Petal Announces Revolutionary Rewards Program With Retroactive Rewards For Cardholders

Neena Andrews

| May 22, 2019

Many credit card issuers entice you to spend in the future by offering incentives. When you apply, some cards offer a hefty sign-up bonus if you spend a minimum amount, while others offer you cash back on future spending. But in introducing its rewards program, the Petal Cash Back Visa® Card is offering current cardholders cash back on past spending. This could be the first retroactive rewards program ever!

If you have little or no credit history, you don’t have enough of a credit record for lenders to evaluate your risk. It’s difficult to get credit cards without resorting to secured cards that have low credit limits and require upfront deposits.

The Petal Cash Back Visa® Card was designed to help the credit-invisible consumer who handles money responsibly. As opposed to traditional cards that focus only on borrowing history, Petal can use your existing financial records to evaluate your risk. This includes bank account information, payment history on non-borrowing obligations like cable and utility bills, and other available money management information.

Petal offers other advantages over competing starter cards, especially regarding credit limits. Because they evaluate financial management habits more thoroughly, they can offer credit limits from $500 up to $10,000 – far above most starter cards.

You can even set your own “limit within a limit” by creating a spending plan and tracking actual spending against your plan. You can still spend beyond your plan as long as you stay within your card’s limit, but you have an extra guide to prevent temptation.

Astonishingly, the Petal Cash Back Visa® Card has no associated fees at all – no late fee, international fee, annual fee, or any-other-kind-of-fee, fee. The only extra charges will be the interest you incur from carrying balances. Petal’s annual percentage rate (APR) is currently a competitive 15.24 - 26.24% based on creditworthiness. Learn more about Petal Cash Back Visa® Card.

The one drawback of the Petal Cash Back Visa® Card was the lack of a rewards program – until now.

Petal is introducing an unlimited 1% cash back on all purchases - right away, retroactive to purchases made since May 1, 2019. Current Petal cardholders will be automatically eligible, as will any newly approved cardholders. Of course, if you apply now, you won’t be rewarded for past spending on the card.

After each billing cycle, your cash back percentage will automatically be deposited into the “Available cash back” section of your Petal account. You can redeem it for a statement credit, or leave it in place until you have over $20 and redeem it as a check through Petal customer support. (Statement credits can be redeemed at any amount.) The available cash back doesn’t have an expiration date – it simply sits in the account until you decide whether to apply it to a statement credit or redeem it as a check.

The Petal Cash Back Visa® Card also offers opportunities to improve your cash back through regular on-time payments. Petal will increase your cash back rate to 1.25% after making 6 on-time payments. The cash back increases to 1.5% after making 12 on-time payments. Continue the responsible fiscal behavior that earned you a Petal card in the first place, and you can be at 1.5% cash back within a year.

While only on-time payments count toward cash back increases, they don’t have to be consecutive payments. Once you achieve that status, late payments don’t knock you back down to a lower cash back level. All you’ll be charged is the interest you accrue on any balance that you carry.

Petal targets consumers with little or no credit history – but if you have a credit file, Petal will take that into account. If it shows multiple missed payments, bankruptcies or other less responsible behavior, you may not qualify.

The Petal Cash Back Visa® Card has always been an excellent choice for consumers with thin or no credit files who manage money responsibly. Their new cash back policy makes their card an even better choice for those often-overlooked consumers.

Apply for Petal below, or check out our entire list of cash back credit card offers.

Petal Cash Back Visa® Card

•Up to 1.5% cash back after making 12 on-time payments •1% cash back on all purchases - right away •No fees whatsoever

Apply Now

Fair/Good Credit Needed


    • •Up to 1.5% cash back after making 12 on-time payments •1% cash back on all purchases - right away •No fees whatsoever
    • No late fee, international fee, annual fee, or any-other-kind-of-fee, fee
    • •$500 - $10,000 credit limits •No credit history necessary for approval •Build credit by using responsibly
    • •Petal reports to all 3 major credit bureaus •Petal's mobile app makes it easy to manage your money, track your spending and automate payments •See if you're pre-approved within minutes without impacting your credit score
    • •No deposits required
    • •Card issued by WebBank, member FDIC

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