Is the Petal 1 Visa credit card worth it with no annual fee?
If you’re looking for a credit card that will accept you when others won’t, you might be wondering if the Petal® 1 No Annual Fee Visa® credit card is worth it.
The answer to that question is yes, this credit card could be just what you need. It all depends on what your exact goals are, what credit limit you’re hoping to get right away, and how you want to use your new credit card over the long term.
Before you sign up for the Visa Petal 1 No Annual Fee credit card, it can be helpful to visualize how you might use it, while also thinking long and hard about its pros and cons. This guide aims to help you do just that, so read on to find out when the Petal 1 No Annual Fee Visa Credit Card is worth it and when it isn’t.
When is the Petal 1 Visa Card worth it?
The Petal 1 Visa credit card is issued by WebBank and allows consumers to be approved with alternative credit details. This means you can potentially be admitted with a bad credit score, provided WebBank likes what it sees of your banking history.
Since there is no annual fee for the Petal 1 Visa, it is a great option for building credit as well as building positive credit habits. This card also doesn’t charge any fees for foreign transactions, so it can be a good choice for international travel as well.
While your initial credit limit can be as little as $300, the Petal 1 Visa “no annual fee” credit card also gives you the opportunity to reach a higher credit limit over time. With a program called Leapyou may see your credit limit increase after making qualifying payments on time for at least six months.
When is the Petal 1 Visa Card not worth it?
The Petal 1 Visa is attractive as a credit card, but there are a few disadvantages to consider. The first is the high APR of 21.49 percent to 30.99 percent, which comes into play when you don’t pay your credit card bill in full each billing cycle.
If you plan to sign up for this card, it’s best to only use it for purchases you can afford to pay off immediately and do so before you start paying exorbitant interest charges on anything you buy, be confronted.
Another downside to the Petal 1 Visa credit card is the fact that you don’t get rewards for everything you buy. With this card, you can earn 2 to 10 percent cashback on select purchases at participating retailers Petal Perks programbut with other bad credit cards, you can make money back on anything you buy.
An example is the Discover it® Secured Credit Card with no annual fee, which offers 2 percent cashback at gas stations and restaurants on up to $1,000 in combined purchases each quarter (then 1 percent refund) plus 1 percent refund on all other purchases.
Finally, consider how this card might work if you hit the $300 minimum credit limit right off the bat. That credit limit might be enough to make small purchases throughout the month, but it’s nowhere near what you need if you plan to use your card for something larger, to help pay off your balance over time.
Should you get the Petal 1 Visa Card?
The Petal 1 Visa is far from the best credit card on the market today, but it’s achievable if you’ve made mistakes with your credit in the past. You also don’t pay an annual fee, so you can start building credit through responsible use without having to pay for the privilege.
With these details in mind, consider this card if you need to build credit quickly and want to do it without having to pay an annual fee or post collateral to get a secured credit card. The Petal 1 visa allows you to be pre-approved even without a rigorous credit check, so you can assess your chances of approval before you decide.
The final result
If you’re not sure about this credit card, be sure to read our Petal 1 No Annual Fee Visa credit card review. Also, take the time to compare it to other bad credit cards as well as no credit cards if your credit history is limited. If you’re in college, you might also consider a student credit card for your day-to-day expenses.
In the meantime, take steps to build your credit in other ways. You can do this by making your monthly loan payments on time (if you have any), paying off unsecured debt, and using apps like Experian Boost to boost your credit score for free.
With some prep work on your credit score and the Petal 1 visa in your arsenal of tools, you can be on your way to good or excellent credit in no time.