A simple, no-fee credit card

more info
#5 Product of the WeekSeptember 08, 2017

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

  • diymanik
    diymanikDesign @ Thistle Health

    No credit score required is a life saver for building credit


    Make it faster to get started maybe?

    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: 

    simple UI, low APR, and no fees


    rewards (coming in a while!)

    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.

    Nik Milanović has used this product for one day.
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Jason Gross
Jason GrossMakerHiring@jasonbgross · Co-Founder & CEO, Petal
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.
Dimitris Tzortzis
Dimitris Tzortzis@dtzortzis42 · Product Lead @ Viral Loops
@jasonbgross congrats! I'm on the waitlist already, looking forward to it ;-)
midnight@itsmidnightyo · Producer
@jasonbgross congratulations!! i made sure to sign up. :))
Gary@garytokman · developer
@jasonbgross Why launch on Product Hunt today, if you're just going to put everyone on a waiting list?
Shlok Vaidya
Shlok Vaidya@shloky · Director, Customer Success Operations
@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.
Saif Al Falah
Saif Al Falah@saifalfalah · JavaScript Developer
Which countries is this available in?
Trista Kempa
Trista KempaMakerHiring@tristajaye · Ops + CX
@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.
Kesava Mandiga
Kesava Mandiga@k3sava · Curious cat. Writer. Explorer.
@saifalfalah @tristajaye One more thing to wait for... Come to India someday soon. :)
Steffi@mistakenlyiteps · Builder of mobile apps, Deal Grocer
@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.
Trista Kempa
Trista KempaMakerHiring@tristajaye · Ops + CX
@mistakenlyiteps Thanks! We'll be US only for our upcoming launch, but appreciate the tip!
Pieter van Mill
Pieter van Mill@pietervanmill · Front-End Designer
This looks awesome if need a credit card and can't get one. I was just wondering what the business model is when it seems you have "absolutely no fees".
Jason Gross
Jason GrossMakerHiring@jasonbgross · Co-Founder & CEO, Petal
@pietervanmill Hey Pieter—great question. We want to make sure our customers know exactly how we make money, and exactly what it costs to use credit, so they can do so safely and responsibly. Traditional credit cards make money in three ways: customer fees, merchant fees and interest. Because we don't charge customer fees, Petal makes money through merchant fees collected when the card is swiped and the interest from carrying a balance. And before customers carry a balance, we show them exactly what it will cost — in dollars, not just in interest rates and APRs.
Mike@mike_seekwell ·
@pietervanmill @jasonbgross Since some people seem to think "no fees" means free, "Petal has a variable APR of 17.99% to 24.99%." If you're looking for a new card, just like anything else, shop around. 18+% is a subprime rate and the card has no rewards. If you have subprime or no credit, this card is possibly a good fit, but otherwise you're likely to get a better deal elsewhere. Not a knock on the product, just want to make sure people aren't making bad financial decision because of a good design.
Ravishankar@r_ravishankar · Director, Front end Enthusiast
Simple and clean website
Mark Egerman
Mark Egerman@megerman · Cover, Co-Founder
This is a very strong team entering a large market with a product that is needed now more than ever.