By: Joe Radtke
A new competitor, Petal, is entering the card space, targeting new-to-credit, millennial borrowers by analyzing non-traditional data. The company requests access to a person’s checking account and analyzes cash flow and income to make more informed underwriting decisions. The no-fee card will offer rates from 13.99%-24.99%, and credit limits between $500-$10,000.
The company is currently managing a waiting list of over 40,000 interested borrowers who will be notified via an invitation to apply once Petal launches. Competiscan has observed multiple email communications sent by Petal to prospects currently on the waiting list, including an email requesting prospects complete a quiz to confirm that Petal’s unique card is an appropriate fit.
Clients can access a short summary of Petal by clicking here.
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