We started Petal to solve problems that we personally experienced. Despite working and paying bills responsibly, many of us had trouble qualifying for a decent credit card and establishing credit history. Others on our team have struggled with credit card debt and fees, and know how difficult traditional credit cards are to understand and manage. We believe that credit today is sideways, and we’re on a mission to fix it.
Traditional credit cards make money in three ways: customer fees, merchant fees and interest. Petal doesn’t have customer fees, so we make money through merchant fees collected when you use the card and the interest charged if you choose to carry a balance past your due date.
The Petal Visa® is a credit card that’s honest, simple, and accessible, built to make your life a little easier. We use machine learning to analyze your digital financial record, rather than just your credit score, which allows Petal to offer higher credit limits and lower rates than competing cards, and no fees whatsoever. That means you can get a great credit card and start building your credit score, even if a Petal card is your first credit card.
The Petal card won’t cost you a dime if you pay your full bill on-time each month. The Petal card has zero fees and only charges interest if you decide to pay your bills over time, instead of in-full. And before you make that decision, Petal tells you exactly what it will cost in interest.
Because we collect and analyze more data, Petal is able to offer higher credit limits than many other cards, typically ranging from $500 to $10,000. And the APRs are lower than most other new-to-credit options, too! Click here to read more about the Petal card and how it compares to other cards.
Today, Petal cards are only available to legal U.S. residents of the 50 states with a valid SSN or ITIN.
If a credit report is available, it will be used to make a decision on your application.
If you don’t have a credit history at all or your credit score alone doesn’t give us enough information to make a decision, we’ll ask you to link your bank account(s). Link your accounts to get a decision based on more than just your credit score—like the bills you pay and the money you make. That’s how people without a credit history can be approved, and it’s also why the Petal card is a great choice for people who are totally new-to-credit!
The first part of the application is the pre-approval process. During this step, we'll perform a soft pull (which won't affect your credit score) to see if you're likely to be approved based on the information you've entered. If you're pre-approved, you'll be invited to apply fully for a Petal card. If you're not pre-approved, you won't be able to apply for a Petal card right now.
Keep in mind that getting pre-approved doesn’t guarantee approval for a Petal card. The only way to know for sure if you will be approved is to submit your application after the pre-approval process.
A Petal card is a great choice for people who are new-to-credit because Petal doesn’t require a credit history to apply. However, when making credit approval decisions, we look at an applicant's digital financial record—if a credit report is available, it may factor into our credit approval decision. Applicants who have a history of missed payments or bankruptcy, for example, may not qualify for a Petal card.
Congrats! A pre-approval is good news. It means you’ve met the initial criteria for the Petal card, but you’ll still need to submit an application to see if you’re approved.
Pre-approval and approval are not necessarily the same—there are some instances where you may be pre-approved, but fail to qualify after submitting your application. This may happen, for instance, if there have been major changes to your credit report over the past 30 days. The only way to see for sure if you qualify is by submitting your full application after you’ve been pre-approved.
If you’ve already applied and have been declined, you can’t reapply to get a Petal card right now. Don’t worry—we’re working on giving customers the chance to apply again in the future, so check back soon!
Submitting your information for pre-approval is the first part of the application—during this step, only a soft pull is performed, which won't affect your credit score.
If you're pre-approved, you'll be invited to submit your full application for a Petal card. At this point, a hard inquiry is completed, which will show up on your credit report.