Wait, What? Is Petal Credit Card Really Switching to $8 Per Month "Membership Fee"? 

Support our channel by choosing your next credit card using one of the card links at: - BEST: www.proudmoney.com/best-credit-cards-on-the-market/ - CASH BACK: www.proudmoney.com/best-cash-back-credit-cards/ - TRAVEL: www.proudmoney.com/best-travel-credit-cards/ - BONUS: www.proudmoney.com/best-credit-card-bonus-offers/ - BALANCE TRANSFER: www.proudmoney.com/best-balance-transfer-credit-cards/ - BUSINESS: www.proudmoney.com/best-business-credit-cards/ - GAS: www.proudmoney.com/best-gas-credit-cards/ - BEST AMEX CARDS: www.proudmoney.com/best-american-express-credit-cards/ - BEST CHASE CARDS: www.proudmoney.com/best-chase-credit-cards/ - BEST CITI CARDS: www.proudmoney.com/best-citi-credit-cards/ - BEST CAP ONE CARDS: www.proudmoney.com/best-capital-one-credit-cards/ - FAIR CREDIT: www.proudmoney.com/credit-cards-for-fair-credit/ - BAD CREDIT: www.proudmoney.com/best-credit-cards-for-bad-credit-unsecured-secured/ (We'll get compensated if you're approved, and we thank you kindly.) Other ways to support this channel: - Use our Amazon.com link: amzn.to/2PpQWoB (As an Amazon Associate, we earn from qualifying purchases.) - Get a $25 - $325 bonus when you open a SoFi Checking/Savings Account at: www.sofi.com/invite/money?gcp=68388c1c-9593-48a6-8872-7052db78d937 . NOTE: Credit card information in this video is not guaranteed; we have attempted to confirm all information to the best of our ability but we could simply be wrong or the information could be outdated by the time you watch this video. We are doing our best here, but check our work!

Petal Card, Inc: It looks bad to cheat customers with fake advertising promising a $0 annual fee!

I closed my Petal 2 account as soon as I read the email. They aren't the only game in town.

Petal started out great, then they switched to a monthly fee what a SCAM

Ok, so I called them. They told me they will start charging the 8$ after July 1st. I asked, if this is a entry level card, most of us its our first card. So I asked for a product change in order to not loose my relation with them and I am missing a flat 2% cashback card. But they dont do product change either, to at least get the Rise one. So its either close, or pay. They dont give much room to think. They really dont want us.

I got the notice today that I can either switch but it's"optional" Yeah the "options" are start paying $8 a month or close the account.

They are back-petaling their value.

I have had the the Petal 2 for 1y 8m,use it a handful of times a month, between $400-500 avg spend, pay the balance down to almost nothing before the statement closes, then pay the remaining balance in full every month and I just got the notice they’re switching me to a Petal 1 Rise and slapping on that $8 a month fee. This was my first card and planned on keeping that account forever. Needless to say, I’m suuuuuuuper pissed. I feel like I was conned. I feel like they planned this sh*t from the beginning. They intentionally went after people who were looking for their first card knowing they wouldn’t want to close that account and when they got enough ppl to sign up they pulled the switch. I got my fiancé to add me as an authorized user on a card she’s had for a long time and I’m closing my petal account as soon as I empty my cash back wallet. I will absolutely never do business with WebBank or any of it’s affiliates again and would encourage anyone else to do the same. Or you could end up getting screwed over like me.

I just got an email notifying me that my Petal 2 card will change to a "Petal 1 Rise" with an $8 monthly fee starting in August. I haven't used the card in quite some time. I called in asked if they could provide any reason why I am now paying this extra fee despite no late payments or other issues. They said they couldn't provide any reasons. I asked if there was any way I could avoid paying a monthly fee. They provided only one option: cancel the card. So it really does seem like they are just forcing members out.

96 annual fee is crazy for what the card actually is.

Thank you for the great video. You've answered questions that Petal will not. I've had this card for a couple of years. I always pay the balance within 2 days after charges post - I never wait for the statement closing date. I have a 790 credit score, yet they consider me an unworthy risk? I'm cancelling my account, for sure.

