Review Time
I get a notice out of nowhere that states they are downgrading my Petal 2 card to a "Petal 1 Rise" card that charges a monthly fee of $8. Ridiculous! Then the email says "you can opt out by visiting your account now." Turns out, the way to opt out is to close your account entirely. In the FAQ is says to refer to the Change in Terms document for why your account is being downgraded, but the document gives no such reason as far as I can tell.I've been a loyal Petal customer for several years now. I got the card so I could build and maintain good credit. I have NEVER gotten near my credit limit or made a late payment. And now that I'm forced to close my account my credit score will go down. People should avoid Petal at all costs.
Petal just downgraded my petal 2 to their lowest credit card with the highest annual fee. I have never had a late payment ever I've been trying to call customer service and end up listening to hold music indefinitely. This is a cash grab and now they're not answering the phone. This is now just like a entry-level Credit one Credit card with a 35%+ interest rate.
Had a credit card with them for over 2 1/2 years now, probably my oldest card and longest credit card history, and i get an email telling me they are replacing my Petal 2 card with the Petal 1 card, and the only way to opt out is to delete your account and cancel the card in its entirety. No reason was stated for why they are making this decision, but i have seen many other people that have got the same issue going on as well.Cannot get ahold of anyone on the phone through Customer Service, phone just rings and rings without anyone picking up. I am sad to say that Petal card is going under and looks like they will not be in business much longer if this is what is going to be happening. Long story short, don’t bother signing up for Petal, choose a different card, there are so many of them out there with no fees and cash back, do not make the mistake of choosing them and ruining your credit like i did mine.
I will confirm what other recent reviews have stated--definitely a bait and switch tactic used by this company. I applied for this card 4 years ago to build my credit...it seemed legit and did help me build it since they did not require a credit check at the time of applying. Original card was no fees, low credit limit at first, but I could build that limit over time by making on-time payments--which I did every single month for the last 4 years. About two months ago (May 2023) I received a notice from Petal stating my Petal 2 card (the one with lower interest rate and for customers with better credit) was going to be automatically switched to a Petal 1 Rise card (much higher interest rate) and would begin charging $8 per month. The ONLY way to opt out of this change was to cancel the card altogether. I was like wha?! Credit bureaus do not like it when you close a card but literally Petal was forcing me to do it or pay their fees of $96 a year. Since I was only earning about $100 in rewards each year, it made no sense to keep the card because no other rewards or additional perks were being offered to me as an original Petal customer (when the company was first trying to launch, I was an original customer), even though I paid on-time and currently have an 800+ credit score. About my accumulated rewards points: I had about $100 in reward perks built up and the change notice stated I could cash those out by calling them directly (there was no way to make that request online) but when I called there was either no answer or I was put on an indefinite hold (waited 45 minutes one time then finally gave up). So instead, I charged up $100 worth of charges, redeemed my reward points to pay off that balance and closed the card. I have been an elated, 100% satisfied customer all these years, made frequent purchases on this card, and was able to establish my credit and increase my credit score because of the original Petal card I was issued. However, somewhere along the way (I think the company may have been sold to another one about a year and a half ago) they forgot who keeps them in business--their customers. I will say they did clearly communicate this change was coming a couple of months in advance, but why on earth you would intentionally burn your loyal customers without any fair alternative offered violates every business ethics rule out there. This card honestly gives VISA a bad name. I do not recommend any new customers apply for this card. I feel badly for any who are tangled up in this card with high remaining balances to pay off--the interest rate literally doubled and now monthly fees will be added on as well. GET OUT ASAP if you are a current customer and DO NOT APPLY if you are looking for a new card. This company ticks all the boxes as a shady, bait and switch scam.
PETAL canceled my card issued a new one because they said their dark web monitor had found my card listed. My credit score took a 40+ point hit directly by this action. I know because all my other credit cards for that month had a $0 balance. PETAL said they don't report canceled cards to the three credit rating agencies. The agencies said get a credit counselor because they aren't licensed to give advice. AFTER getting my new card with a different account number, next month my credit score went up 40+ points. OK I said, let it slide, no permanent damage done. TODAY I received the same letter every dissatisfied and disappointed PETAL customers got. My PETAL 2 card was downgraded to PETAL 1 with $8 per month fees. GREAT, OPTED OUT NATURALLY AND THEY FORCED ME TO CLOSE MY ACCOUNT TO DO SO!! TWO YEARS OF CREDIT HISTORY DOWN THE DRAIN. NEVER LATE, ALWAYS ON TIME AND THIS IS MY REWARD. CAN ONLY GUESS WHAT WILL HAPPEN TO THE AVERAGE AGE OF ALL MY CREDIT CARDS. KNOW IT WON'T HELP! SAVING GRACE, I HAVE A $0 BALANCE AT CLOSURE. NO MORE HASSLES FROM PETAL UNLESS THEY MAKE UP CHARGES FRAUDULENTLY.DON'T GET PETAL, BAIT & SWITCH BY PUTTING A GUN TO YOUR HEAD. ONLY WAY TO NOT HAVE TO PAY THESE $96 PER YEAR BOGUS FEES. ANY LAWYERS NEED A CLASS ACTION LAW SUIT FOR PETAL?
