Petal won’t cost you a dime if you pay your full Statement Balance on time each month. Petal has zero fees and interest is only charged on any unpaid statement balance after the due date. Here are a few tips on how to manage your Petal account so you’re not charged interest:
- Spend Responsibly: Only spend what you can afford and keep an eye on your budget. Having access to more credit doesn’t mean you should go overboard. Your Petal dashboard always shows you how much you’ve spent on Petal so far this month.
- Pay Your full Statement Balance: The only way to ensure you’re not charged interest is to pay your full Statement Balance by the due date every month.
- Or, Pay Balances ASAP: If you don’t pay your full Statement Balance by the due date, you can minimize the amount of interest you’ll owe by paying it back as soon as you can. Interest is charged daily on your revolving balance, so the sooner you can pay it off, the less interest you’ll be charged. There’s no need to wait until your due date to pay—you can always pay early on the day that’s right for you (like payday!).
- Understand Important Dates: Keep an eye on your inbox and your dashboard and make sure to review your statements and check when your payment is due each month.
- Set up AutoPay: Make sure you never miss a payment by setting up AutoPay so you can sit back and relax, knowing you’re on top of your bills.