About Petal
Petal provides a credit card service aimed at helping individuals, particularly those with limited or no credit history, to build their credit scores. Instead of relying solely on traditional credit scores, Petal evaluates applicants based on their bank data, spending, and saving habits, allowing them to offer credit to those who might be turned away by other companies. They offer three types of credit cards with no annual fees, where users can earn cash back rewards ranging from 2% to 10% at select merchants. Additionally, Petal has a program called "Leap" that rewards cardholders with a credit line increase after making on-time payments for six months. The company generates revenue through interest on carried balances and transaction fees from merchants. Petal's mobile app enhances the user experience by allowing customers to track their credit scores, view transactions, and make payments easily. The goal of Petal is to promote financial inclusion and responsible credit use.