About Petal 1 Fees

 

How do fees work with Petal 1? 

Petal 1 members can be charged two types of fees: a late payment fee and a returned payment fee. 

We provided more information on fees at Petal below, but keep in mind that you will never be charged a fee greater than your minimum payment. So, for example, if you are charged a fee of $29 but your minimum payment is only $25, you will only be charged a $25 fee. 

Late payment fees.

  • If you miss a payment, you’ll be charged an initial late payment fee of $29.
  • If you miss another payment within the following 6 months, you’ll be charged a subsequent late payment fee of $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 fee.

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

You can only be charged one 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 appear on your activity feed within 1-3 days 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.

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