Yes, Petal is an unsecured credit card, which means applicants are not required to put down a security deposit to open an account. If you’re approved for either the Petal® 1 Visa® Credit Card or the Petal® 2 Visa® Credit Card, you’ll receive an initial credit limit of at least $300. Your exact credit limit will depend on factors such as your payment history, credit score, and annual income.
The unsecured Petal credit cards are solid starter cards for people with limited credit or better. However, your overall creditworthiness will ultimately determine which Petal credit card you’ll be approved for, as there’s only one application. The better your credit profile is, the more likely you are to be approved for the Petal 2 Card.
Yes, Petal does give credit increases to cardholders who use their card responsibly over time.
Thanks to the Petal “Leap” program, cardholders who pay their bill on time for six straight months and maintain their credit score may automatically receive a credit limit increase. All Petal card credit limit increases are automatic, since Petal does not currently allow people to request a higher credit limit on demand.… read full answer
To qualify for an automatic credit limit increase:
Petal® 1 Visa® Credit Card Petal 1 Card cardholders must pay the minimum due or 15% of their balance (whichever is larger) for six consecutive months + keep their VantageScore credit score from falling 50+ points from when they applied.
Petal® 2 Visa® Credit Card Petal 2 Card cardholders must pay the minimum due or 15% of their balance (whichever is larger) for six consecutive months + keep their VantageScore credit score from falling 25+ points from when they applied.
Petal card credit limits are generally pretty good. In fact, Petal 1 Card credit limits range from $300 to $5,000, and Petal 2 Card credit limits range from $300 to $10,000.
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