Invited to Apply for the Petal CC

[Anonymous]

I have one question and one question only: Is it an HP if you’re accepted?

I’ve searched the forums and all I could find was a single user who accepted the invitation and received an HP from EX. Just curious to see if anyone else has had an experience with Petal.

[19eighty5]

Curious as well. I also received this invitation today. I doubt that i'll apply as I went through the pre-qualify questions and was determined not to be a good fit. Also, i've since aquired "better" cards that fit my spend. However, would like to hear from others that applied and were approved - do they have difficult/strict underwriting?

[Anonymous]

I got the invite as well and am also curious. One thing I noticed is that it says under how it works is..."Link your bank account." 

I am a bit apprehensive on that front just to SEE if I'm approved. Waiting for any brave souls to try it lol

[CGeorge]

For the right person, the Petal appears to be a perfect solution...

https://www.creditkarma.com/credit-cards/i/petal-card-review/

[Anonymous]

In the name of science, I went ahead and accepted the invitation, which is essentially a prequalification process. They get all your essentials like ID and SSN, then they ask about the relationships you have with institutions like BOA, Citi, AMEX, US Bank, etc. Yes they will ask for each and every one of your banking login credentials so caveat emptor. 

After submitting all that they’ll tell you whether or not you’re preapproved for the card. I wasn’t so the whole process didn’t count as an application of credit and therefore no dings to my score. They SP’d Experian. Strangely the score they pulled was 699, which not only doesn’t match any of my various EX scores but is significantly off from my EX FICO8 score of 722, and my EX Bankcard 8 and 9 scores, which are both 726. My guess is that the HP part comes if you make it to preapproval and accept.

The reason given for my rejection was “Your cash flow exhibits a higher risk transaction pattern.” I honestly don’t know what this means. I have cards from all the majors and my bank accounts always holds five figures. Income is 91k, UTI 3%, 4 INQ’s on EX, no BKs or lates, ever.

So, an interesting exercise, but a no go for me. Good luck to any who apply.

[AverageJoesCredit]

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@Anonymous wrote:

In the name of science, I went ahead and accepted the invitation, which is essentially a prequalification process. They get all your essentials like ID and SSN, then they ask about the relationships you have with institutions like BOA, Citi, AMEX, US Bank, etc. Yes they will ask for each and every one of your banking login credentials so caveat emptor. 

After submitting all that they’ll tell you whether or not you’re preapproved for the card. I wasn’t so the whole process didn’t count as an application of credit and therefore no dings to my score. They SP’d Experian. Strangely the score they pulled was 699, which not only doesn’t match any of my various EX scores but is significantly off from my EX FICO8 score of 722, and my EX Bankcard 8 and 9 scores, which are both 726. My guess is that the HP part comes if you make it to preapproval and accept.

The reason given for my rejection was “Your cash flow exhibits a higher risk transaction pattern.” I honestly don’t know what this means. I have cards from all the majors and my bank accounts always holds five figures. Income is 91k, UTI 3%, 4 INQ’s on EX, no BKs or lates, ever.

So, an interesting exercise, but a no go for me. Good luck to any who apply.

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With your income and profile  i wouldnt be  shooting for a card that wants all your bank info with no assurance of approval.  Sounds sketch to me but then again i dont have alot of money anyway

[Pikaboo-icu]

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@AverageJoesCredit wrote:

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With your income and profile  i wouldnt be  shooting for a card that wants all your bank info with no assurance of approval.  Sounds sketch to me but then again i dont have alot of money anyway

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There is NOT a card in this world that I would app for if I had to give up all my CC and banking LOG IN DETAILS!

Nope, Nada, It ain't happenin'. 

[Anonymous]

What can I say? I’m a thrillseeker. Maybe when the class action data breach suit comes I’ll get a free Petal card as compensation.

You both make perfectly valid points of course. I guess my curiosity got the better of me. C’est la plastique.

[AverageJoesCredit]

Lol Pika


Thanks for being the Guinea pig Op

[CreditInspired]

+1000 AJC
This is truly an invitation for a college student and/or someone with very limited income and a nonbank CC.