Our Verdict
If you’re rebuilding your credit, the Petal® 1 Rise Visa® Credit Card* could help, especially if you want to avoid paying a security deposit for access to a card. The card is designed for those with low or fair credit, which makes it more accessible than some other credit cards. Of the three cards Petal offers, the Petal 1 Rise is the only one that charges an annual fee. But depending on your credit and other factors when you apply, you may qualify for one of the other Petal cards that don’t have a yearly fee.
Pros
- Preapproval without a credit check
- No foreign transaction fees
- Reports to the major credit bureaus
Cons
- Cash back rewards only available at select retailers
- No balance transfers are available
- High APR range
Highlights
- $59* annual membership fee
- 2% – 10% cash back at select local and national merchants
- No foreign fees
- Path to a potential credit limit increase (terms apply)
- Card issued by WebBank
Introduction
Having limited credit can make it more difficult to get approved for loans and credit lines or to receive the best rates. The Petal 1 Rise is specifically designed to help individuals gain access to a credit card and build or rebuild their credit responsibly.
The card is not a secured credit card, so no upfront security deposit is required. With Petal, you may not need a credit score to apply. Your credit score may be used if you have one but you could also qualify through a “Cash Score” based on factors like your income and bill history. Using a Cash Score to improve your approval odds requires linking a bank account.
Since Petal has you apply once and evaluates you for all its cards, there’s a chance you might only be approved for thePetal 1 Rise Visa. The Rise has a $59 annual fee. An annual fee isn’t ideal, especially for a card with few additional benefits and perks. But for some, it could be worth it to access and rebuild credit. Plus, Petal’s Leap program can help you earn a credit limit increase in six months through on-time payments. The card also earns 2%-10% cash back at select local and national merchants, making it one of the few unsecured cards for lower credit scores that earns rewards.
Featured Partner Offers
Quick Facts
- $59 annual fee
- Late and returned payment fees apply
- No foreign transaction fees
- APR range: 28.49% - 35.74% Variable
- Credit limit range: $500 to $3,500
- Preapproval with no impact to your credit
- 2%-10% cash back at select local and national merchants
- No balance transfers or cash advances
Petal 1 Rise Visa Credit Card Rewards
Earning Rewards
Credit-building credit cards often offer little in the way of rewards. The Petal 1 Rise, however, earns between 2%-10% cash back at select local and national merchants.
Merchant offers are automatically loaded into your account, and you’ll earn cash back if you meet the offer terms. Petal loads cash-back funds into your Petal wallet as points the following billing cycle.
Redeeming Rewards
Once cash-back points are available, you can redeem points for statement credits in any amount through your online card account or the Petal Card mobile app. Also, you can request an ACH transfer or paper check by calling Petal. A minimum redemption of $20 is required for ACH transfers and paper checks.
Rewards Potential
The rewards potential on the Petal 1 Rise will vary considerably based on where you live and shop. Cash back offers are personalized to the cardholder and change throughout the year. Regardless of the number of offers you receive, your rewards-earning potential will be considerably lower with the Petal 1 Rise than with the Petal® 2 “Cash Back, No Fees” Visa® Credit Card* or other cards that earn cash back on every purchase.
Other Petal 1 Rise Visa Credit Card Benefits
In addition to basic Visa benefits, the Petal 1 Rise has some benefits geared explicitly toward customers who are building or rebuilding their credit.
- Credit score monitoring. Petal cardholders can easily track their credit score within the Petal app.
- Autopay. Customers can enable the card’s autopay feature to avoid costly late fees.
- Card freeze. If your card is lost or stolen, you can freeze it within the Petal app to protect your account.
- Roadside dispatch. Cardholders have 24/7 access to Visa’s pay-per-use roadside assistance program.
- Identity theft protection. Enroll in ID Navigator Powered by NortonLifeLock to receive complimentary credit monitoring and identity theft protection and restoration support.
Fine Print
Interest Rates
- Regular APR: 28.49% - 35.74% Variable
- Purchase intro APR: N/A
- Balance transfer intro APR: N/A
Fees
- Annual fee: $59
- Balance transfer fee: N/A
- Foreign purchase transaction fee: $0
How the Petal 1 Rise Visa Credit Card Stacks Up
Petal® 1 Rise Visa® Credit Card* vs. Petal® 1 “No Annual Fee” Visa® Credit Card*
There are two versions of the Petal 1 credit card that are available: the Petal 1 Rise and the Petal® 1 “No Annual Fee” Visa® Credit Card*. Unlike the Petal 1 Rise, the Petal® 1 “No Annual Fee” Visa® Credit Card* has no annual fee. It also has a wider credit limit range of $300 to $5,000 and a lower APR range. You can’t apply for either of these cards individually. Petal uses the same application for all three of its cards and will determine which, if any, you’re eligible for based on your creditworthiness.
Petal® 1 Rise Visa® Credit Card* vs. Petal® 2 “Cash Back, No Fees” Visa® Credit Card*
If you have fair to good credit, you may qualify for the Petal® 2 “Cash Back, No Fees” Visa® Credit Card*. The card offers credit-building potential like Petal 1 Rise but has no annual fee or late or returned payment fees. It comes with the same cash back offers as the Petal 1 card but also earns up to 1.5% cash back on all eligible purchases. Cardholders earn 1% cash back on eligible purchases immediately but can earn up to 1.5% cash back by making on-time payments for 6 to 12 months. Additionally, it has a much higher credit limit ceiling of $10,000.
Petal® 1 Rise Visa® Credit Card* vs. Discover it® Secured Credit Card
A secured credit card is another option for individuals who want to rebuild their credit. The Discover it® Secured Credit Card requires a minimum $200 refundable security deposit (up to a maximum of $2,500) which acts as your credit limit.
The Discover it Secured has no annual fee and a credit score isn’t required to apply. After seven months, Discover automatically reviews your account each month to see if you qualify for an upgrade to an unsecured card.
The Discover it Secured Credit Card earns 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, earn unlimited 1% cash back on all other purchases. Plus, Discover matches the cash back you’ve earned at the end of your first year.
Is the Petal 1 Rise Visa Credit Card for You?
If you’re trying to build or rebuild your credit, any of the Petal cards can help you get there with responsible use. You can check for preapproval offers before officially applying for a card without impacting your credit.
The Petal 1 Rise is accessible to those with less-than-perfect credit scores, but it’s not the only option. Whether you have bad credit, fair credit or something better, there may be other cards better suited for your needs that don’t carry annual fees.
Methodology
Forbes Advisor considers a variety of criteria when assigning credit cards a rating. Cards are graded based on numerous factors including:
- Annual fees
- Reporting to all three credit bureaus
- Credit check requirements
- Ongoing earning rates
- Additional cardholder benefits
Card features we expect cardholders to use the most often are weighted more heavily in our ratings. Altogether, the factors came together to provide a star rating for each individual card.
To learn more about our rating and review methodology and editorial process, check out our guide on how Forbes Advisor rates credit cards.
*The information for the following card(s) has been collected independently by Forbes Advisor: Petal® 1 Rise Visa® Credit Card, Petal® 2 “Cash Back, No Fees” Visa® Credit Card, Petal® 1 “No Annual Fee” Visa® Credit Card. The card details on this page have not been reviewed or provided by the card issuer.