Had to cancel due to monthly fee, hurt my credit as I had for four years with responsible use. Glad I got rid of it ultimately with only $550 credit line over those 4 years and having no other CC limit below $5,000 out of my other 10 credit cards... Do yourself a favor and don't get this card it will hurt your credit closing it in the future if they decide to charge fees even if you have a 800+ credit score.
In the same boat as all other other reviews listed. I would not suggest anyone sign up will Petal. The wrote me a few months ago and the message was HEY WHY ARENT YOU USING OUR CARD????. A few months later- I used it and they downgraded me to one with monthly fees.....Never late with a payment..
Bait and Switch Business TacticsI was happy with my Petal card until this past month when I was notified that my Petal card (no fees, lowest interest rate) was being now will charge me $8 per month and increase my interest rate. I have never had a late payment, and per transaction fee. No reason for this. And the only way to opt out of this change is to close the account, which will ding my credit score. Now wants to force me to pay fees and use the card at a higher interest rate for no reason seems like shady business to me. But can never get a hold of them when I call. Shady, shady, shady.
Petal is a financial technology provider with consumer credit cards issued by WebBank. Petal has violated UDAAP and implemented an unfair practice that hurts its consumers en-masse. Petal, which markets itself to subprime borrowers with poor, limited, and no credit, recently implemented an $8.00 monthly membership fee. This results in a $96.00 annual fee to utilize the card when all consumers had previously signed up for it because it didn't require an annual fee. The only alternative to "opt out" of this fee is to close your Petal account. Closure of your account would result in the card being ineligible for use and for you to continue to make your monthly payments until your balance is paid in full. UDAAP has three specific criteria for an implemented act/practice to be considered "unfair." (1) It causes or is likely to cause substantial injury to consumers;(2) The injury is not reasonably avoidable by consumers; and(3) The injury is not outweighed by countervailing benefits to consumers or to competition.This new act by Petal meets these requirements. It causes or is likely to cause substantial injury to consumers;As mentioned, Petal targets subprime borrowers and those with no, limited, or poor credit. The APRs charged by Petal are already extremely high because of this, ranging from 24.84%-34.24% -- one of the highest APRs in the industry. This change will cause account holders to either pay a $98 annual fee or lower their available credit utilization (by closing their account), which hurts their credit score. Petal targets users who struggle with traditional credit and approvals -- therefore when their account is closed and their available credit is lowered, it will hurt their credit scores, and they will be even less likely to be offered credit lines from other lenders. Additionally, the customer will need to continue making payments on a loan with an extremely high-interest rate without the benefit of the payments revolving. The injury is not reasonably avoidable by consumers;Current Petal users who would have otherwise not paid a membership fee cannot reasonably avoid monetary financial harm. They do not have the option to opt for a no-fee card alternative offered by Petal. They have one of two choices. 1) accept a $98 annual fee for the lifetime of our account (when it was marketed that the card is a no fees card) or 2) close the account, which will negatively impact credit scores and leave them paying on an extremely high-interest card while limiting the benefits and value of the tradeline they continue to pay for. The injury is not outweighed by countervailing benefits to consumers or to competition.Other credit cards with no annual fees offer the same or better benefits like 1-3% cash back on all purchases (not just on specific merchants), lower APR rates (Petal has some of the industry's highest), credit score monitoring, tap to pay, and mobile wallet. These features are already available on widely popular cards like Wells Fargo Active Cash, Citi Double Cash, and other financial technology companies targeting subprime borrowers like X1. Petal customers have no countervailing benefits for this $96 annual fee, and the card itself is not competitive in the market. Because of the above-listed points, I strongly urge anyone affected by this to file a CFPB complaint. It is a cash grab by a company to make money off subprime borrowers. They either pay $96 a year for the life of their tradeline (a tradeline they marketed as a no-fee card) or continue to pay astronomically high interest, all while removing the benefits of their card service. It's a horrible customer experience and it is illegal under UDAAP.
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