TERMS & CONDITIONS
Last updated February 1, 2024
The Petal Visa Credit Card Leap program provides eligible Petal cardmembers the opportunity to participate in activities or challenges associated with their Petal Card account. Participation in any offered activity or challenge is voluntary and does not impact an eligible Petal cardmember’s ability to utilize their Petal Visa Credit Card account pursuant to terms and conditions of their Cardholder Agreement.
In addition to other activities or challenges, the 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 a credit line increase through the Leap program, Petal will invite 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 the Payment 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 and Petal 1 Rise 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 section of the Petal app.
Upon successful completion of Goals 1 and 2, you will be considered for a credit limit increase. Your Petal card account must remain in good standing in accordance with your Cardholder Agreement 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. If your account is in good standing, you complete Goals 1 and 2, and you have not already reached your maximum credit limit, you will be considered for a minimum of $50 credit limit increase. 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 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 by electronic means. Upon any change in these Terms and Conditions, we will post the amended agreement on the Legal disclosures page which will be effective immediately; 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 constitutes your acceptance of those changes.