The Petal Visa Card V, -0.21% is geared toward people who have poor or non-existent credit. But a new rewards program launched by the card could end up becoming a roadblock for people looking to improve their credit score, experts say.
Petal, which has received backing from PayPal PYPL, -0.21% co-founder and entrepreneur Peter Thiel, launched the card last October in partnership with WebBank. It’s designed to appeal to people with weak credit. Namely, consumers don’t even need a credit score to sign up — nor do they need to make an up-front deposit to secure the card.
