Let’s face it—debt is a massive problem, and credit cards are a contributor.
The world has made it easier and easier to buy things—by just clicking, swiping, or talking to your speaker—with money you may or may not have. We’re exposed to 5,000 ads every day on average, and nobody selling you a product will ever ask: is this something you need? Is this something you can afford?
The modern world is becoming more and more irresponsible and traditional credit cards don’t do much to help.
We started Petal to give more people access to safe, modern, affordable credit so they can start building their financial lives. We developed technology to help more people qualify for credit cards, using bank statements when credit scores are unavailable. But there’s a lot more broken in the credit industry than just the way people are approved.
Fees are too high, user experiences feel outdated, and the product itself can get people into a lot of trouble. We asked ourselves: why isn’t there a responsible credit card out there, one that helps you manage your finances and do the right thing?
We’re making it our mission to create one--not only for people new to credit, but for everyone that needs it.
The way we think about it is simple: the easier the world makes it to buy stuff, the more responsible your credit needs to be.
And that’s why today, we’re excited to announce the release of a groundbreaking new perks program that rewards users with cash back for paying on time, a healthy financial behavior and one of the key components of building a good credit score. We’re also launching a number of other new features for the Petal card and mobile app designed to help our users manage credit responsibly.