At Petal, we want to do more than facilitate access to credit—once a member is approved for a Petal card, our mission is to help you succeed financially.
But unfortunately, the path to financial prosperity can be long, arduous, and opaque. It is often difficult to answer the simplest questions: What actions should I take today to ensure that my financial life is on track for the future? What do I have to do to upgrade my credit card, or qualify for other financial products that will help me accomplish my goals?
We aim to give our members clarity by guiding you on each step of your journey towards financial success. That’s why we’re excited to introduce “Leap,” a new program that provides tangible steps members can take to make progress towards their financial goals and further benefit from their Petal card.
The first feature we’re launching as part of Leap takes the mystery out of how to qualify for a credit limit increase. Today, mainstream credit card companies make credit limit increases a black box; it’s unclear how to qualify for a limit increase, and whether you’re approved or denied, you have no visibility into how the decision was made.
Now, by taking two simple and concrete steps to demonstrate a commitment to their financial health, Petal 1 members can receive a guaranteed credit limit increase in as few as six months.
- Step 1: Go on a 6-month payment streak. Pay at least 15% of your monthly statement balance OR your minimum, whichever is greater, for six months in a row. If you miss a payment, you'll have to restart your streak.
- Step 2: Keep your VantageScore healthy. Don’t let your credit score drop 50 points or more below your initial VantageScore at approval. Increasing your credit score is fine–in fact, it's encouraged.
The new Leap tab in the Petal app makes it simple for Petal 1 members to track their progress over time. If you want to delve further into your payment history or credit score—the two factors that impact your eligibility for this limit increase—you can tap for more detailed information. Leap also suggests other steps you can take to help improve your credit score (for instance, by setting up AutoPay to ensure you never miss a payment).
Leap is designed to make building your credit more rewarding. It’s built just for you, offering practical steps on how you can take action to build your personal credit score. That sets Leap apart from other credit education tools that offer generic information on “factors that impact your score” but don’t offer clear guidance tailored specifically to your financial life.
Leap is yet another example of Petal card features, programs, and promotions explicitly created to help members make healthier financial decisions:
- At Petal, we encourage our members to pay their balance in full. This differentiates Petal cards from mainstream credit cards, which put you on a more expensive path by making “pay the minimum” the starting point. It’s a subtle distinction intended to help Petal members pay less in interest and pay down their debt more quickly.
- If you can’t pay in full, Petal’s payments calculator makes it easy to understand exactly how much interest you’ll owe –in actual dollars and cents– based on the amount of your balance you can pay. This Petal tool offers this information upfront–before you make a payment– so you can make a more informed decision about how much to pay.
- A unique rewards program for Petal 2 rewards users with extra cash back when they establish a history of paying their balance on time. Petal 2 members automatically earn 1% cash back on all purchases. But by paying on time –one of the key components of building a good credit score– customers can earn up to 1.5% cash back within a year.
- Petal’s recent “Pay more than the minimum” promotion was designed to help members avoid one of the most expensive habits: paying only the minimum on their monthly statement. Members had a chance to win $500 while also saving money, paying down their debt faster, and building their credit score.
It doesn’t stop there–we have big plans to expand Leap in the coming months. Our team is hard at work building the next generation of features to drive our members’ financial success. We can’t wait to show you more as Leap takes shape.
Petal credit cards are issued by WebBank, Member FDIC.