We founded Petal to help people access honest, simple and responsible credit. This mission matters even more in today’s turbulent economy, when credit has become harder to obtain than any time in the past decade.
Today, we’re introducing a new credit card—Petal 1—that represents the next step forward in accomplishing our mission.
Like the first card we introduced, Petal 1 is a no-annual-fee Visa® credit card paired with a mobile app that delivers the modern features, tools, and guidance that customers need to financially succeed.
Petal 1 is a different card, designed to include an even larger audience: consumers who already have a credit history and want to improve their credit safely, responsibly, and affordably. (Read more about the features of Petal 1 and our existing card below).
Today, nearly half of all Americans have a non-prime credit score. Unfortunately, this will only increase with the fallout from COVID-19.
Many of these consumers—whose financial lives may have been thrown into disarray by sudden unemployment, unexpected medical bills, or family financial obligations—don’t qualify for mainstream credit cards. Instead, they’re forced to use predatory financial products like payday loans and auto-title loans that charge 100%+ APRs and can trap people in debt for years. Those that do qualify for cards are often required to pay steep, mandatory fees just to use their card—annual fees, activation fees and “monthly maintenance fees” are the norm.
Petal 1 is designed to give consumers with more complicated credit histories a better option, in an economy where it’s become much harder to get a credit card if your credit history is anything short of perfect.