Just got my email, had the petal 2, 755 score, never missed a payment, used it every month. This is bullshit from petal, they don't even have an option to simply opt out of the change and keep your current account. It's change or deactivate your account, which will hurt tons of people's credit scores when they deactivate.

Lmao just got the email saying my petal 2 card which I’ve been very loyal to for years is being switched to a petal 1. The solution according to them? “Close your account.” Sounds good. Fuck off and good riddance.

I never got an email and I had a Petal 2 card, I found the message on the site when I went to make a payment that in August they would be switching me to Petal 1 Rise. So I canceled the account, I feel like what they had done was extremely scummy.

The only reason I found out about this is because several auto-pay services I had declined my card for reasons that are still unknown to me. After being notified by my internet service provider that I was late and paying (manually, still with the petal card which somehow worked this time), and searched first in my email to see if I had been notified of anything. Nothing. So I opened the app, and still found no reason why the card was screwing me over on my bills, but I did find this stinking turd of a contract change, which petal neglected to notify of, and I only found out because I wanted to know why the card was getting declined out of nowhere on bills I had been paying for over a year. Fortunately, they’re only changing my account at the beginning of next month, so I have plenty of time to close my account and be rid of this garbage company.

Great video !!! I Been with petal for a while and never missed a payment or a late payment I have excellent credit and i get the email they are charging a monthly fee so I will close the account!!! I dont have any credit card with monthly or yearly fees.

Pure sign they're in financial trouble.

I canceled this in a heart beat not worth it

If they go this route, I'm closing the account. No point as there are so many cards with no annual fee.

Petal was my first and probably last credit card (due to the shady practices in the industry) and thankfully never got a dime out of me. Thanks for building my credit score and qualifying me for a house that I will be closing on soon, I’m almost as excited to close my petal account (after closing) as I am to close on the house. Great video!

Any class action lawsuits going on? I want to chip in. I had the Petal 2 card and never was late and used less than 10% a month and they pulled this shit.

Hell Yea! I knew you'd be on the scene with this update! Thanks for the very informative video on this, I'm even more confident in dropping Petal.

Lame company, lure in a flood of people with cool benefits like no annual fees, no late payments, etc. Then switch to either pay us or screw up your credit. I had a Petal 2 no late payments, used it regularly, got a credit line increase even. Shady as hell to charge good standing customers with a higher annual fee than new, lower credit customers.

I have the petal 2 card and was given the notice of $8 a month, I immediately closed the card

I'm canceling mine. I got a notification on the app that i will be charged $8 a month. 🤷‍♀️

Adam, I got this notice when i logged into my petal 1 account on the app. I had a new agreement and they said they are adding new fees and new late fees and can't balance transfer to the card either. Not that i would want to. Sucks because this card was my highest limit but barely any rewards. So I guess it's time to clean house and move on. But if they lose customers isn't this going to be worse for them lol.... Oh well not my problem.

This Sh*t is crazy I got a petal2 and they downgraded me to a petal 1 rise with $96 annual fee, I have not use the card for awhile but Ive never got a missed payment or late payment.

I have a 770 score and never paid late or anything just got the email and canceled. I haven’t been using it anyway but kinda bs my score will take a hit because of this

banks that start demanding fees really start to scare me because the bank may be failing

What a Joke i thought petal was a decent card now it’s probably mediocre at best now

It’s my largest and oldest card and I pay in full every month Lmaooooo I’m definitely canceling in August once my other card hits 5 years.

I used the card every month for 24 months in a row, used less than 10% of available credit, and paid it off every month. I got the email that a fee would be charged.

I was a petal 2 card member and was using the card regularly was still down graded to petal 1 with $8 monthly fee. Can’t help but feel scammed. Never had any late payments and it was the only card I was using. Continually paid down balance

Hmmm.. IDK how I'm risky if I have been paying everything off in full every month without missing a payment ever since I became a customer. So, yes - will definitely closing the account and ending my relationship with a crappy business.

Petal...you have made on time payments the past 36 months...how about an AF with no benefits!

Called them to have the cash back I earned transferred to my bank account since that’s the only way to do it. As soon as it hits my account, I’m closing the card. They’re not worth any type of fee tbh.

