Petal 2 “Cash Back, No Fees” is an innovative credit card that aims to offer cash back rewards and exclusive benefits, without the annual or hidden fees that many traditional cards charge.
This card is specially designed for those who want to build or improve their credit history, offering an affordable and transparent solution.
With Petal 2, cardholders can earn 1% cash back on all purchases, with the possibility of increasing to 1.5% after 6 months of responsible use.
The proposal is simple and advantageous: there are no annual fees, no late fees or foreign fees, and the approval process is based on the user’s financial behavior, not just their traditional credit history.
It uses intelligent credit analysis technology to offer access to credit in a more inclusive way.
About the Financial Institution
Petal is a fintech that was created to change the way people access and use credit.
Founded in 2016, Petal combines technological innovation and smart financial practices to help people build or improve their credit.
The company’s focus is on making credit more accessible and fair, with a vision to offer credit cards with no hidden fees and cashback options, all based on real financial data.
The company uses a unique approach to credit assessment, based on real-time bank data, rather than relying solely on traditional credit scores.
This makes Petal 2 accessible to both those with little or no credit history and those who are trying to improve their score.
Who is this card for?
Petal 2 is ideal for:
- Young adults and those new to credit: People who are just starting to build their credit history can benefit from analysis based on bank data, rather than relying on a traditional credit score.
- Consumers looking for a card with no annual fees: Petal 2 is an excellent option for those who want to avoid the annual and maintenance fees charged by many traditional cards, offering a low-cost solution for those who want a simple and effective card.
- People who want cashback: Those who want to earn rewards on everyday purchases, with the advantage of seeing the cashback deposited directly into their bank account.
- Individuals looking for a fair credit alternative: Those who prefer to use a transparent credit assessment system and who believe that the analysis of bank data is more representative of their payment capacity.
Advantages of Petal 2
Petal 2 offers a number of attractive advantages, making it an excellent choice for those who want a hassle-free credit card with clear benefits:
- Cashback on all purchases: Petal 2 offers 1% cashback on all purchases made with the card. After 6 monthsof responsible use, you can increase your rewards to 1.5% on all purchases.
- No annual fees: One of the main attractions of Petal 2 is that there are no annual fees. Many traditional credit cards charge annual fees, which can be a burden on consumers’ pockets. With Petal 2, this expense is completely eliminated.
- No hidden fees: In addition to not charging an annual fee, Petal 2 also does not charge late fees, foreign transaction fees, or over-limit fees. This means you can use the card with confidence, without worrying about unexpected charges.
- Transparent approval: The Petal 2 approval process is done by analyzing your banking behavior and ability to pay bills, rather than relying on a traditional credit score. This offers a more inclusive alternative for those just starting out or those with a low credit score.
- Limit increase with good behavior: By using the card responsibly, you have the chance to see your credit limit increase over time. This can be especially useful for those trying to improve their credit score.
- User-friendly app: The Petal 2 comes with an easy-to-use mobile app that helps users manage their spending, view statement information, and track their balance in a simple and efficient way.
Additional Benefits
In addition to the main benefits already mentioned, the Petal 2 also offers some additional advantages that make it even more attractive:
- No interest charged for foreign transactions: Many credit cards charge additional fees for transactions made outside of the country. The Petal 2 allows you to use the card when traveling internationally without worrying about foreign transaction fees.
- Free Credit Monitoring: Petal 2 offers free monthly reports on your credit history, which helps users monitor their credit score and make the best financial decisions to improve their financial health.
- Financial Control Tools: The app also offers financial control tools to help you manage your spending and avoid overspending, promoting a more responsible approach to credit.
- Payment Flexibility: Petal 2 offers payment flexibility so you can pay off your balance more conveniently, whether in monthly installments or in full.
Fees and charges
● APR: 28.99% - 30,99% ;
Expert review
The Petal 2 Visa Credit Card is a great choice for individuals with limited or no credit history.
It requires no security deposit or annual fee, making it accessible to many.
The card offers up to 1.5% cashback on eligible purchases and provides opportunities for credit limit increases based on responsible use.
It also reports to all major credit bureaus, helping build a positive credit history.
However, its cashback rate may not compete with higher rewards cards, and new cardholders may receive a lower initial credit limit.
You will remain on this site
+Positive points
- No annual fee: The Petal 2 card has no annual fee, making it cost-effective for users looking to build or improve credit.
- No security deposit required: Unlike secured credit cards, Petal 2 does not require a deposit, making it accessible for those without a credit history.
- Up to 1.5% cashback: Earn cashback on eligible purchases, offering additional value on everyday spending.
- Credit limit increases over time: Responsible use can result in automatic credit limit increases, helping users improve their credit profile.
- Reports to all major credit bureaus: Petal 2 reports to all three credit bureaus, helping users build a positive credit history.
- Negative points
- Limited rewards: The 1.5% cashback rate may not compete with higher rewards cards available in the market.
- Low starting credit limit: New cardholders may receive a lower initial credit limit, depending on their credit history.
- Not ideal for large purchases: The lower starting limit and relatively modest rewards might make it less suitable for those who make larger purchases frequently.
