card and Capital One Secured MasterCard does not charge you any Foreign Transaction Fee.
Balance Transfer Fee
Both Petal 1 “No Annual Fee” Visa Credit Card and Capital One Secured Credit Card does not charge you any Balance Transfer Fee.
Introductory APR
Both the Petal 1 “No Annual Fee” and Capital One Secured Credit Card do not offer you any Introductory APR.
Regular APR
Capital One Secured Card charges you the Regular APR of 26.99%. On the other hand, Petal 1 “No Annual Fee” Visa Credit Card charges you a Regular APR of 19.99%-29.49%.
Bottom-Line: is Petal 1 No annual fee visa credit card good ?
Petal 1 No annual fee visa credit card Oct 2021 Review
Petal 1 No annual fee visa credit card is indeed one of the finest cards that help you build your credit. It can also be used to rebuild your credit. The more responsibly you use the card responsibly, the more creditworthy you become, and your credit score will increase. Moreover, you are charged a Regular variable APR of 19.99.
Another advantage of Petal 1 No annual fee visa credit card is the low cost of maintenance involved. This card does not charge you any Annual Fee, Balance Transfer Fee and Foreign Transaction Fee. Moreover, the ability to build your credit history right from scratch is another good advantage.
In addition, you also get Visa Perks like Zero Fraud Liability, Car Rental Collision Damage Waiver, Roadside Assistance, and Uber CreditPoints.
There are several downsides to consider before going for this card. These disadvantages mainly include No Introductory APR and Cashback Rewards Limitation. Petal 1 No annual fee visa credit card does not offer you any Introductory APR. Instead, you are charged the Regular APR of 19.99%-29.49%. Moreover, the Cashback Reward offered to you ranges from 2%-10%. But the Cashback Reward is only limited to the select merchants that offer you over 20 national and 500 local offers.
If you are looking for a low-maintenance credit card that offers you a Cashback Reward on all expenses you make, then Discover It is one of the best cards to go for. Moreover, it also offers you an introductory APR of 10.99% for the first 6 months of Account Opening.
Similarly, Capital One Secured Visa Card is also a decent card that is good from low-maintenance cost. But due to lack of Cashback and higher Regular APR, it is not the best card for you.
Frequently Asked Questions
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What is the credit score required for approval for Petal 1 “No Annual Fee” Visa Credit Card Secured Visa Credit Card?
No Credit Score is required to approve Petal 1 “No Annual Fee” Visa Credit Card Secured Visa Card. Whether you have a bad credit score of 500 or you have no credit history, you can still be able to qualify for it.
But you should also note that the credit score is not the only thing taken into consideration. Petal 1 “No Annual Fee” Visa Credit Card takes into consideration the banking information of your previous bank accounts. You may not be approved in case you filed bankruptcy within the last 4 years of Account Opening.
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How much is the security deposit on the Petal 1 “No Annual Fee” Visa Credit Card Secured Card? And do we get our security deposit back?
The Petal 1 “No Annual Fee” Visa Credit Card Secured Card does not charge you any Security Deposit.
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