NEW YORK—Petal has unveiled a new rewards program for its no-fee credit card.
Starting this month, cardholders will be able to earn 1% cash back for all purchases. The Petal Card was designed to help people with limited or no credit history. The approval process is based on a person's bank accounts and bill payments, not credit scores.
To further this credit-building goal, Petal is now rewarding cardholders for making on-time payments. After six months of on-time payments, the cash back amount on the card increases from 1% to 1.25%, reported LowCards.com.
After another six months, it jumps to 1.5%. The cash back is automatically activated; no opt-in is required. Another change is the addition of spending limit settings. Petal now allows customers set a spending limit that is below their credit limit to help cardholders better control their budgets, noted LowCards.com.