Yeah, I canceled my petal 1 card as soon as I heard. Honestly, I got the petal card during college because I was brand new to credit, and it was the only visa card I could get approved for at the time. My credit is immaculate now, and I qualify for much better visa cards. Bye, petal, you won't be missed 😂

Closed the card,

This is why I just stick with the big banks and credit unions

Will be closing my account! Absolutely sickening!

Petal 2 called customer service no answer I should have know something was wrong when certain bills weren’t getting paid which I would pay to help build my credit now they want to charge I’m done.

Began charging me $8 a month after i paid my card off. Went to close the account because of fee and they would not waive the fee so i had to pay the bogus fee (my credit is around a 700 score so it wasn't based on credit ). I got two emails warning me of the fee and acted on the second one because i did not see the first one. Apparently you don’t have to agree to the fee for them to charge it. 😡

I’m glad I logged in today after a few months I only used it for the 10% cash back on subscriptions which was like a little discount. I even got raised $1200 because I was on time on payments. I never even got their promo of $300 for spending a certain amount. It’s whatever though I have the Chase Freedom and it’s so much better I get to buy $15-$30 gift cards every month and they have discounts on them too. I’ll never pay a annual fee that’s ridiculous for a credit card when you can get a lot of other cards

I cancelled my account with them immediately and applied and got credit limit increases on my other credit card accounts, like Discover, Venmo, Paypal etc. This is pure bait and switch to advertise as a no fee card and then 2 years later apply a fee, good riddance to Petal. I had a credit limit of $3500 with them and a zero balance, I got credit limit increases totaling over $41,000 among my various other card accounts, so this closure will have zero impact on my utilization on my credit report.

Card sucks when it comes to credit limit increases. They make you jump through hoops.

I just received the email and it said im getting a petal 1 rise card i had the petal 2 card and they gave me no reason as too why

I only just got this e-mail myself. Listening to your video, it looks like I'll be closing the account. It was one I wasn't really using anyways with the low 1.5% cash back versus other cards. It was my second card I opened though. Thanks for the information.

That would kind suck to have no real option but to cancel the card, particularly if this is a card you started with. However, I'd rather not pay a monthly fee and let that account age for 10 years after closing it anyways. Thanks for the update!

Yep I got this too. I'm closing my card asap.

I have 10 cards no yearly fee, this card gonna be the first, they really trick me, i never close a card, but i will get them one day. They in BIG financial problems i am guessing.

Unfortunately missed the email warning and now I'm out $8. When I called to close the card, they really didn't care. Was one of the easiest cancelation. I think I only had an $800 limit.

Ya Tomo did something similar when they added a monthly “participation” fee. I said F-that & closed my account the next day.

Petal 2 user here… Would def close the account if they do that. It would suck as it is my oldest card and would take a big toll on my cs. I use the card regularly and have not received any emails from them about this.

I have a Petal Card with a 5,000 limit, I seen this video and called Customer Service and they told me, they are selecting who they are gonna charge the 8 dollar fee with… they said if you receive the email you are getting charged 8.00 a month starting in July… but not everyone as of now are gonna be charged 8.00, it will be issued on a case by case basis…

Just got the email and closed my account right after. Are people really going for that bs lol

My wife got an email that she was gonna start getting charged but I’ve received no notice by email or logging into my account. We have both used our cards as our primary card putting $500-$1500 a month on our cards each. My wife has a $4500 limit while I have a $1700 limit. We both have always made our payments and paid nothing in interest. Maybe they want the higher credit limits to close their accounts as you hypothesized, I’m not sure but figured I’d share our experience. I guess it’s time to find a different card for my wife.

This is reminding me of the Tomo Card and the annual fee they are about to start charging.

BlockFi closed all credit cards officially since 9 May 2023 and its reported to my Equifax

Yeah, cancelled as soon as I got their email. After all, I haven't been using it because Capital one gave me better credit limits and benefits to boot.

I was using my card and they sent me the notice about switching me from petal 2 to petal 1 and charging me a monthly fee. It is ridiculous

According to credit karma they are still marketing for new custo.ers with no fees..

