Petal 1 Rise review 2023: Let your credit grow (for a $59 annual fee)

The Petal® 1 Rise Visa® Credit Card * The information for the Petal® 1 Rise Visa® Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. (issued by WebBank) is one of three cards in the Petal card suite designed to lay the groundwork for building stronger credit. The Petal 1 Rise Card is the only option that features an annual fee. Learn more about this credit-building card in our full Petal 1 Rise Card review. 

Petal 1 Rise basics

• Annual fee: $59.
• Welcome bonus: None.
• Rewards: 2% to 10% cash back at select merchants.
• APR: 28.49% to 35.74% variable APR.
• Recommended credit score: Fair.
• Other benefits: Cash-back rewards at select local and national merchants, complimentary credit score access and no foreign transaction fees. 

Petal 1 Rise review

Many credit-building cards fall under the category of secured credit cards, which are cards that require an upfront deposit equal to your line of credit. But the Petal 1 Rise Card doesn’t require digging deep into your savings. However, although there’s no deposit requirement, it does come with a $59 annual fee. 

In spite of that annual fee, unsecured credit-building cards that don’t ding you with a zillion other fees, like account opening fees, credit limit increase request fees etc. are rare — but the twist with the Petal card bunch is you can only apply to Petal in general and then Petal determines which of its three cards you’re approved for based on your credit and other factors including your income and bill payment history. 

The issuer may ask to link your bank account so they can get a better sense of your overall financial situation. They use this info to create a “Cash Score” which they use in conjunction with your credit score to make approval decisions.

When you apply you could be approved for any of these three Petal cards:

• Those with the better end of the fair credit scale may qualify for the no-annual-fee Petal® 2 “Cash Back, No Fees” Visa® Credit Card * The information for the Petal® 2 “Cash Back, No Fees” Visa® Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. (issued by WebBank), which earns 1% cash back right away and up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. Plus, earn 2% to 10% cash back at select merchants.
• Those who don’t qualify for the Petal 1 card may qualify for the no-annual-fee Petal® 1 “No Annual Fee” Visa® Credit Card * The information for the Petal® 1 “No Annual Fee” Visa® Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer. (issued by WebBank), which earns 2% to 10% cash back at select merchants.
• Those who don’t qualify for either of those options may qualify for the Petal 1 Rise, which has an annual fee of $59 and earns 2% to 10% cash back at select merchants.

However, if you don’t like the idea of rolling the dice to see which card you’ll get, you can use Petal’s pre-qualifying tool to get an idea of which card, if any, you’re most likely to get. 

If you’re approved for the Petal 1 Rise Card, know that all of the Petal cards report to all three credit bureaus and offer a path to a credit limit increase which can help you build your credit. If you’re new to credit and you don’t want a secured card, the Petal 1 Rise Card isn’t a bad option to start you on your credit journey, just be aware that there are other cards that can help you accomplish the same goals without any annual fees.

Aren’t sure how to pick your first credit card? Here’s our guide to the best first credit cards to build credit to help you navigate which one might be right for you.

Pros

• Credit-building: Petal reports card activity to the major credit bureaus, allowing you to build your credit with responsible usage. 
• Free credit tools: Cardholders can access free tools like credit score and spending tracking within the Petal mobile app. You can even connect other financial accounts for a more complete snapshot of your finances. 
• Credit limit increases: Through Petal’s Leap program, cardholders can qualify for a credit line increase (up to the maximum credit limit) in as little as six months through qualifying on-time card payments. 

Cons

• Annual fee: Petal 1 Rise doesn’t require a security deposit but it does require an annual fee. 
• Limited rewards: This card only earns cash back at select merchants based on your location.
• Application process is murky. Although you can check to see if you’re preapproved for this or another Petal card, you won’t know for sure until you’re approved.

Petal 1 Rise rewards

The Petal 1 Rise does not come with a traditional rewards program, like its sibling card, the Petal 2 — which earns 1% cash back right away and up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments. Plus, earn 2% to 10% cash back at select merchants.

Instead, the Petal 1 Rise earns cash-back rewards through purchases at select local and national retailers. Once you’re approved for the card, WebBank automatically loads available cash-back offers into your account. If you make a qualifying purchase, you’ll earn anywhere from 2% to 10% cash back at select merchants. Your earnings are typically added to your Cash Back Wallet during the following billing cycle. 

