Getting a Petal card won’t cost you a dime! You won’t ever have to submit a deposit to get either card, and neither card charges a membership fee.
But after you’re approved and start using your card, interest will be charged on any new purchases if you decide to pay off less than you’re spending (i.e., you carry a balance). Your interest rate is the variable Annual Percentage Rate (APR) you accept when you open your account. For the full breakdown on how interest works at Petal, take a look at the Cardholder Agreements for Petal 1 and Petal 2.
Petal 1 does have late payment fees, but they’re only charged if you don’t make at least the minimum payment by the due date. You will also be charged a returned payment fee for any payments that bounce and are returned by your bank. That means if you pay your minimum due on-time each month and your payments are not returned, you won’t pay any fees!
Petal 2 has zero fees: no annual membership fees, late fees, or any-other-kind-of fees! So as long as you pay your Statement Balance in-full each month to avoid interest charges, Petal 2 won’t charge you a dime!.