Got an email last Dec, stating the account was closed due to inactivity. 🤣🤣🤣

Yep I closed my account, it’s not worth it especially 8$ a month? And for such a stingy credit limit.

I use to have the credit card petal 2. I canceled it

If my petal card is my oldest card and I'm working on building credit would it be wise to keep it for awhile so my other cards can age a bit more? I had the petal 2 and got the email saying I would be charged $8 a month starting august 1st. Don't really want to pay that, but also don't want my credit to get all messed up!

They dont even allow u to switch your account to the one that is still free thats not a option either lol. What a scam they can go ahead and mess up my credit im not getting extorted for something only petal agreed to.

I got the email stating that cash like transactions will incur a fee. It’s a pad card for but I think it’s time to close it.

Thank you so much for explaining all this in such a great vid👍🏻

had a petal 2, they tried changing it to a petal 1 rise with fees. closed it. thats a nope from me i can get better cards now

cancelled mine yesterday. worthless card anyways. and all my ficos are in the 800s.

TD Bank has a couple credit cards that have a monthly fee and preset minimum fees. One is $10 and the other is $20 but, you dont pay interest as long as you make the minimum payments which are $45 and $70???

Great content as always, thanks Adam!!!

Ive contacted customer support twice since owning this card. The first was to see when I can qualify for pedal 2 card and was told its discontinued and to expect great thing in future. The next time was to see what benefits would be added to my card for the annual fee. I was told to read the info emailed to me but it just covered the new annual charges.

i had the petal 2 and i got emailed imthat im down to petal 1 rise and i have to pay 8$ per month , like wth? im at a 760 right now with a credit age of 1 year and 3 months on credit karma and i have 5 cards as well not sure im scared to close account will affect my score? help

Rebuild and run fast. Though if FinTechs are going to survive a recession (if one comes), this is the sort of thing they have to do. At least they’re communicating better than most

Definitely will close this card now cause it has barely any benefits from it but also just the "membership fee".

Thanks for these videos

So Petal is going to pivot to the Premiere/Credit One segment? When is APR going to 29.99%

With this information, it might be a good idea to be ready for a quick exit. The only reason why they are doing this is probably because the businesses is starting to become unprofitable or are is unprofitable.

Anyone know if your score will take a hit when cancelling ?

After mine closes, I will do an experiment. .

Don’t know if you read. Can you make a video about dormant cards? Cards that are inactive and classified as dormant but not yet shutdown. How long between dormant to closed? Is this dependent on low long you had the card? Do dormant cards still age? Does inactivity of dormant impact credit score in any way?

Have this card so far nothing and my score is low 600 rn

Serious question. Should I hold on to this card for 6 months until I need to refinance my house. I'm in a bit of a dilemma. I have 2 years with this company already. My limit is not that much but just worried about losing the 2 years of good credit off my report. or should I just get out now 🤔

BS. I would cancel.

Is this even legal for them to do?

PLEASE POST A PART TWO/ FOLLOW UP VIDEO I’ll TIP YOU FOR THE VIDEO IN XLM AND RECOMMEND ME A CARD TOO PLEASE FOR SOMEONE WITH A 750+ Score Looking To Eventually Get Into Business But Just Has A Regular Job At CVS

This is my only and first credit card, I've had it for almost 2 years and use it every month. I was just approved for another card, but canceling this card will definitely tank my score it's literally my only line of credit history. What should I do???

Never heard of this crap issuer

Yup… I just got the email telling me they’re switching me to a petal 1 with an 8 dollar a month fee. Needless to say I will be closing my account

It all sounds pretty terrible lol

When you’re out of the game, the only membership agreement you have is with yourself! Just another reason I’m staying out of the game.

I’ve had the petal 2 for 2 years. I asked to at least give me an explanation as to why they’re doing this to a loyal costumer since I’ve never been late on a payment. All they told me when I finally got a person from their “help department” was “it was a business decision” f@(k them

I called them and ask them why they did this seeing how I pay the card off every month and my credit is over 700. Credit history is good as well. They said they don’t know and can not tell me. They said just close the account if I wasn’t happy