The Petal® 2 “Cash Back, No Fee” Visa® Credit Card may be a smart choice if you’re looking for a rewards credit card and hope to minimize fees. Not only is this card free of annual fees, but there are no foreign transaction fees or late or returned payment fees.
You can even get pre-approved and assess your chances of being approved for this card without in-depth investigation of your credit report – and if your credit isn’t good enough to qualify, you can find out if you qualify for the Petal® 1 “No annual fee” Visa® credit card instead.
But when is the Petal 2 Visa credit card worth it? And when would you potentially be better off with another card? It really depends on your goals, how you plan to use your card, and whether or not you qualify for the best rewards credit cards on the market today.
When is the Visa Petal 2 card worth it?
One of the advantages of the Petal 2 visa is that it is easier to qualify than other rewards credit cards. In fact, you may not even need a credit score to qualify since the card issuer (WebBank) may be willing to approve you based on your banking history alone.
With that in mind, the Petal 2 visa can be a very good option for building credit with a credit card because you have the opportunity to earn money on everything you buy. And if you need to build credit fast, you can get this card and start using it to your advantage right away.
Speaking of which, this card lets you earn 1% cash back on all purchases, but you can jump to 1.25% cash back with six months of on-time payments and then 1.5% with 12 months of on-time payments. You can also earn 2% to 10% cash back at select merchants when you pay with your card through its Petal Offers program, which could help increase your average reward rate over time.
The Petal 2 visa may also be worthwhile if you are worried about late payments or reimbursement fees. This card doesn’t charge for them, so you have a bit of leeway if you need a few more days to make your payment.
When is Visa Petal 2 card not worth it?
While the ability to earn rewards while you build credit is a major perk, you should be aware that many other rewards cards offer a higher return on your spending. This is even true for people with a fair credit score (any FICO score from 580 to 669) since many fair credit cards offer a higher refund rate up front. An example is the Capital One QuicksilverOne Cash Rewards credit card, which offers 1.5% cash back on everything you buy.
If you have a good credit score or a FICO score above 670, the Petal 2 Visa is unlikely to be the best credit card you can qualify for. In fact, good or excellent credit is usually enough to qualify for the best cash back credit cards on the market today, or even some of the best travel credit cards.
Another downside of this card is its very obvious lack of benefits (minus some basic Visa credit card benefits). While many other rewards credit cards offer perks like travel insurance, purchase protection, or extended warranties, the Petal 2 Visa offers next to nothing in this area.
A final reason to skip the Petal 2 visa is if you need access to the highest credit limit possible. The minimum credit line for this card starts at $300, so it’s worth looking into other options if you need more available credit than that.
Should You Get the Visa Petal 2 Card?
Ultimately, the Petal 2 visa is best for people with fair credit, as well as those who want to try and get approved for a credit card based on their banking history. The fact that you can earn money on every purchase is a big reason to sign up, as is the lack of fees for this card.
Before applying, you need to decide if this card can help you achieve your goals. If so, you can apply online and find out immediately if you are pre-approved.
The bottom line
Still can’t decide on the Petal 2 visa? Be sure to read our review of the Visa Petal 2 credit card “Cash back, no fees” as well as our guide to Visa benefits.
In the meantime, it never hurts to compare other credit cards for bad credit or fair credit, including secured credit cards and student cards (if you’re in school). By comparing all the options suitable for your credit score, you are sure to find the right solution.