Petal 2 Cash Back, No Fee Visa Credit Card Review


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There are many reasons why it’s great to have a credit card – credit building is a big deal – but not everyone can qualify for the best cards on the market. When your credit is poor or fair, it is less likely that you will be able to take advantage of a card that offers rewards programs so that you can earn money.

But there is good news for people looking for a refund card that can help them build their credit history as well. CNBC Select ranked the best credit cards for fair and average credit and I found a card that offers 1% cash back and does not charge any fees.

Below we take a look at the Visa® Petal® 2 “Cash Back, No Fee” credit card and explain why this is the best credit card to apply for if you have fair or average credit and don’t want to pay any fees. (See our methodology for more information on how we choose the best cards.)

What you need to know about the Visa Petal 2 “Cash Back, No Fees” credit card

With the Visa Petal 2 “Cash Back, No Fees” credit card, issued by WebBank Member FDIC, cardholders do not have to pay annual fees, late payment fees, or overseas transaction fees if they travel outside of the United States.

Compared to other cards for fair or average credit, such as secured credit cardsPetal also does not require a security deposit, and credit limits vary from $ 500 to $ 10,000, depending on your creditworthiness. Interested applicants will need to have at least one active bank account to link to their application.

Instead of just looking at your credit history when you apply, WebBank will also consider your bank statements and other financial data to determine your eligibility for the Petal 2 Visa credit card. The bank examines your credit score if you have one, but in case it is in a fair or low range, it also examines your bank statements to confirm your income and bill payment history on time.

And if you don’t have any credit at all, that’s fine. The Visa Petal 2 credit card ranked among the best credit cards for build your credit because you can apply from the start, as long as you have a bank account.

The card rewards program can also motivate you to make payments on time (which helps boost your credit score). Cardholders receive 1% cash back on qualifying purchases immediately and up to 1.5% after making 12 monthly payments on time. They also receive 2% to 10% cash back from some merchants.

Visa® Petal® 2 “Cash Back, No Fee” credit card

  • Awards

    1% cash back on qualifying purchases immediately and up to 1.5% cash back after making 12 monthly payments on time; 2% to 10% cash back at select merchants

  • Welcome bonus

  • Annual subscription

  • Intro APR

  • Regular APR

    12.99% to 26.99% variable

  • Balance transfer fee

  • Foreign transaction fees

  • Credit needed


  • No credit history required (if you have a credit history this is factored into the credit decision)
  • No fees whatsoever
  • 1% cash back on qualifying purchases immediately and up to 1.5% cash back after making 12 monthly payments on time; 2% to 10% cash back at select merchants
  • Credit limits vary from $ 500 to $ 10,000

The inconvenients

  • The card is not for replenishing credit, but it is good for creating credit
  • No special financing offer
  • No welcome bonus
  • Estimated rewards earned after 1 year: $ 249
  • Estimated rewards earned after 5 years: $ 1,577

What is a fair and average credit score?

Fair and average credit scores may vary depending on the credit rating model used and the credit Company (Experian, Equifax or TransUnion) which pulls the score. The two most common types of credit scoring models are FICO and VantageScore.

Using Experian estimates, below are the credit score ranges for the two models. You will notice that the fair credit scores are similar, with FICO giving a greater range.

FICO score

  • Very poor: 300 to 579
  • Fair: 580 to 669
  • Good: 670 to 739
  • Very good: 740 to 799
  • Excellent: 800 to 850


  • Very poor: 300 to 499
  • Poor: 500 to 600
  • Fair: 601 to 660
  • Good: 661 to 780
  • Excellent: 781 to 850

Why it’s good to start building your credit history

It may seem difficult to navigate when trying to increase your credit score, but it is worth it. A good or excellent credit score will give you access to lower APRs, better loan products, and the best credit cards on the market.

the Citi® Double Cash Card, for example, offers 2% cash back on all your purchases (1% when you buy and 1% when you pay off your balance in full). Other cards offer a generous welcome cash bonus once you’ve hit your minimum spend, like the Capital One® Quicksilver® Cash Rewards credit card, which gives you a bonus of $ 150 after spending $ 500 in the first three months after opening the account.

But cards like these require applicants to have good or excellent credit scores to qualify. To get a score between 700 and 850 you will have to start small and this is where a card like Petal 2 Visa Credit Card comes in handy. If you are careful about how you use the card – spend within your means, pay your bill on time and in full every month – you’ll be on your way to improving your credit score so that you can eventually qualify for the best credit cards. credit. .

Our methodology

To determine which credit cards offer the best value for people with average or fair credit, CNBC Selection analyzed the most popular credit cards offered by the largest banks, finance companies and credit unions that we determined had average or fair credit rating requirements.

We compared each card on a range of features including: annual fee, rewards program, introductory and standard APR, balance transfer fee, welcome bonus and overseas transaction fee, as well as factors such as credit requirements and customer reviews when available.

CNBC Select has partnered with a geographic intelligence firm Esri. The company’s data development team has provided the most up-to-date and comprehensive data on consumer spending based on the 2019 Bureau of Labor Statistics Consumer Spending Surveys. You can learn more about their methodology here.

Esri’s data team created a sample annual budget of roughly $ 22,126 in retail spending. The budget includes six main categories: groceries ($ 5,174), gasoline ($ 2,218), dining out ($ 3,675), travel ($ 2,244), utilities ($ 4,862) and general purchases (3,953 $). General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, as well as other vehicle expenses.

CNBC Select used this budget to estimate how much the average consumer would save over the course of a year, two years, and five years, assuming they were trying to maximize their rewards potential by earning all the welcome bonuses offered and using the card for all applicable purchases. . All total reward estimates are net of annual fees.

It is important to note that the value of a point or mile varies from card to card and depending on how you redeem them. When we calculated the estimated returns, we assumed that cardholders were redeeming points / miles for a typical maximum value of 1 cent per point or per mile. (Extreme optimizers might be able to get more value.)

While the five-year estimates we’ve included are derived from a budget similar to the average American’s spending, you may get higher or lower returns depending on your buying habits.

When analyzing student cards and credit cards, we did not calculate the estimated rewards a cardholder could earn. When you are a student or building (or rebuilding) your credit history, you should focus on developing good financial habits, such as paying your balance on time and in full, not maximizing points. that you can earn.

Capital One® Quicksilver® Cash Rewards credit card information was independently collected by CNBC and was not reviewed or provided by the card issuer prior to posting.

Visa Petal 2 credit card issued by WebBank, FDIC member.

Editorial note: The opinions, analyzes, criticisms or recommendations expressed in this article are those of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.

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