The Petal Visa credit card offers credit to groups that have been underserved by traditional financial services providers. The solution is a no-fee credit card paired with a mobile app that makes it easy for users to build credit, track spending and manage money, even if they have never had credit before or a credit score. Moreover, Petal comes with low interest rates (14.24%- 25.24% APR variable based on the Prime Rate as of March 21, 2018) and high a credit limit up to USD 10,000.
In September 2017, Petal began beta-testing the card, and opened up a waitlist where interested consumers could sign up to receive an early invitation to apply. Since then, more than 60,000 people have joined the waitlist at petalcard.com.
Petal uses a new type of comprehensive credit analysis - Cashflow Underwriting - that provides an up-to-date picture of financial health. It measures additional components of each individual’s creditworthiness beyond information in a credit score, like how much they make, save and spend over time, and the bills they pay each month.
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