Chip Lupo, Credit Card Writer
@CLoop
The biggest disadvantage of the Petal® 1 Visa® Credit Card is that it has no rewards, and a high interest rate, at 28.99% - 33.99% (V). This is due largely to the fact that the card is targeted toward people with limited credit.
Petal 1 Card Disadvantages
- High APR: The Petal 1 Card has a relatively high APR, at 28.99% - 33.99% (V).
- Lack of rewards: The card unfortunately does not provide any cash back, points or miles.
- No balance transfers allowed
In addition, there are plenty of other disadvantages applicable to all or most credit cards. Some examples are the hard credit pull that usually happens when you apply, interest charged on balances that are carried from month to month, and the potential to overspend.
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People also ask
Does the Petal 1 card have pre-approval?
Yes, the Petal 1 Card does have pre-approval. Petal actually requires applicants to check for pre-approval before they can apply, so you will have a good idea of your approval odds if you choose to apply. Getting pre-approved for a Petal 1 Card means that your chances of being approved for an account are very high if you apply, but it does not mean that approval is guaranteed.
Petal 1 Card pre-approvals do not affect your credit score, as they’re...
read full answer by Chip Lupo, Credit Card WriterDoes the Petal One Credit Card do a hard inquiry?
Yes, the Petal 1 Card does run a hard inqurity when you apply for it. This might have a short-term negative effect on your credit score. This might have a short-term negative effect on your credit score.
However, when you submit your information for pre-approval, the issuer will only perform a soft pull on your credit which won’t affect your credit score. Just keep in mind that being pre-approved doesn’t guarantee your approval for a new...
read full answer by Evelyn Boros, Credit Cards ModeratorIs the Petal 1 Card a good first time credit card?
The Petal® 1 Visa® Credit Card is a good first-time credit card because it is available to people with limited credit and its annual fee is $0. This means it’s easy to get approved for and inexpensive to own. Responsible use also builds credit, as the Petal 1 Card reports account info to the major credit bureaus monthly.
To get approved for the card, you will need to have a steady income and meet other basic requirements like being at...
read full answer by Chip Lupo, Credit Card WriterDid we answer your question?
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