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.