If your credit score worries you immensely and it resembles an unkempt garden, why not try the Petal credit cards. The Petal credit card application process is simple and involves adding relevant details. These credit cards are occupying a rare niche in the market whereby they are not giving credit based on your credit scores. Instead, the credit card calculates your creditworthiness on the basis of cash score. They will study your banking and financial history to check your worth instead.
Quite a unique way of doing creditworthiness calculation, the Petal credit card can help improve your credit scores. The credit card has no upfront fees.
There are two Petal credit cards- Petal 1 and 2 with slightly different credit margins and rules.
|Petal 1||Petal 2|
|Annual Fees||No annual fees||Nil|
|Credit Limit||Depends on your cash score||Cash score is used to determine your creditworthiness|
|Purchase APR||19.99% to 29.49%||12.99% to 26.99%|
|Balance Transfer APR||NA||No|
|Minimum required credit score||Non-prime credit holders can have Petal 1||Moderate to good credit holders and even individual with no credit score can apply|
|Average Regular APR||19.99% – 29.49%||12.99% – 26.99%|
How to apply for Petal credit card application?
To apply for the Petal credit card, you must go through the below application process. You can do it online and that is the easiest way to apply for the Petal 1 and Petal 2 credit card.
Go to their online link to start the application process.
Step 1: Press the Apply Now tab to begin the application process.
Step 2: Try to find out which Petal credit card is for you. If you already know, you can easily begin the application process.
Step 3: Include your email address, first and last name, birthday, phone number and SSN/ITIN in the provided space.
Step 4: In the next step, tell them if you are a student, state your employment status, primary income type, and your annual income.
Step 5: Mention your home address, and your monthly housing cost. Tell them your residential details and click on the next tab again.
Step 6: You will be asked how you heard about them and you can skip if you don’t want to answer. Accept the terms and conditions by checking the boxes and then press the Submit tab to complete the process.
What are application requirements?
For qualifying for the Petal credit card, you need to fulfill the following;
- You must be 18 or more than that to qualify for the credit card.
- Petal credit card owners need to have valid telephone number and email address.
- Every applicant needs to have a permanent home address in the United States.
- One must have a social security number.
- You must have a valid US photo ID card.
- Applicants need to have a valid account either a checking or savings type of account.
Who is eligible?
Eligibility criteria include fulfillment of these few conditions;
- You must at least have a 3-month banking history with yourself.
- Every applicant needs to mention the account details of your primary income account.
- If you have a credit history, you need to mention it as well.
You are not eligible for a Petal credit card if;
- You currently own a Petal credit card account.
- If the current residence address is a correctional institution of some sort.
- If you filed bankruptcy 2 days before filing an application for the Petal credit card.
There are several benefits that one can reap from the Petal credit cards.
|Benefits||Petal 1 credit card||Petal 2 credit card|
|Other Fees||No foreign transaction fee||No late fee, foreign transaction fee, or any other fee|
|Credit Bureau Reporting||Reports to all 3 major credit bureaus||Reports to all 3 major credit bureaus|
|Emergency cash advance facility||Yes||Yes|
Is Petal credit card safe?
Many people are applying for the Petal credit card and most have reported it as safe. The Petal 1 and Petal 2 credit cards are slightly different in terms of rewards, bonuses and perks. They are also different in terms of their APR, and their fees.
Where can you use Petal credit card?
You can use the Petal credit cards anywhere and everywhere. The Petal credit card reports to all the three major credit bureaus of the United States.
Petal 1 and 2 reports to all the three credit bureaus and thus, by taking them, you can grow your credit score tremendously well. If you have already read the above-given information, turn to fill out the application form.