Petal 1 vs. Petal 2: Which Is Right for You?

Petal has an algorithm that may analyze banking historical past to judge earnings, financial savings and spending, past the standard FICO credit score historical past.

The suitable Petal card will depend on your credit score historical past or money circulate. Petal’s pre-qualification course of will affirm which possibility, if both, is a match for you.

The Petal® 1 “No Annual Charge” Visa® Credit score Card is for these with less-than-perfect credit score or money circulate who’ve targets to enhance their credit score scores. Not like its sibling, this card fees charges for those who incur them and it earns fewer incentives on purchases. It is one in all BaghdadTime’s finest bank cards for truthful credit score.

The Petal® 2 “Money Again, No Charges” Visa® Credit score Card is for folks with a greater credit score rating or a stronger money circulate. Just like the title suggests, this card doesn’t cost any charges — even late charges — and is a stable possibility if you would like that added security web. It additionally provides extra ongoing incentives for purchases and on-time funds.

This is how the 2 playing cards evaluate:

To qualify for both card, you should be not less than 18 years previous, have authorized U.S. residence standing, present a Social Safety quantity or Particular person Taxpayer Identification Quantity, and be capable to pay the invoice from a U.S. checking account.

With good to wonderful credit score (a credit score rating of 690 or larger) it’s possible you’ll qualify for a cash-back bank card that may provide extra long-term worth. However, for those who worth skipping charges, the Petal® 2 “Money Again, No Charges” Visa® Credit score Card continues to be an excellent possibility.

If in case you have less-than-ideal credit score, both Petal card is an honest choose to place your credit-building targets on monitor. Making use of to pre-qualify for a Petal card gained’t harm your credit score rating, and it’ll assist you higher gauge your odds of approval. If you happen to do pre-qualify after which formally apply for a Petal card, a tough inquiry will seem in your credit score report; this will quickly impression credit score scores. (This end result is typical with most bank card functions.)

If you happen to’re not eligible for a Petal card, you continue to produce other choices for unlocking the door to credit score. Some playing cards are simpler to get, akin to those who require a safety deposit or those who don’t permit ongoing balances from one month to a different. Discover your choices and select the cardboard that finest aligns together with your earnings, credit score historical past and spending habits.