Petal launches no-annual-fee credit card

With the Petal 1 ‘No Annual Fee’ Visa Credit Card, those with damaged credit or with no credit record have a better chance of being approved. Applicants are evaluated on their credit score (if they have one), and/or a ‘cash score’ based on banking history.

Credit limits for fair, poor or no-credit applicants start at USD 500 and can go up to USD 5,000, with no deposit required. Credit cards for beginners, like secured cards, usually require a security deposit upfront that acts as the cardholder’s credit limit (typically only USD 200).

The Petal Perks Program that cardholders are automatically enrolled in offers 2% to 10% cash back at select partner merchants in their area. The Petal 1 Credit Card reports to all three major credit bureaus, allowing you to build credit from scratch. Like its name says, the card charges no yearly fees, as well as no foreign transaction fees.