Petal
Petal offers three types of credit cards designed to help users build credit responsibly, with features like cash back rewards, no foreign transaction fees, and a mobile app for managing finances.
Credit Card Offerings
Petal offers three main types of credit cards: Petal 1, Petal 1 Rise, and Petal 2. Petal 1 has no annual membership fee and provides 2% - 10% cash back at select merchants. Petal 1 Rise includes a $59 annual membership fee but also offers 2% - 10% cash back at select merchants. Petal 2, on the other hand, features no fees of any kind and offers 1% - 1.5% cash back on everyday purchases. These cards are designed to suit different financial needs and help users build their credit responsibly.
Petal CashScore and Credit Evaluation
Petal uses a unique CashScore to evaluate an applicant's creditworthiness. This score considers a wider financial picture by reviewing the applicant’s banking history. By doing this, Petal aims to provide equitable credit access, even to those who might not have a traditional credit history. Petal cards also report to major credit bureaus to assist users in building their credit scores.
Mobile App Features
The Petal mobile app offers various features to help users manage their finances. These features include tracking credit scores, finding cash back offers, managing payments, and linking bank accounts to unlock additional benefits such as higher credit limits. The app also includes AutoPay, spending insights, and subscription management functionalities. The app has received positive feedback, with over 8,700 reviews on the Apple App Store and over 4,100 on Google Play.
Petal's Technological Capabilities
Petal cards come equipped with contactless payment technology, making transactions quick and convenient. The company also employs advanced fraud detection technology to spot suspicious card activity promptly. Furthermore, Petal encrypts and protects users’ personal information, ensuring a secure financial experience.
Petal's Mission and Revenue Model
Petal's mission is to provide equitable credit access and help members build credit responsibly. Petal cards are designed with budgeting tools and credit score tracking features to help users achieve financial success. The company generates revenue mainly through interest, merchant interchange fees, and specific card fees, aligning its business model with providing valuable financial products to its users.