You can redeem your funds anytime for a statement credit. If you redeem $20 or more you can request a check or ACH transfer to a linked bank account.

Unfortunately, there’s no way to know upfront how lucrative these offers will be or how many rewards offers you’ll receive. 

Petal 1 Rise credit-building features

As with any credit card, your payment history matters and can affect your credit. Petal reports card payments and other account activity to the three major credit bureaus. If you’re consistently making on-time payments each month, you should see an uptick in your credit score over time.

The Petal 1 Rise comes with an autopay feature you can enable to ensure you never miss a payment. Your best bet is to use the card within your means and pay off the balance in full each month to avoid expensive interest charges. The Petal 1 Rise comes with a steep APR range, regardless of your credit profile. 

As a credit-building card, the Petal 1 Rise Card comes with built-in tools to help you stay on track, including free credit score monitoring through its mobile app. You can enable notification alerts to keep tabs on transactions as they occur. 

The Petal 1 Rise Card comes with a credit limit ranging from $500 to $3,500. You can access higher limits, though, by participating in the issuer’s Leap program. The program allows you to qualify for a credit line increase in six months by meeting certain criteria:

• Make six consecutive monthly payments of your minimum payment or 15% of your statement balance (whichever is greater). 
• Don’t let your Vantage score drop 50 points or more below your Leap credit score goal.

If you’re enrolled in the program, you have access to your Leap dashboard, which shows your progress toward these goals. Depending on your progress, you could qualify up to the maximum credit line. 

How the Petal 1 Rise compares to other credit-building cards 

The Petal 1 Rise Card is only one of many credit-building credit cards on the market. Here’s a look at how the Petal 1 Rise stacks up against other cards geared toward individuals with limited to fair credit. 

Petal 1 Rise vs. Tomo Credit Card * The information for the Tomo Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

The Tomo Credit Card offers a unique take on credit building. Similar to Petal, Tomo considers more than just your credit score to determine eligibility. However, the Tomo Card is a charge card, meaning you can’t carry a balance from month to month. But unlike other charge cards, you’ll have to commit to weekly automatic payments.

Instead of a security deposit, Tomo cardholders pay a participation fee of $2.99 per month ($35.88 annually), which is lower overall than the annual fee charged by the Petal 1 Rise Card. If you know you can pay your bill in full on a weekly basis, this is a more cost-effective way to build credit on a card without forking over a security deposit.

Petal 1 Rise vs. Discover it® Secured Credit Card * The information for the Discover it® Secured Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

Even if you’re security deposit-averse, the Discover it Secured Credit Card is worth a look. Although it requires a minimum security deposit of $200, there is no annual fee, and Discover automatically reviews your account starting at seven months to see if you qualify for an upgrade to an unsecured card. 

Unlike Petal 1 Rise, this Discover card earns cash-back rewards on card spending. Cardholders earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter and 1% cash back on all other purchases. Plus, Discover will automatically match all the cash back earned at the end of the first cardmember year.

Petal 1 Rise vs. Capital One Platinum Secured Credit Card * The information for the Capital One Platinum Secured Credit Card has been collected independently by Blueprint. The card details on this page have not been reviewed or provided by the card issuer.

Another secured card to consider is the Capital One Platinum Secured Credit Card. This secured credit card is a credit-building card and doesn’t earn rewards, similar to the Petal 1 Rise. Its features and benefits are similar to the Petal 1 Rise Card — from payment reporting and credit score access to basic card protections.

Where Capital One Platinum Secured excels is with its security deposit structure. You may qualify for a minimum deposit of $49, $99 or $200 with a $200 opening credit line. For some cardholders, the security deposit will be far less than their available credit limit, which is rare among secured credit cards.

Because of their similarities, the choice between the two cards comes down to your preference for paying an annual fee vs. paying a security deposit.

Is the Petal 1 Rise worth it?

The Petal 1 Rise Card doesn’t offer much in terms of benefits or rewards, especially not enough to warrant any type of annual fee. However, depending on your situation, it could be worth the cost for its credit-building potential and tools. 

If your credit is closer to fair then poor and you don’t like the idea of a security deposit, Petal 1 Rise fits the bill. Just know that many secured cards have more to offer than the Petal 1 Rise Card does.

Petal 1 Rise is right for you if:

• You don’t meet credit requirements for other unsecured credit cards. 
• You don’t qualify for other Petal credit cards.
• You prefer not to pay a security deposit to secure a credit card.