Petal Introduces New Cash Back Rewards for On-Time Bill Payments

Petal Introduces New Cash Back Rewards for On-Time Bill Payments

May 14, 2019         Written By Bill Hardekopf

Today, the Petal 1 “No Annual Fee” Visa® Credit Card unveiled a new rewards program for its no-fee credit card. Starting this month, cardholders will be able to earn 1% cash back for all eligible purchases.

The Petal Card launched in October 2018. The card was designed to help people with limited or no credit history. The approval process is based on a person’s bank accounts and bill payments, not credit scores. Cardholders may qualify for a credit limit of up to $10,000.

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To further this credit-building goal, Petal is now rewarding cardholders for making on-time payments. After six months of on-time payments, the cash back amount on the card increases from 1% to 1.25%. After another six months, it jumps to 1.5%. The cash back is automatically activated; no opt-in is required.

Another change coming to Petal 1 "No Annual Fee" Visa® Credit Card is the addition of spending limit settings. Petal now allows customers set a spending limit that is below their credit limit to help cardholders better control their budgets. For instance, someone with a credit limit of $1,000 could set a spending limit of $300. This helps achieve a low credit utilization rate, which should lead to a higher credit score.

Petal 1 “No Annual Fee” Visa® Credit Card still carries no annual fees, late payment fees or foreign transaction fees. Cardholders can freeze their card if it is lost or stolen, and have access to 24-hour customer care.

The information contained within this article was accurate as of May 14, 2019. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.

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About Bill Hardekopf

Bill Hardekopf is the CEO of LowCards.com and covers the credit card industry from all perspectives. Bill has been involved with personal finance for over 15 years. He is a frequent contributor to Forbes, The Street and The Christian Science Monitor.