No, Petal is not a secured card and no deposit of any kind is required. In comparison to secured cards and many introductory credit cards, Petal also offers higher credit limits and lower interest rates.
Wait—what’s a secured card? A secured card is a credit card that requires the customer to put down a cash security deposit to open an account. The deposit—which can be hundreds of dollars—is generally the maximum credit limit available on the account.
In the past, having a secured card has been one of the only credit options available for people without a credit history. This is one of the primary reasons we created Petal—to give quality credit access to millions of new-to-credit consumers who deserve it!