Petal Launches No-Fee Credit Card for People without Credit

Petal Launches No-Fee Credit Card for People without Credit

October 2, 2018         Written By Bill Hardekopf

Today, Petal publicly launched its credit card for people without credit. The Petal Card has no late fees, overdraft fees, annual fees or “any-other-kind-of-fee, fee.”

Petal takes a unique approach to account approval. Instead of using a person’s credit score or credit history, Petal looks at an applicant’s bank account and monthly payments. This determines the credit limit and interest rate for the card.

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Perfect credit not required; Reports to major credit bureaus

Petal’s co-founder, Jason Gross, says the company is able to extend higher credit limits to first-time cardholders because of their metrics system. The company boasts credit limits of $500 to $10,000.

Interest rates range from 12.99% to 29.49% Variable. Petal explains the cost of each monthly payment so users understand how much they will be charged if they only pay the minimum. This encourages cardholders to pay off their balances quickly which will help build their credit.

Petal launched earlier this year to a trial group, but is now available to all applicants. Interested customers can apply for a Petal Card online at PetalCard.com.

The information contained within this article was accurate as of October 2, 2018. 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.