Leap is a program that encourages Petal 1 members to complete tasks that exhibit healthy financial behavior in order to earn rewards, like a credit limit increase. We are hoping to expand the program to include Petal 2 members in the future.
How does it work?
In order to qualify for a limit increase, you need to complete the following tasks:
- Make 6 monthly payments in a row of 15% of your statement balance or your minimum payment (whichever is greater). We call this a payment streak.
- Don’t let your Vantage score drop 50 points or more below your Leap credit score goal. (we’ll show you your credit score goal in-app).
You can check out how much you need to pay each month to meet your goal and track your progress in the Leap dashboard.
Who is eligible for the Leap program?
Petal 1 members who do not already have the maximum credit limit of $5,000 are eligible to participate in the Leap program. We plan to expand Leap to Petal 2 members soon, so keep an eye out for updates!
What happens if I miss a payment?
If you don’t make a successful on-time payment that satisfies the Leap requirements, your payment streak will reset and you will need to start over to earn your credit limit increase.
What if my payment is returned?
If your payment returns and no other on-time payment is made, you’ll have to start your streak from the beginning. But if your payment returns and you’re still able to make a separate successful on-time payment, that payment will count towards your streak, and you’ll just continue on the path towards your Leap goal.
What if I don’t have a statement balance?
If you don’t have a payment to make due to inactivity, your payment streak won’t be affected. Just make a payment that meets your goal the next time you have a balance to continue with your streak. But keep in mind that being inactive may delay your eligibility for a credit limit increase until your account becomes active again.
How much will my credit limit increase be?
There are many factors that determine your credit limit increase, so it varies. But you’ll get an increase of at least $50 if you meet the Leap goals.
Does my credit score need to stay above my goal while I complete my payment streak?
We’ll only check to see if you met the credit score portion of your Leap goal after you complete your payment streak. So if your score dips below your goal score while you’re making the payments, that’s ok—just make sure you bring it back up when you hit 6 monthly payments in a row.
If your credit score is too low after you hit your 6 month payment streak, you’ll need to keep making monthly payments until your credit score is above your goal in order to earn your credit limit increase.
Do on-time payments I made before Leap count towards my streak ?
Yes. All on-time payments that meet the Leap goals and were made after you received your first statement will be counted.
Once I complete the Leap challenge, does my offer for a credit limit increase expire?
Yes, you’ll have 30 days from when you’re first presented with a credit limit increase offer to redeem it. If 30 days pass, you will no longer be eligible to redeem the credit limit increase.