The Petal® 1 “No Annual Fee” Visa® Credit Card — a product designed for those with less-than-perfect credit or low cash flow — plans to add a monthly fee for select cardholders, which will diminish its utility among those customers.
Here’s an overview of the changes to come.
What’s changing
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The following terms will go into effect in July 2023:
A monthly membership fee will apply for select existing cardholders. Current cardholders who were notified by Petal will have to pay an $8 monthly membership fee ($96 annually) to keep the card. All other cardholders will continue to pay a $0 annual fee. Petal says this change won’t impact new applicants for the Petal® 1 “No Annual Fee” Visa® Credit Card, although the company…
This article was written by Melissa Lambarena and originally published on www.nerdwallet.com