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Is the “No Annual Fee” Visa Petal 1 Credit Card Worth It?

If you’re looking for a credit card that will approve you when others won’t, you might be wondering if the Petal® 1 “No Annual Fee” Visa® Credit Card is worth it.

The answer to that question is, yes, this credit card may be exactly what you need. It all depends on your exact goals, how much credit limit you hope to get immediately, and how you plan to use your new credit card over the long term.

Before signing up for the Visa Petal 1 “no annual fee” credit card, it may be helpful to visualize how you might use it while thinking long and hard about its pros and cons. This guide aims to help you do just that, so read on to find out when the “no annual fee” Visa Petal 1 credit card is worth it and isn’t.

When is the Visa Petal 1 card worth it?

Visa Petal 1 credit card is issued by WebBank and allows consumers to be approved using other credit data. This means you may be able to be approved with a bad credit rating, provided WebBank likes what it sees of your banking history.

Since the Petal 1 visa does not charge an annual fee, it is a good option for credit building as well as creating positive credit habits. This card also doesn’t charge foreign transaction fees, so it can also be a solid choice for international travel.

While your initial credit limit may be as low as $300, the “no annual fee” Visa Petal 1 credit card also gives you the ability to get a higher credit limit over time. With a program named Jumpyou may see your credit limit increase after making at least six months of qualifying one-time payments.

When is the Visa Petal 1 card not worth it?

The Petal 1 Visa is definitely attractive as a credit card, but there are a few downsides to consider. The first is its high APR of 21.49% to 30.99%, which will kick in if you don’t pay your credit card bill in full each statement period.

If you’re considering this card, your best bet is to only use it for purchases you can afford to pay off immediately, and to do so before you incur exorbitant interest charges on everything you buy.

Another downside of the Petal 1 Visa credit card is the fact that you won’t earn rewards on everything you buy. This card allows you to earn 2-10% cash back on select purchases from participating merchants through the Petal Perks Programbut other credit cards for bad credit allow you to earn money back on everything you buy.

An example is the Discover it® secure credit card with no annual fee, which offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter (and then 1% discount), plus 1% discount on all other purchases.

Finally, think about how this card might work if you got the minimum credit limit of $300 upfront. This credit limit might be enough to make small purchases throughout the month, but it’s not even close to what you’ll need if you’re hoping to use your card for something bigger to pay off your balance over time.

Should You Get the Visa Petal 1 Card?

The Petal 1 Visa is far from the best credit card on the market today, but it’s doable if you’ve made mistakes with your credit in the past. You also won’t pay an annual fee, so you can start building credit through responsible use without having to pay for the privilege.

With these details in mind, you should consider this card if you need to build credit fast, and want to do it without having to pay annual fees or post collateral to get a secured credit card. The Petal 1 visa even allows you to be pre-approved without a thorough investigation of your credit report, so you can assess your chances of approval before deciding.

The bottom line

If you’re on the fence about this credit card, be sure to read our review of the Visa Petal 1 “No Annual Fee” Credit Card. Also, take the time to compare it to other credit cards for bad credit, as well as credit cards with no credit if your credit history is limited. If you’re in college, you might also want to consider a student credit card for day-to-day expenses.

In the meantime, take steps to start building your credit score in other ways. You can do this by making your monthly loan payments on time (if you have any), paying off any unsecured debt you have, and using apps like Experian Boost to boost your credit score for free.

With some initial credit work and the Petal 1 visa in your arsenal of tools, you can be on your way to good or great credit in no time.