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See how this new company is changing the credit card game.
By The Petal Team
When it comes to applying for a credit card, it’s easy to get caught up in your past. And by past we mean history. Your credit history, or lack thereof.

The infamous catch 22 of the credit card system can seem impossible to escape: In order to get credit, you first must have credit. It can often feel like the big banks define your risk as a borrower - and by extension you - by that seemingly random three-digit number, known as your credit score.

But what if you don’t have a credit history? What if you want to get a credit card, because you need to start building a credit score from scratch? And, does having a credit score really tell lenders anything about whether you will use their card responsibly? While the importance of having a good credit score isn’t likely to change any time soon, the complexities of getting credit can.

And it has, with Petal.
What is Petal?
Petal is a new startup aimed at making the credit card industry better with a modern and intuitive credit card experience and mobile app. Instead of solely relying on credit history to make a decision, Petal also takes into consideration the money you make and the bills you pay, with a machine-learning process called cash-flow underwriting. This technology allows Petal to help give more people access to build credit with a card that has higher limits, competitive rates, and no fees whatsoever, with variable APRs ranging from 15.24% to 26.24%. Petal provides access to a Visa credit card in partnership with WebBank, Member FDIC, along with a simple, modern experience designed to help you keep your credit usage under control while building your credit score.
How is the Petal Visa credit card different than other credit cards?
A lot of companies say they’re different, when in reality, they have little to show for it. But Petal IS different. They’re re-imagining the role of the credit card: not a means for short-term splurging, but a tool for your financial success. And, instead of being overlooked for not having a credit history, Petal provides a greater opportunity for consumers to start building one. You can even see if you are pre-approved without any impact to your credit score before officially submitting your application by visiting Petal’s website.

With Petal, you can qualify for a credit limit anywhere from $500 up to $10,000, which may be a game changer if new to the credit world. This makes it easier to keep your utilization low – which is an important factor that influences your credit score. But here’s the best part: You don’t need to worry about paying an annual fee, late payment fee, or foreign transaction fee, because there are no fees with the Petal credit card, whatsoever.
A mobile experience built by a tech company, not a bank
Petal’s mobile app for iOS and Android makes it easy to track your spending and manage your money. One key feature is the interest slider, which helps you predict how much interest you will pay each statement cycle when you choose to carry a balance. Understanding how much it will cost you to hold a balance can help you make a more informed financial decision. The app also lets you link other credit card, checking, and financial accounts to the dashboard, so you can see your full financial picture all in one place.

If you’re looking for a company that looks out for your financial future, you might want to check out Petal. Just six months of on-time payments can significantly build up your credit score. You can learn more about Petal to see if they’re right for you by visiting their website at Petalcard.com.