Petal

A simple, no-fee credit card

#5 Product of the WeekSeptember 08, 2017
+1

Build credit, track spending and manage money better, all with no credit score required.

Discussion
Would you recommend this product?
31 Reviews4.7/5
MakerHiring
Hey PH — this is Jason, Co-Founder and CEO of Petal. We’re launching our company publicly this week and I’m excited to share with you what we’ve been working on for the last two years. ——— First, some background: today, millions of people don’t have access to affordable, high quality credit, simply because they haven’t had credit in the past. For the most part, this affects younger and new-to-credit consumers, and disproportionately minorities, immigrants, and people with low-to-moderate income. Our team experienced this credit access problem first-hand. Despite working and paying bills on time, many of us had trouble qualifying for a decent credit card out of college and establishing credit history. Others on our team have struggled with credit card debt and fees, and know how difficult traditional credit cards are to understand and manage. We knew there was a problem here and wanted to be part of the solution, so we created Petal — a simple, no-fee credit card, designed to make life easier. Here are a few of the things that make Petal different: • We’ve developed new technology that allows us to assess creditworthiness without relying on a credit score. We use machine learning models to analyze things that don’t factor into a credit score today, like income trends, expenses and cashflows. This allows us to provide higher credit limits and better rates than competing cards, even to customers who don’t yet have a credit history. • We are the first credit card that charges absolutely no fees. No annual fee, international fee, overdraft fee, over-limit fee or late fee. • Petal provides a beautifully re-designed digital experience that makes it easier than ever to manage your money and radically more transparent. ——— There’s plenty more info on our site, and I’ve also written a more in-depth Medium post on why we created Petal if you want to check it out. Thanks for taking a look! I’d love your feedback and I’m happy to answer any questions.
Upvote (38)Share
@jasonbgross congrats! I'm on the waitlist already, looking forward to it ;-)
@jasonbgross congratulations!! i made sure to sign up. :))
@jasonbgross Why launch on Product Hunt today, if you're just going to put everyone on a waiting list?
Upvote (10)Share
@jasonbgross Given the Equifax disaster - what inputs are going into calculating the credit score equivalent? "Income trends, expenses, and cashflows" - do you plug into my bank account and run models against that? Transparency is probably going to be a key differentiator in a post-big-three-credit-score world.
Upvote (11)Share

Just moved to SF from Canada and I've spent the past month and a half struggling to get my finances setup. I don't have a credit history and my Canadian bank doesn't provide a decent cross border account so I have to start completely from scratch. Even though I make a decent salary I've been rejected by Simple, Chime, Final, Capital One, and Chase, all because I don't have an American credit score. If this service works as advertised it will be one of the most useful and timely services I will have used in my life.

Pros:

No credit score required is a life saver for building credit

Cons:

Make it faster to get started maybe?

Upvote (16)Share
Hey, have you tried TDBank? They are a US/Canadian Bank (The "t" in TD stands for Toronto!) and offer cross-border checking accounts for Canadians who've recently moved down to the US. I think they may also offer some credit products for Canadians new to the US. I might also suggest (and you may have already done this) actually going into a brick and mortar branch of whatever bank you're trying to get set up at if possible. Case in point, Wells Fargo rejected my online application for opening a basic checking account. So I went into a branch and they opened one up for me right away with no problems. The banker said that online banking applications are convenient, but often reject new customers who's situations deviate in any way from the status quo. Good luck! Welcome to the US!
Which countries is this available in?
MakerHiring
@saifalfalah Hey Saif -- Per the FAQ, Petal is only available to U.S. Residents with a valid SSN or ITIN over the age of 18.
@saifalfalah @tristajaye One more thing to wait for... Come to India someday soon. :)
@tristajaye You might want to check our Philippine market where credit card penetration is low. Most can't get their hands on with Credit card due to slow and tedious process of cc providers.
MakerHiring
@mistakenlyiteps Thanks! We'll be US only for our upcoming launch, but appreciate the tip!

Look forward to swiping with Petal!

Pros:

Transparent credit process that rewards responsible people and doesn't rely on esoteric FICO

Cons:

Haven't used the beta yet...excited to test it out though

Full disclosure: I work at Petal, and I work here because I think this is an awesome product, especially for people new to credit, recent immigrants, and first time credit card owners.

Pros:

simple UI, low APR, and no fees

Cons:

rewards (coming in a while!)

What will your rewards look like? :) Cool idea!