Petal card! Any success?

[jdbkiang]

It's a fine card that does its job. Almost seems to have gotten a jump on the new UltraFICO with the whole judging creditworthiness by amount in bank accounts idea. 

That being said, there are no rewards outside of a small $10 statement credit that I believe was targeted. It's certainly not a card I'd set as a goal, but I guess it can be an useful tool. I only got it out of curiosity.

[Anonymous]

If it offers no rewards, how is it a fine card that does its job? What job is that? The job of being an useless SD card? And it's an HP like everyone else no less.

Furthermore, it took me months of contemplating before surrendering my bank login credentials to Mint, run by highly reputable Intuit, how is it a good idea to grant that kind of access to a startup company that no one seems to know much about?

I wouldn't recommend this card to anyone, there are better options.

[jdbkiang]

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@Anonymous wrote:

If it offers no rewards, how is it a fine card that does its job? What job is that? The job of being an useless SD card? And it's an HP like everyone else no less.

Furthermore, it took me months of contemplating before surrendering my bank login credentials to Mint, run by highly reputable Intuit, how is it a good idea to grant that kind of access to a startup company that no one seems to know much about?

I wouldn't recommend this card to anyone, there are better options.

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@Anonymous wrote:

If it offers no rewards, how is it a fine card that does its job? What job is that? The job of being an useless SD card? And it's an HP like everyone else no less.

Furthermore, it took me months of contemplating before surrendering my bank login credentials to Mint, run by highly reputable Intuit, how is it a good idea to grant that kind of access to a startup company that no one seems to know much about?

I wouldn't recommend this card to anyone, there are better options.

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It was never advertised as a rewards card, not was is it meant to be one. It's job, just like certain other sub-prime cards like the Cap1 Plat is to help those with a limited credit history build their credit with a card that reports to all 3 bureaus. The chance to build credit based on your bank accounts makes the card worth trying for, especially given no fees or security deposit. I can understand if you don't want to link your bank accounts, but the 3rd-party they use is the same as many other much more popular apps out there. 

So for people with credit history, you're right, it's an useless SD card. For those who need to build credit but are having trouble finding it, it can be a "fine card that does its job."

[AverageJoesCredit]

I find basing ones credit worthiness off how much you have in the bank, if thats what is meant, as ridiculous. One more for rich and nothing for the poor.

[Anonymous]

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@AverageJoesCredit wrote:
I find basing ones credit worthiness off how much you have in the bank, if thats what is meant, as ridiculous. One more for rich and nothing for the poor.

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AJC

Agree with you on that one... I do find it odd that they don't offer 2 things specifically. 

1. You can't add an authorized user. 

2. They don't offer CLI, "At this moment", as they are a young company and use ones banking account info, you would think as income goes up so would your limit... But thats not the case...

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[longtimelurker]

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@AverageJoesCredit wrote:
I find basing ones credit worthiness off how much you have in the bank, if thats what is meant, as ridiculous. One more for rich and nothing for the poor.

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Well, combined with other things it makes sense to me, certainly for setting the line of credit.  If someone has a history of having fairly liquid savings of say $200K, I would be more inclined to loan $10K than to someone with an average long term balance of $200.

You would continue to take into account prior history of lates etc.   And it makes much more sense than say the AZEO "trick" making someone more credit worthy!   But in the end, it all comes down to correlation.   If certain measurements are shown to be predictive of default, from the issuers viewpoint, that's what matters, whether or not it appears to make sense.

[FinStar]

And, to add to longtimelurker's comment, regardless of what makes sense, there's always a niche product for different individuals or segments.

Some individuals (especially outside of this sphere) are perfectly content with a non-rewards product if it offers seamless simplicity and/or functionality.

[WD2005]

I have one. Got a SL of $4K and no annual fee. They have yet to report to any of the credit bureaus, however. Its been almost 3 months. 

[notmyrealname23]

Bingo. I am 2 months and counting out of a Ch 13. My choices are secured rewards cards like those from my CU and Discover, a Capital One Platinum card, and this. I got this.

No fee and $6000 line of credit that drives my utilization WAY down (I AM paying in full every month, but now I don’t have to be ridiculous about paying before a report date)? Hell yeah. It’s a no fee card and come 2020 when the Ch 13 drops off at 7 years I can go for better ones, but TBH at this point I am here to rebuild credit not optimize on cashback.

[800FICOGoal]

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@Anonymous wrote:

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Ease of approval and that it reported quickly to all of the credit monitoring agencies...

Apologies, had my credit limit wrong... Its $4500. Also, like they monitor ...  banking accounts...

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I do not like this "feature".