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3 Facts You Never Knew About Petal Credit Card | petal credit card

The new Petal Credit Card from Visa is intended for consumers with weaker credit histories. The premise is simple: if you have ever applied for a credit card, you know how overwhelming it can be when you are denied. There are so many different kinds of cards, and each one has its own specific terms and conditions. A person may be approved for one card, then denied another. When this happens, many people simply give up and go back to using cash.

That's where the Petals come in. Visa has two credit cards designed specifically for those with bad credit histories. The first one, the Petal 1 (no annual fee), helps people with either less-than stellar credit or no credit history at all reestablish their history. The second Petal 2 (no annual fee) is designed for those who have limited credit histories, but have already repaid their debts.

Both of these cards feature a unique feature: the ability to select merchants with the same payment features. That means that a consumer can choose from among the many retailers accepting cards from Visa. That makes shopping convenient for both the consumer and the retailer, and pros like fewer rejections when applying for a new card and cash back rewards when using the card to repay an existing balance.

The key benefits of the Petals are similar to those of the traditional credit cards. The way Visa decides which card offers the best perks is by analyzing the consumers' credit history and their income potential. It knows that consumers who pay bills early and pay off balances quickly will likely be more likely to build credit. That's why it requires little information from applicants to decide whether or not they're likely to establish new credit and qualify for the lowest interest rates.

Even if you don't think you'll qualify for the lowest rates, there are still pros to choosing the Petals. Credit cards that offer cash back and rewards programs are especially valuable to consumers who want to boost their credit score. With a strong score, you can help boost your credit score to a level that will allow you to qualify for lower interest rates on loans and mortgages. And you won't need to wait for months or years to build credit while your score improves since the rewards and cash back will come as a result of increasing your credit score.

When applying for a Petal, make sure to read all of the details about the program before signing up. Look over the terms and conditions because these offer rewards and incentives that vary from card to card. For example, some cards that offer rewards may limit how much cash you can accumulate. Before you apply, look at all the details and decide whether you want to take advantage of any specials or whether you're better off just building a credit history and using a regular card to earn rewards.

Some cards compare Petals to the traditional credit cards without fees. Some cards offer annual fees that will quickly eat into your rewards. Other cards have special offers like no balance transfer fee and no annual fee for the first year. Whether you want to use a credit card to quickly build your credit score, or you want to just build credit history, these cards compare favorably to traditional credit cards without fees. If you have good credit, you might even be able to qualify for an introductory offer.

Even if you want to use the cards to quickly build credit and avoid fees, you should also look at the select merchants that are part of the program. Most cards offer merchants in a variety of industries – supermarkets, gas stations, and drugstores. If you have a favorite place to shop and it's not part of the select merchants program, look for another card that lets you shop more often.

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