topic Re: Petal credit card changes, I got an email "Notice: upcoming Petal account term changes&quo in Credit Cards

Petal credit card changes, I got an email "Notice: upcoming Petal account term changes"

missmama — Wed, 17 May 2023 04:07:32 GMT

Interesting... Petal 1 is changing their account terms, adding fees for any cash-like transactions. I am assuming more credit card companies that don't have them yet will be doing it soon too... making sure they get ALL the fees they can. With all the sending money apps out there people must be using that option a lot thes days. Petal says if you want to opt out you can, but it will close your account if you do.

Re: Petal credit card changes, I got an email "Notice: upcoming Petal account term changes&quo

GZG — Wed, 17 May 2023 04:10:10 GMT

some people are also reporting $8/monthly fees, appears they aren't charging you that, charging for cash-like transactions is pretty fair tbh

Re: Petal credit card changes, I got an email "Notice: upcoming Petal account term changes&quo

Drifter73 — Wed, 17 May 2023 04:10:23 GMT

I got the $8 per month membership fee notice today and closed my account: https://ficoforums.myfico.com/t5/Credit-Cards/Petal-1-just-added-a-8mo-fee-to-their-No-fee-visa/td-p/6678014

Re: Petal credit card changes, I got an email "Notice: upcoming Petal account term changes&

missmama — Wed, 17 May 2023 04:21:41 GMT

@GZG wrote:
some people are also reporting $8/monthly fees, appears they aren't charging you that, charging for cash-like transactions is pretty fair tbh

Oh I agree, it is fair to charge for cash-like transactions. I was just letting people know of the change. I hope I don't get the $8.00 fee!!

Re: Petal credit card changes, I got an email "Notice: upcoming Petal account term changes&

Anonymous — Wed, 17 May 2023 05:13:06 GMT

Were balance transfers (in) allowed before? I see they are prohibited now.

Re: Petal credit card changes, I got an email "Notice: upcoming Petal account term changes&

Drifter73 — Wed, 17 May 2023 05:18:44 GMT

@Anonymous wrote:
Were balance transfers (in) allowed before? I see they are prohibited now.

I don't think they were. Not on Petal 1 anyways. I never had a BT option with mine in the 2 years I had it.

Re: Petal credit card changes, I got an email "Notice: upcoming Petal account term changes&quo

shadanat — Thu, 18 May 2023 15:32:04 GMT

I got this same notice about the cash like transactions. The only thing I use this card for to pay for my daughter's hair. The stylist use an app that you book and pay through. I wonder if this type of transaction triggered the notice.

Re: Petal credit card changes, I got an email "Notice: upcoming Petal account term changes&quo

C6 — Thu, 18 May 2023 16:06:58 GMT

As if charging 35% interest wasn't enough??? To add an $8 monthly fee is insane. This is nothing but sub sub prime and should be avoided at all costs.

Re: Petal credit card changes, I got an email "Notice: upcoming Petal account term changes&quo

AyaMai — Tue, 23 May 2023 22:01:18 GMT

Closed the account with CL $1900 after 2 years of having it.

Re: Petal credit card changes, I got an email "Notice: upcoming Petal account term changes&

7774x — Tue, 23 May 2023 23:40:30 GMT

@GZG wrote:
some people are also reporting $8/monthly fees, appears they aren't charging you that, charging for cash-like transactions is pretty fair tbh

What is a cash like transaction?

Re: Petal credit card changes, I got an email "Notice: upcoming Petal account term changes&

7774x — Tue, 23 May 2023 23:41:39 GMT

@C6 wrote:
As if charging 35% interest wasn't enough??? To add an $8 monthly fee is insane. This is nothing but sub sub prime and should be avoided at all costs.

35 % run fast ..

Re: Petal credit card changes, I got an email "Notice: upcoming Petal account term changes&

missmama — Wed, 24 May 2023 02:31:26 GMT

@7774x wrote:
@GZG wrote:
some people are also reporting $8/monthly fees, appears they aren't charging you that, charging for cash-like transactions is pretty fair tbh
What is a cash like transaction?

anything that is not a product or service I believe.. so sending money to family or friends I would think would be cash-like... not 100%, but that is what makes sense to me.

Re: Petal credit card changes, I got an email "Notice: upcoming Petal account term changes&

OmarGB9 — Wed, 24 May 2023 06:21:34 GMT

@7774x wrote:
@GZG wrote:
some people are also reporting $8/monthly fees, appears they aren't charging you that, charging for cash-like transactions is pretty fair tbh
What is a cash like transaction?

Cash-like Transaction means a Transaction involving the purchase of items that are directly convertible into cash or are similar to cash, including negotiable instruments. Cash-Like Transactions include, but are not limited to, wire transfers, travelers cheques, money orders and gaming transactions, including betting, off-track betting, race track betting, lottery tickets and casino gaming chips.

https://www.lawinsider.com/dictionary/cash-like-transaction#:~:text=1Sample%202-,Cash%2Dlike%20Transaction%20means%20a%20transaction%20involving%20the%20purchase%20of,casino%20gaming%20chips%2C%20and%20lottery

Also cash advances at ATMs.