In-depth Analysis

Petal 2 Credit Card Review: 2024 Edition

Advertiser Disclosure
Written By
G. Dautovic
August 18, 2023
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

One of the most popular options for people without a credit history, the Petal® 2 “Cash Back, No Fees” Visa® Credit Card stands out as a useful credit-building financial product that sends monthly reports to all three credit bureaus. Therefore, it’s a good first credit card for young adults and college students who haven’t established a lengthy credit history but don’t have a damaged credit score either.

In addition, the Petal® 2 “Cash Back, No Fees” Visa® Credit Card comes with high credit limits and no security deposit, which makes for a more attractive credit card offer.

Regular APR
18.24% - 32.24% (variable)

1%-1.5% cashback rewards

Visit Site

Fortunly Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

1%-1.5% cashback rewards
Fair to excellent
pros thumb up Strengths
  • High credit limits
  • No deposit required
  • No annual or any other fees
  • No high credit score required
  • Reports to all three credit bureaus
  • Convenient Petal app for iOS and Android
  • Cashback rewards
pros thumb up Weaknesses
  • No welcome bonus offer
  • No grace period

Petal® 2 Overview

The Petal® 2 “Cash Back, No Fees” Visa® Credit Card is an unsecured credit card offered by Petal, a fintech company headquartered in New York. Petal was founded in 2016 by entrepreneurs Jason Gross, Andrew Endicott, Jack Arenas, and David Ehrich.

This company currently offers two types of credit cards: the Petal® 1 “No Annual Fee” Visa® Credit Card and the Petal® 2 “Cash Back, No Fees” Visa® Credit Card. In our review, we’ll focus on the latter. 

The first thing worth mentioning is that Petal isn’t a bank. That means its financial products are issued by another financial institution; in this case, WebBank. WebBank is a Utah-based industrial bank that has been around since 1997. It provides financially secure products and is a member of the Federal Deposit Insurance Corporation. 

Aside from the strong partnership with WebBank, Petal’s financial services are considered reliable thanks to the company’s collaboration with Visa. In fact, both credit cards offered by Petal belong to the Visa credit card network. 

Petal 2 is a credit card launched in 2018 and designed for all consumers, regardless of their credit score. Nonetheless, this card is especially attractive for consumers who have limited or not yet established credit history, but their credit score is not damaged.

Young people will also appreciate the fact that this credit card doesn’t require a security deposit. In addition, the credit limit is higher than with most starter credit cards you can find on the market. 

Judging by all this, the Petal® 2 “Cash Back, No Fees” Visa® Credit Card seems like an offer that’s hard to resist. But is the Petal card a legit financial product worth your attention? Let’s take a closer look.

How Does the Petal® 2 “Cash Back, No Fees” Visa® Credit Card Compare to Other Credit Cards?

Petal® 2 Visa® Credit Card Logo
Petal® 2 Visa® Credit Card
Regular APR:

18.24% - 32.24% (variable)

Annual fee:


Credit score:

Fair to excellent

Visit Website
First Access Visa® Card Logo
First Access Visa® Card
Regular APR:

See Terms

Annual fee:

See Terms

Credit score:


Visit Website
Platinum Prestige Mastercard® Secured Logo
Platinum Prestige Mastercard® Secured
Regular APR:

14.99% (variable)

Annual fee:


Credit score:

Poor to fair

Visit Website

Petal® 2 Eligibility Requirements

Petal 2 credit card requirements are not hard to meet, which is why this card is especially suitable for college students and young people with limited to no credit experience. Petal doesn’t require applicants to meet a credit score limit to qualify for a credit card, nor does it check their credit score with the credit bureaus.

However, that doesn’t mean you can have open bankruptcies or unpaid bills, as Petal will still assess your creditworthiness. Petal uses an algorithm to analyze your income, spendings, history of payments, and so on. To provide this information, you’ll need to link your bank account with Petal and allow access to your private financial information. 

While a high credit score is not a prerequisite to apply for the Petal Visa credit card, other factors, like your financial status and monthly income, may affect the outcome of your application. In addition to that, factors like income and spending habits will determine the applicant’s credit limit. 

Like other similar products, Petal requires applicants to be US citizens and at least 18 years old. Applicants will be asked to provide their Social Security number or Individual Taxpayer Identification number. 

All things considered, getting approved for the Petal® 2 “Cash Back, No Fees” Visa® Credit Card is easier than the application process for many other credit cards, mainly because Petal doesn’t require an upfront security deposit. You don’t need to deposit money as collateral to apply for a card. 

Petal® 2 Application Process

The Petal credit card application process is uncomplicated. Visit and click on the Start Applying button to launch the application process. According to the numerous Petal 2 credit card reviews, the application is straightforward. It won’t take more than a few minutes to fill the online form with your personal details (name, address, phone number, email, and SSN/ITIN). 

