Build Credit Without Fees Or Credit History
In This Post
|Regular APR:||14.74 – 25.74% (Variable)|
|Intro APR (Purchases):||None|
|Intro APR (Balance transfers):||None|
|Rewards Rate:||1% cash back right away on all purchases|
1.25% cash back after 6 on-time monthly payments
1.5% cash back after 12 on-time monthly payments
|Credit Needed:||(670 – 850) Good/Excellent|
*See online credit card application for details on the terms and conditions.
- Click “APPLY NOW” to apply online
- 1% cash back right away
- 1.25% after 6 on-time monthly payments
- 1.5% After 12 on-time monthly payments
- Credit Limit $500 – $10,000
- No fees
Is Petal Card worth it?
Petal Card is a great card for people who want to build credit without any fees, without a security deposit, and without credit history. If you have limited credit history but have made monthly on-time bill payments, and if you are willing to link your bank account for Petal to verify this payment history, you could get a higher credit limit with Petal than with other credit building cards that only look at your credit score.
Petal Card offers 1% cash back right away and 1.5% cash back after 12 on-time monthly payments. Again, if you are looking to build your credit without credit history or a security deposit, and you want no annual fee, no foreign transaction fee, no balance transfer fee, no cash advance fee, and no late fee, then this is a great card for you. The fact that the card provides cash back is an added bonus.
- Build your credit
- Monthly reporting to all 3 major credit bureaus
- Cash back increases to 1.5% after 12 on-time monthly payments. Note also that the payments do not have to be all in a row. In other words, if you do not have a payment due because you did not use the card one month, that month won’t impact or count towards your payments. Previous months in which you made payments would still count towards your total though.
- Cash back redemption is the same as that offered by premium credit cards: you can redeem your cash back for a statement credit or request a check
- You may have to provide permission for Petal to access financial accounts in your name, like bank accounts and credit card accounts, in order to be approved for Petal Card with limited credit history
- Petal Card cannot be used for cash advances or balance transfers
Why 5 Stars?
|Foreign Transaction Fee||None|
|Balance Transfer Fee||No Balance Transfers Allowed|
|Cash Advance Fee||No Cash Advances Allowed|
|$0 Fraud Liability|
|Auto Rental Collision Damage Waiver|
|Emergency card replacement and cash disbursement|
Editorial Note: This content is not provided by the issuer. Any opinion, analyses, reviews, or recommendations expressed on this page are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the issuer.
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