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.
- Any late fees you are charged 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.
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.