Thoughts on the Petal 2 Card?

[NoMoreE46]

Anyone have this card from WebBank?

https://www.petalcard.com/petal-2

It has 10% back with specific merchants like Old Navy apparently and am wondering if the 10% back with specific retailers is a rotating thing or if the 10% is announced ahead of time for a specific period ?

I am focusing on the 10% back detail and really don't care about any other features or cons of this card. However, I do look forward to any input/thoughts on this card from the community.

[Anonymous]

If you're interested in retailer discounts you can buy discount gift cards online, for example Raise.com has Old Navy GCs for 11.1% off at this time

Raise runs 5-10% off promos on top of the discounted price occasionally, so it can make for some good savings at lots of places

And you can buy the GCs with CCs, so that's more savings on top

[Anonymous]

I doubt it's all that great. It's probably like the Cartera portals that NFCU and others have where the minimum is 2% (base 1% earning rate plus 1% from the card). 

They also still haven't added a way for people who were preapproved and didn't apply previously to apply now. 

[NoMoreE46]

 A list of the ten percents:

New 10% cashback benefit

As of December 2019, the Petal 2 “Cash Back, No Fees” Visa® Credit Card offers up to 10% cash back at some merchants, including but not limited to:

• Gap.
• Athleta.
• Banana Republic.
• Old Navy.
• Lowe’s.
• Home Improvement.
• Casper.

Petal says you don’t have to activate these cashback offers; they’re already linked to your card.

[Anonymous]

I don't shop at any of those stores but if you do, that's a decent perk as long as it lasts. 

[ToxikPH]

I'm in the same boat as @Anonymous , got pre-approved out of curiousity before but didn't accept cause the card was worthless to me at the time (def is worthless now).

[notmyrealname23]

I have the card because it was a way to get a credit rebuild jumpstarted. For most merchants (like Old Navy/Gap/etc.) it's just 2% cashback or like a $10 discount on a first order. Only for Casper do you get "10% cash back": IF you spend $1000 you get $100.

If you're thinking this is like a DiscoverIt first year with CashBack Match, where you're getting 10% cashback for the revolving categories... no, sorry, you're going to be WAY disappointed.

It's perfectly cromulent as a 1.5% vanilla cashback card and I guess having 2% at some merchants or bonuses is OK, but this isn't an amazeballs card. Frankly it's getting some love on my end to keep it alive but it would end up in my sock drawer otherwise.

[coreysw12]

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@NoMoreE46 wrote:

 A list of the ten percents:

New 10% cashback benefit

As of December 2019, the Petal 2 “Cash Back, No Fees” Visa® Credit Card offers up to 10% cash back at some merchants, including but not limited to:

• Gap.
• Athleta.
• Banana Republic.
• Old Navy.
• Lowe’s.
• Home Improvement.
• Casper.

Petal says you don’t have to activate these cashback offers; they’re already linked to your card.

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The Lowe's discount (and presumably "home improvement" would also include Home Depot? Or is there a specific store called "Home Improvement"?) definitely gives the Lowe's card a run for its money.

[coreysw12]

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@notmyrealname23 wrote:

I have the card because it was a way to get a credit rebuild jumpstarted. For most merchants (like Old Navy/Gap/etc.) it's just 2% cashback or like a $10 discount on a first order. Only for Casper do you get "10% cash back": IF you spend $1000 you get $100.

If you're thinking this is like a DiscoverIt first year with CashBack Match, where you're getting 10% cashback for the revolving categories... no, sorry, you're going to be WAY disappointed.

It's perfectly cromulent as a 1.5% vanilla cashback card and I guess having 2% at some merchants or bonuses is OK, but this isn't an amazeballs card. Frankly it's getting some love on my end to keep it alive but it would end up in my sock drawer otherwise.

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So then I guess it's sort of the same thing as the Chase deals (and similar programs offered at other banks), where various merchants offer enormous deals for (usually) fairly small limits. Like I just got 10% off at McDonald's on my CSR card, but it was limited to $1 off total.

That's not nearly as exciting then, if that's the case. FWIW, though, according to Chase I've gotten about $60 back in the last year just from activating all the various Deals and going about spending as usual. So it's not nothing, at least.

[notmyrealname23]

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@coreysw12 wrote:

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@notmyrealname23 wrote:

I have the card because it was a way to get a credit rebuild jumpstarted. For most merchants (like Old Navy/Gap/etc.) it's just 2% cashback or like a $10 discount on a first order. Only for Casper do you get "10% cash back": IF you spend $1000 you get $100.

If you're thinking this is like a DiscoverIt first year with CashBack Match, where you're getting 10% cashback for the revolving categories... no, sorry, you're going to be WAY disappointed.

It's perfectly cromulent as a 1.5% vanilla cashback card and I guess having 2% at some merchants or bonuses is OK, but this isn't an amazeballs card. Frankly it's getting some love on my end to keep it alive but it would end up in my sock drawer otherwise.

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So then I guess it's sort of the same thing as the Chase deals (and similar programs offered at other banks), where various merchants offer enormous deals for (usually) fairly small limits. Like I just got 10% off at McDonald's on my CSR card, but it was limited to $1 off total.

That's not nearly as exciting then, if that's the case. FWIW, though, according to Chase I've gotten about $60 back in the last year just from activating all the various Deals and going about spending as usual. So it's not nothing, at least.

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That's about right. Not NOTHING, but not much (and IMO way behind AMEX/Chase Offers, given that for a lot of those merchants the offer just gets you to "2% cashback the same as a plain 2% card".)