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Petal 2 Visa Card Review

Written by Dayana Yochim
Edited by Carolyn Kimball
Fact-checked by Andrea Coombes

March 12, 2024

Why trust us? Investor.com has no financial relationship with any of the credit card providers whose products we analyze and review. Our opinions are based solely on data and our own extensive independent research — that means unbiased guidance for consumers. Rewards cards in our cashback credit card calculator are listed in descending order according to how much money they pay out annually based on the inputs.

The road to approval for a better rewards card starts somewhere — specifically with a 1% cash back, low-credit-line/few-perks card. At least Petal doesn't charge an annual fee like some other starter cards.

If you’ve struggled to be approved for a rewards credit card (or any card) in the past, here’s your in. The more forgiving approval process for the Petal 2 card from WeBank gets you in the door with a no-fee cash back card. Sure, the 1% default rewards rate is super basic. But pay your bill on time and Petal will gradually raise it to 1.5%.

When shopping for a starter (or re-starter) card, it's important to know your options. Capital One's Quicksilver line of cash back cards also cater to customers with some credit score blemishes. The QuicksilverOne card pays 1.5% cash back on all purchases, but charges a $39 annual fee. Consumers who have been working on improving their credit may qualify for the no-annual-fee Quicksilver Rewards.

» Petal vs. Quicksilver: Compare Capital One QuicksilverOne vs Petal 2 Visa Card and Quicksilver Rewards for Good Credit vs Petal 2.

The basics: Get 1% cash back on all qualified purchases right away; earn 1.25% after six on-time payments and 1.5% after 12. Cardholders can earn 2% to 10% cash back at select local merchants.

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dining Dining

theater_comedy Entertainment

local_gas_station Gas

shopping_cart Groceries

monetization_on Other

local_pharmacy Pharmacy

card_travel Travel

local_shipping Amazon

storefront Costco

construction Home Improvement

shopping_bag Online Shopping

smart_display Streaming

local_taxi Transit

power Utilities

kitchen Whole Foods

receipt_long Wholesale Clubs

Calculate Cash Back

Petal 2 Visa Card

Cashback Per Year

$...

Annual Fee

Welcome Bonus

N/A

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Want to compare more cards? Use our full calculator.

Petal 2 Visa Card pros and cons

thumb_up_off_alt Pros

Offers a pathway to rewards if you’re new to credit
Earn up to 1.5% cash back
Preapproval available
No fees. Like, none. Not even foreign transaction fees
Rewards shopping local with 2%-10% cashback
Unlimited cash back

thumb_down_off_alt Cons

Just 1% cash back for the first six months
Requires six to 12 on-time payments for access to 1.25% and 1.5% cash back rates
Low credit limit = low rewards potential
High APR on unpaid balances
No sign-up bonus or intro 0% APR offer

Petal 2 Visa Card cashback rewards spending categories

The following table shows the cashback rewards rate per $1 spent in the six most common spending categories. The “Bonus Rate” refers to the amount you can earn in excess of the card’s standard rewards rate.

Some cashback cards limit the spending amount eligible for the bonus rate (aka the “Spend Cap”). Once you hit that cap (e.g., $1,500 spending in a particular category during a defined time period), the rewards rate on future purchases in that category reverts to the lower “Default Rate.”

Category	Default Rate	Bonus Rate	Bonus Spend Cap	Bonus Spend Period (Months)
Gas	1.00%	-	-	-
Travel	1.00%	-	-	-
Dining	1.00%	-	-	-
Entertainment	1.00%	-	-	-
Pharmacy	1.00%	-	-	-
Groceries	1.00%	-	-	-
Other Purchases	1.00%	-	-	-

Note: Petal2 Visa cardholders will earn 1%-1.5% cashback on purchases, based on the number of on-time payments made during the life of your account. Upon card activation, you will earn 1% (which is cashback rate we use in our calculator and the table above). After six on-time payments, you will earn 1.25% cashback. After 12 on-time payments you will earn 1.5% cashback.

What we like

Petal card approval is based on your banking history (your income, spending and savings) and not just your credit score.

You can see if you’re preapproved without impacting your credit score. Preapproval, however, does not guarantee actual approval, and your official application will likely show up in your credit file.

When the Petal 2 marketers say “no fees,” they mean it. There are no annual fees, foreign transaction fees, late-payment or returned-payment fees.

Chance to raise the cash back rate. Although you start with a bare-minimum 1% rewards rate, your on-time payments over the next six to 12 months will unlock higher rewards rates and look flattering in your credit file. Six on-time payments bumps up your rewards rate to 1.25%; 12 timely payments and you score a 1.5% cash back rate.

2% to 10% cash back at select merchants. Petal notifies cardholders of local businesses where purchases earn an elevated rewards rate. Win (for the merchant)-win (more cashback for you)!

What we don't like

A 1% cashback default rate is — quite literally — the least you can earn from a rewards card. And that’s all you’ll get for your spending on this card for at least the first six months after activation. (Note: WeBank also offers a line of Petal 1 cards only pay cash back when you shop at select merchants. All other purchases earn no cash back rewards.)

No welcome bonus, balance-transfer deal or 0% introductory APR on new purchases here.

