About Petal 1 Fees

How do fees work with Petal 1?

Petal 1 members can be charged three types of fees: a late payment fee, a returned payment fee, and an annual membership fee if they have a Petal 1 Rise card .

We provided more information on fees below.

Late Payment Fees
● If you miss a payment, you’ll be charged an initial late payment fee of up to $29.
● If you miss another payment within the following 6 months, you’ll be charged a subsequent late payment fee of up to $40.
● If you pay on time for the next 6 months, the late fee resets to $29.
● If you are charged a late fee, the fee will be added to the minimum payment due on your next statement. For example, if your minimum payment is $25 and you are charged a $29 late fee, your minimum payment due the following month will be $54 ($25 + $29), assuming the $25 minimum payment already includes interest charges for that cycle.

Returned Payment Fees
● If you schedule a payment and that payment is returned, you’ll be charged a returned payment fee of up to $29.
● If you are charged a returned payment fee, you will not see it on your account until your next statement is generated.

Annual Membership Fee (Rise only)
● You will receive be charged a $59 annual membership fee upon activating your Petal 1 Rise card.
● The annual membership fee will appear on the billing statement post-activation.
● The annual membership fee will also be assessed annually from the date of initial activation moving forward.

Can I get charged both a late payment fee and a returned payment fee for the same payment?

  • You can only be charged one penalty fee for a single payment. So if you make a payment after the due date and are charged a late payment fee, you won’t also be charged a returned payment fee if that payment doesn’t go through. If you see both a returned payment charge and a late payment fee charge on your statement, that means the two fees are tied to separate payments.

When will I see any fees reflected on my account?

  • If you miss a payment, the late payment fee will be assessed and will appear in your activity feed and on your next statement.
  • If you have a returned payment, the returned payment fee will show up on your next statement and on your activity feed when that statement is generated.

  • Your annual membership fee will be assessed upon card activation.

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