TERMS & CONDITIONS
Last updated June 15, 2022
The Petal VisaCredit Card Leap program gives eligible Petal cardmembers an opportunity to be considered for a credit line increase by completing certain goals that are designed to help members become more financially aware, financially responsible, and affirm their progress with greater access to credit.
If you are eligible for Leap, Petal will invite you to participate in the program and require you to accomplish two goals in order to be considered for a credit limit increase:
Goal 1: Pay at least the greater of your Minimum Payment or 15% of your monthly statement balance by thePayment Due Date (a “qualifying payment”) for six (6) consecutive billing cycles in which a payment is due on your account.
Goal 2: For Petal 1 cardmembers, don’t let your VantageScore® drop 50 points or more, as applicable, for six (6) consecutive billing cycles in which a payment is due on your account; For Petal 2 cardmembers, don’t let your VantageScore® drop 25 points or more, as applicable, for six (6) consecutive billing cycles in which a payment is due on your account. Your VantageScore®, as well as the score you must achieve to complete Goal 2, will appear on the Leap dashboard online and in the Petal app.
Upon successful completion of Goals 1 and 2, you will be considered you for a credit limit increase. Your Petal card account must remain in good standing in accordance with the Petal 1 Visa Credit Card Cardholder Agreement or the Petal 2 Visa Credit Card Cardholder Agreement, whichever is applicable. Credit limit increases are subject to an analysis of various factors, including but not limited to your ability to pay, which requires evaluating your income or assets and current obligations. A credit limit increase is not guaranteed. This review will not impact your credit score.
If you qualify for a credit limit increase, the credit limit on your Petal card account will be automatically increased within four (4) weeks after you have completed Leap.You can only receive one (1) credit limit increase under the Leap program at this time.
We reserve the right, at our sole discretion, to modify or replace any of these Terms and Conditions at any time. Upon any change in these Terms and Conditions, we will post the amended agreement on the Legal disclosures page; we may also attempt to notify you in some other way. We will indicate at the top of these Terms and Conditions the date these Terms and Conditions were last revised. Your continued participation in the Leap program following the posting of any changes to these Terms and Conditions your constitutes acceptance of those changes.