Published: May 5, 2023
Answer 1: Please refer to your Change in Terms Notice.
Answer 2: The Monthly Membership Fee will be charged to your account each billing cycle. The first Monthly Membership Fee will appear on your July 2023 monthly billing statement.
Answer 3: Please see your Change in Terms Notice which is available in your Petal app.
Answer 4: To accept the new terms, there is no further action required from you.
Answer 5: We’re thankful to be part of your credit journey but we understand you may want to opt out of these new terms. You’re welcome to make this choice prior to the effective date as identified in your Change in Terms Notice, which will result in account closure. You'll no longer be able to use your card. You're still responsible for paying at least the minimum payment until the outstanding account balance is paid in full. Interest will continue to accrue on that balance as normal.
Answer 6: You can reject this change by: Going to your Petal app > ‘Settings' > 'Important account changes' > 'Close Your Account', emailing us at firstname.lastname@example.org, or calling us at 1-855-697-3825.
Answer 7: For information on your Cash Back Rewards, please review your Petal 1 Perks Program rules which can be found on Petal's website at https://www.petalcard.com/legals/petal-1-perks-program-rules
Answer 8: No. You will continue using your current card.
Answer 9: Yes. Your transaction history can be viewed on your monthly billing statements.
Answer 10: No. You will continue using your current login information.
Answer 11: Open card accounts can help your credit score in two different ways: credit utilization and length of credit history. Closing a credit card account can negatively affect both of those components of your credit score. Because everyone’s financial situation and credit history is different, the effects of closing a credit card – or keeping it open – can vary.
Answer 12: Cash-like transactions are purchases but are subject to a fee. Examples of cash-like transactions include but are not limited to: money orders, person-to-person money transfers (such as payment apps like Venmo or CashApp), the purchase of lottery tickets, and the purchase of gift cards. Please see your Cardholder Agreement for details about the fee and additional information.
ATM withdrawals, balance transfers, and the purchase of cryptocurrency or other similar virtual or digital currency are not allowed.