If you’re looking for a rewards credit card and want to minimize fees, the Petal® 2 Cash Back, No Fees Visa® Credit Card may be a smart choice. Not only does this card have no annual fee, but there are no overseas transaction fees or late or chargeback fees.
You can even get pre-approved and assess your chances of getting this card without thoroughly checking your credit report – if you don’t have enough credit to qualify, you can see if you qualify for Petal® 1 instead” No Annual Fee” Visa® Credit Card.
But when is the Petal 2 Visa credit card worth it? When would it be better to use another card? It really depends on what your goals are, how you plan to use your card, and whether you qualify for the best rewards credit card on the market today.
When is the Petal 2 Visa card worth it?
One of the benefits of Petal 2 Visa is that it is easier to qualify than other premium credit cards. In fact, you may not even need a credit score to qualify, as the card issuer (WebBank) may be willing to approve you based solely on your banking history.
With that in mind, Petal 2 Visa can be a great option for building credit with a credit card because it gives you the opportunity to make money on anything you buy. If you need to build credit quickly, you can get this card and start using it to your advantage right away.
Speaking of which, this card initially earns you 1% cash back on all purchases, but you can get 1.25% cash back on 6 months of on-time payments, then 12 months of on-time payments 1.5% cash back. You can also earn 2% to 10% cash back at select retailers when you pay with your credit card through the Petal Offers program, which can help you increase your average rewards rate over time.
The Petal 2 visa is also worth it if you are concerned about late payments or repayment fees. The card won’t charge you, so you’ll have some breathing room if you need a few days to complete your payment.
When is the Petal 2 Visa card not worth it?
While the ability to earn rewards when building credit is a huge plus, know that many other rewards cards can offer higher returns on your spending. This is true even for those with a good credit score (any FICO score from 580 to 669), as multiple fair credit cards can instantly offer higher cash back rates. An example is the Capital One QuicksilverOne Cash Rewards credit card, which offers 1.5% cash back on any purchase you make.
If you have good credit or a FICO score above 670, the Petal 2 Visa may not be the best credit card to apply for. In fact, good or excellent credit is often enough to qualify for the best cash back credit cards on the market today, and even some of the best travel credit cards.
Another downside to this card is the apparent lack of perks (minus some basic Visa credit card perks). Where many other premium credit cards offer perks like travel insurance, purchase protection, or extended guarantees, Petal 2 Visa offers little in this regard.
The final reason to skip the Petal 2 visa is if you need to get the highest possible credit limit. The minimum credit limit for this card starts at $300. So if you need more available credit, it’s worth looking into other options.
Should you get the Petal 2 Visa Card?
At the end of the day, the Petal 2 Visa is best for people with good credit history and those who want to try and get a credit card based on their bank records. The fact that you get cash back on every purchase is a key reason to sign up, as there are no fees for this card.
Before applying, you should determine if this card will help you achieve your goals. If so, you can apply online and find out immediately if you are pre-approved.
Still can’t decide on the Petal 2 visa? Be sure to read our Visa Petal 2 credit card reviews, cash back, free, and our guide to Visa benefits.
At the same time, it never hurts to compare other credit cards with bad or fair credit, including secured credit cards and student cards (if you happen to be at school). By comparing all options based on your reputation, you are guaranteed to find the right one.