Keep in mind that you need to pass the Petal 2 credit card preapproval procedure first. The preapproval at Petal won’t impact your credit score. During this process, Petal will check if you are a good candidate for any of the two credit cards it offers. If you meet Petal’s initial criteria, you can submit your application, but even if you end up rejected for the Petal® 2 “Cash Back, No Fees” Visa® Credit Card, you can still apply for Petal 1. 

Petal® 2 Credit Limit

One of the most important things about this credit card is that it comes with high credit limits - as high as $10,000. Whether you’ll manage to qualify for a high credit limit or not depends on your creditworthiness. However, the minimum credit limit is still higher than with many other credit cards: The average credit limit for credit cards without collateral is $300, but the minimum you get with Petal 2 is $500.

Petal® 2 APR and Fees

The Petal® 2 “Cash Back, No Fees” Visa® Credit Card has a variable APR that ranges from 18.24% to 32.24%, depending on your creditworthiness. This APR is an industry standard for similar products, although, if you dig deeper, you can find credit cards with lower interest rates.

However, this card doesn’t come with any fees attached, which is rare for starter credit cards. You won’t have to pay annual, late, or transaction fees. The Petal 2 Visa credit card also doesn’t charge fees for domestic and international transactions, which makes it an ideal travel companion. Plus, there’s no need to worry about other costs either, such as credit card setup, credit card replacement, or stop-payment fees. 

Reasons To Choose the Petal® 2 “Cash Back, No Fees” Visa® Credit Card 

Getting the Visa Petal 2 card credit card comes with many perks. Here are the most important ones: 

No Security Deposit, No Fees

Unlike many other providers, Petal doesn’t require a security deposit to issue you with a credit card. In addition, Petal’s credit card is a completely fee-free card. 


First-time credit card users will be happy to hear they can receive 1% cash back with this credit card from the start. After a year of timely payments, the cashback percentage increases up to 1.5%. Additionally, you can get from 2% to 10% cash back in selected local stores. 


Suppose your credit score is low, but you still want to apply for a credit card with rewards and no security deposit. In most cases, credit cards like Petal won’t offer to check whether you fit their requirements before performing a hard credit inquiry that can injure your score. With Petal 2 preapproval, you’ll find out if you are eligible without the inquiry impacting your credit score. 

Credit Bureau Reporting

Reporting to the three major credit bureaus (Equifax, Experian, and TransUnion) is another good thing about Petal 2. Petal will send monthly reports, so your credit score will be regularly updated. On top of that, you’ll be able to continually track your Petal card credit score improvements. 

Mobile Banking

The Petal® 2 “Cash Back, No Fees” Visa® Credit Card comes with a mobile app for both iOS and Android-based phones. The app is free for all credit card users, and it has lots of useful features. Aside from allowing you to track your credit score improvements, it also offers a set of tools that can help you boost it and adopt healthy financial habits. For example, you’ll be able to set up your monthly spending limits.

Reasons To Look Elsewhere  

Like any financial product, the Petal® 2 “Cash Back, No Fees” Visa® Credit Card is not without its drawbacks. The main two are: 

No Welcome Bonus

Unlike many other card issuers, Petal doesn’t offer a welcome bonus. For newcomers who’ve just started building their credit score, it’s not the most important feature. However, having bonus cashbacks for certain purchases is beneficial for your budget. 

No Cash Advances

The most significant downside of the Petal® 2 “Cash Back, No Fees” Visa® Credit Card is the lack of a cash advance. Although Petal’s credit card limit is higher than that of most other similar products, you won’t be able to get additional funds in case you need them.

The Bottom Line

In our opinion, Petal 2 is a good credit card for those with no credit history, which means students and young adults can particularly benefit from its features. Not only does it not require a security deposit, but it also offers a higher credit limit than some other, similar cards.

The Petal 2 Visa credit card reviews your application with an algorithm that checks other factors except your credit score to see if you are a good fit. Finally, it’s a fee-free card, which is another benefit for first-time credit card holders.


Is Petal 1 or 2 better?


It depends on your needs. Once you prequalify at Petal, you’ll be asked to choose between two credit card options - Petal 1 or Petal 2. Generally speaking, the Petal® 1 “No Annual Fee” Visa® Credit Card is an alternative solution for those consumers who can’t qualify for the Petal® 2 “Cash Back, No Fees” Visa® Credit Card.

What is the Petal 2 credit limit?


Depending on your creditworthiness, you can qualify for a credit limit between $500 and $10,000. Petal 2 offers a higher credit limit than most other credit cards without you having to deposit any funds as collateral.

Is Petal credit card safe?


Yes, the Petal® 2 “Cash Back, No Fees” Visa® Credit Card is a safe card issued by WebBank, a financial institution based in Utah and a member of the FDIC.

How long does a Petal card take to deliver?


It takes six to 10 business days to have your Petal card delivered to your home address.