The $500 - $10,000 credit limit may be limiting to some who are approved for amounts at the lower end of the spectrum.

The high APR on balances doesn't surprise me. I've learned to expect it on cards aimed at consumers building credit. Still, it's hard to hide my disappointment. /feelings

The bottom line

Is the Petal 2 Visa Card the best rewards card for your wallet? The answer depends entirely on your spending patterns. Let the numbers speak for themselves: Use the investor.com Cashback Credit Card Calculator to see which credit card pays back the highest rewards based on how much you spend each month.

Petal 2 Visa Card fine print

Practice your diction by referring to the petite print pursuant to the Petal Perks Program and pressing pecuniary particulars for Petal 2 card participants. That was fun. For us.

Does the Petal 2 Visa Card charge an annual fee?

No, there is no annual fee for the Petal 2 Visa Card.

tips_and_updates Trivia time!

How common are annual fees? Roughly 17% of the consumer cash back cards we review charge an annual fee. They range from $39 to $99, with an average annual fee of $67.

Does the Petal 2 Visa Card offer a welcome bonus?

No, the Petal 2 Visa Card card does not currently offer a welcome bonus.

tips_and_updates Fun fact

More than half (55%) of the consumer cash back credit cards we track in the investor.com database offer a welcome bonus, ranging from $30 up to $300. The average sign-up bonus for new cardholders is $197, with the median being $200.

How much cashback can I earn with the Petal 2 Visa Card?

The average American that spends $1000 per month will earn $120.00 in cash back per year using the Petal 2 Visa Card. For comparison, the average annual rewards payout from the cashback credit cards in the investor.com database is $191.26, and $180 is the median.

These calculations are based on average consumer spending data from the Bureau of Labor Statistics (BLS) and the reward payout rates from the providers we track. Of course, you’re so much more than an average data point (aka “consumer unit,” in BLS parlance). The amount you can earn in cashback rewards using the Petal 2 Visa Card depends entirely on your unique spending habits.

Find out exactly how much you’ll rake in with the Petal 2 Visa Card by tailoring the spending inputs in the calculator above.

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Methodology

The results of the investor.com Credit Card Rewards Calculator are based on the monthly spending amounts you enter and the annual dollar value of the rewards each credit card program pays per $1 spent. Credit card companies often express this payout amount as a percentage (e.g., 1.5% of every dollar spent) or on a points basis (e.g. ,1.5 points for every dollar spent). We converted all of them to a dollar amount (“Cash Back Per Year”) to make comparing offers easier.

To calculate the amount of cash back you could earn per year, we factored in:

Spend category inputs: The default dollar values for each “Spend Category” in the Best Cashback Credit Cards tool — gas, groceries, travel, restaurant, entertainment, pharmacy, other — are based on average American spending data from the Consumer Expenditure Surveys from the U.S. Bureau of Labor Statistics. We also include additional spend categories (such as streaming services, online shopping, utilities, transit, Amazon and more) to help you see which rewards cards are most closely aligned with your actual spending patterns. We encourage you to customize the monthly spend inputs for the most accurate results.
Tiered rewards rates: If a rewards credit card pays higher cashback rates on certain spending categories (also called “Bonus Rewards”), that difference is reflected in the total “Cash Back Per Year” tally.
Rewards spending caps: Some cards impose category- or time-based limits (monthly, quarterly, annually) that affect the amount of rewards you can earn. For example, a card may pay 3% cash back on groceries on up to $1,000 of spending each quarter, then revert to the base/default rewards rate until the following quarter. We accounted for bonus spending caps and timeframe in the calculations.
Default rewards rates: Purchases that exceed a spending cap are usually subject to a lower default rewards rate (e.g., 1% or 1.5%). We mathed that out too.
Annual fees: If a rewards card charges an annual fee, we deducted that amount from the “Cash Back Per Year” total to provide a true accounting of a card’s annual rewards payout.

What’s not included in the “Cash Back Per Year” total is the cash value of any sign-up/introductory bonus. We highlight any Welcome Bonus separately. While sign-up bonuses can be the most lucrative part of getting a new cashback rewards credit card, not everyone will want or be able to do what it takes to earn the extra cash. (It usually requires spending a certain amount in a specified time period after the card is activated.)

About the Editorial Team

Dayana Yochim has been writing (articles, books, podcasts, stirring speeches) about personal finance and investing for more than two decades, focusing on bringing clarity and the occasional comedic aside to what is often a murky, humorless topic. She’s written for NerdWallet, The Motley Fool, HerMoney.com, Woman’s Day, Forbes, Newsweek and others, and been a guest expert on "Today," "Good Morning America," CNN, NPR and wherever they’ll hand her a mic.

Carolyn Kimball is a former managing editor for Reink Media Group and investor.com. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money.

Andrea Coombes has 20+ years of experience helping people reach their financial goals. Her personal finance articles have appeared in the Wall Street Journal, USA Today, MarketWatch, Forbes, and other publications, and she's shared her expertise on CBS, NPR, "Marketplace," and more. She's been a financial coach and certified consumer credit counselor, and is working on becoming a Certified Financial Planner. She knows that owning pets isn't necessarily the best financial decision; her dog and two cats would argue this point.