Petal, a credit card startup pioneering “Cashflow Underwriting” as an alternative to traditional credit scoring, announced on Thursday the launch of its new Visa No Annual Fee Credit Card, Petal 1. The new card comes with a mobile application that will “provide” various features, tools and tips for clients’ financial success.
“Many of these consumers, whose financial lives may have been turned upside down by sudden unemployment, unexpected medical bills or family financial obligations, do not qualify for traditional credit cards. Instead, they are forced to use predatory financial products like payday loans and auto-title loans that charge over 100% APR and can trap people in debt for years. Those who are eligible for the cards often have to pay high and mandatory fees just to use their card – annual fees, activation fees, and “monthly maintenance fees” are the norm. “
“Many of these consumers, whose financial lives may have been turned upside down by sudden unemployment, unexpected medical bills or family financial obligations, do not qualify for traditional credit cards. Instead, they are forced to use predatory financial products like Petal then noted that Petal 1 is also designed to give consumers with more complicated credit histories a better option, in an economy where it has become much more difficult to get a credit card if your credit history is far below. ‘be perfect. The Petal mobile app gives members access to credit score tracking, budgeting tools, subscription management, and automated payment options – everything they need to grow financially.
