Besides using your card for your everyday purchases, make sure to check the app to see if there are any larger cash-back offers to take advantage of.
An easy-to-use guide, available on the website, shares you may be eligible when you’ve paid at least 15% of your monthly statement balance every month.Ĭash-back partners for bonus cash back change throughout the year and are personalized for you. If you’re looking to build up your credit, you can use the Petal 2 Visa Credit Card to be eligible for a limit increase at least twice each year. If you made all your payments on time the following six months, you’d earn $88.84 for a total of $159.91 the first year.Īfter the first 12 months of on-time payments, your rewards rate would be bumped up to 1.5% which makes your annual earnings after the first year $213.22. If half of the total card spending was done in the first six months of owning the Petal 2 card, at a 1% rewards rate, you’d earn $71.07 and then you’d be eligible for a 1.25% rewards rate moving forward. Assuming 50% of such expenses are charged to this card, total annual card spending would be $14,215. The 70th percentile of wage-earning households brings in $91,162 annually and has $28,431 in standard expenses. Rewards Potentialįorbes Advisor uses data from various government agencies in order to determine both baseline income and spending averages across various categories. You can redeem it as a statement credit by logging into your Petal card account and selecting “Perks” and then “Redeem.” You can also redeem by calling Petal and requesting a paper check be mailed to you or to receive a deposit to a qualifying checking account starting at a minimum of $20. You can redeem your Petal 2 card rewards in any amount as soon as it appears in your Cash Back Wallet in the billing cycle after you’ve made your purchase. This is in addition to any purchases you might make that qualify for bonus rewards via Petal Offers. Plus, earn 2% - 10% cash back at select merchants. The Petal 2 Visa Credit Card works on a tiered cash-back rewards system that rewards cardholders for making on-time payments.Ĭardholders automatically earn 1% cash back on eligible purchases right away and up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. That’s not an uncommon practice among issuers that grant credit to those just starting to build up a credit score but be aware there are cards that won’t require that kind of access.
If your credit history isn’t damaged, just nonexistent, you’ll have to be willing to let Petal link to your primary bank account to dig up the dirt on your payment history. And, if you were unaware of that rule and were rejected, Petal states that you aren’t eligible to apply again for at least 30 days after receiving their decision. If you’ve filed for bankruptcy in the past 48 months, you won’t be eligible for a Petal card. Plus, earn 2% - 10% cash back at select merchants.Įvery rose has its thorns, and the Petal 2 card is no exception. You’ll start out earning 1% cash back on eligible purchases right away and up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. The rewards structure on the Petal 2 card sows the seeds for responsible payment behavior. It’s one of the only no-annual-fee cards available to those with so-so credit with the potential to earn up to 1.5% cash back, making it a rare specimen among unsecured credit cards aimed at building credit. Anyone nurturing a fair credit history would be wise to consider the no-annual-fee Petal 2 credit card.
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