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.