Petal introduces Petal 1; aims responsible and affordable credit

By Pavithra R

New York-based Petal aiming responsible credit for the modern world has announced the launch of new credit card Petal 1, that represents the next step forward in accomplishing its mission.

Petal 1 is a no-annual-fee Visa credit card paired with a mobile app that delivers the modern features, tools, and guidance that customers need to financially succeed. It is a different card, designed to include a larger audience, including consumers who already have a credit history and want to improve their credit safely, responsibly, and affordably.

According to the consumer credit card market report by Bureau of consumer financial protection, nearly half of all Americans have a non-prime credit score and is expected to increase with the fallout from COVID-19. Consumers whose financial lives may have been thrown into disarray by sudden unemployment, unexpected medical bills, or family financial obligations are forced to use predatory financial products that charge 100%+ APRs and can trap people in debt for years.

Petal 1 is designed to give consumers with complicated credit histories a better option with its responsible credit-building. Its credit limits are between $500 and $5,000, variable interest rates range from 19.99% to 29.49%, and members receive between 2% and 10% cash back when they shop at select merchants.

The Petal mobile app gives members access to budgeting tools, subscription management, credit score tracking, and automated payment options needed to make financial progress. Petal’s technology platform by analyzing banking history, in addition to credit history, enables better assessments of creditworthiness and helps provide access to credit with higher limits, lower prices, and better perks.

Founded in 2016, Petal is bringing financial innovation and opportunity to everyone. The firm charges no upfront or annual fee to use the card (fees apply only for late and returned payments). Petal credit cards are issued by WebBank, Member FDIC.