Pros

No Annual Fee: As the name implies, the Petal 1 "no annual fee" Visa credit card does not charge an annual fee, which makes it a cost-effective option for cardholders.

Credit Building Benefits: The card is designed to help build credit for those with limited credit history or less than perfect credit scores. Cardholders can earn cash back rewards on purchases and, if used responsibly, may qualify for a higher credit limit over time.

No Foreign Transaction Fees: The Petal 1 Card is a convenient option for those who travel abroad frequently or shop at international merchants with no foreign transaction fees.

Unique Underwriting Approach: Petal uses a proprietary algorithm that takes into account factors other than credit score, such as income and expenses, to determine creditworthiness. This allows for a more inclusive approach to credit underwriting and can benefit those who may not have a traditional credit history.

Cons

High APR: The Petal 1 card has a relatively high APR, which can be expensive for cardholders who carry a balance each month. It's important to pay your balance in full each month to avoid accumulating interest charges.

No Introductory Offers: Unlike some other credit cards, the Petal 1 card does not offer introductory APR or rewards offers to new cardholders.

Credit Limits: $300 - $5,000 Credit limits, compared to other credit cards, may be lower on the Petal 1 card, which may limit the purchasing power of some cardholders.

Why Choose It

If you're looking for a credit card that will help you build credit without charging an annual fee, the Petal 1 "no annual fee" visa credit card is worth considering. With its unique underwriting, the card can benefit those with limited credit history or who may not have a traditional credit score. In addition, the card has no foreign transaction fees and offers cashback rewards on eligible purchases, making it a convenient and affordable option for everyday use. However, it's important to keep in mind its high APR and limited rewards program. To make the most of the card, be sure to pay your balance in full each month and use the card responsibly.