WebBank and credit card information

You may have never heard of WebBank. However, you may be aware of some of the credit cards it issues.

WebBank is an FDIC-insured financial institution based in Salt Lake City, Utah that issues various brands of credit cards and other financial products. Many are designed for consumers with limited or weak credit histories.

WebBank credit cards usually give people with a poor credit history or a few errors on their credit report a chance to qualify for an unsecured credit card. You can then use these cards to pay your bills on time every month and keep your balance low or pay them in full to build a longer, stronger credit history.

But are WebBank credit cards worth adding to your wallet? They may come in handy if you need credit-building help to help you get access to better credit cards and loans. , if you run a small business? At WebBank, he offers one matching business card.

best webbank credit card

WebBank now offers three credit cards that are solid options for consumers looking to build a longer credit history, and a business credit card that makes sense for business owners who need higher credit limits. I’m here.

Petal 1 ‘no annual fee’ Visa credit card: perfect for casual credit recovery

The Petal 1 card is a no annual fee card that allows you to create and repair your credit history for free. Also, since it is an unsecured credit card, there is no need to deposit money when opening an account.

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The rewards program is an interesting one. Since only certain retailers are always participating, most of the purchases made with the card do not generate rewards, however, if you claim products at participating retailers, he will receive 2 for those purchases. Earn % to 10% cashback. To find out which retailers are participating in the rewards program at any time, you’ll have to check online at Petal 1, but participating retailers include brands like Shake Shack, Sam’s Club and Costco.

No welcome offer as this is a basic card. The Petal 1 card has a credit limit of $300 to $5,000, depending on the credit.

Strong Points

Cons

• No welcome offer

• Not all purchases earn reward points

• Some credits may impose a lower credit limit

Petal 2 “Cash Back No Fees” Visa Credit Card: Great for Earning Points While Building Credit

Petal 2 cards are a significant step up from Petal 1. This is mainly because it gives you the opportunity to earn more rewards while building your credit history. Like Petal 1, this is a no annual fee card designed for people with short or weak credit histories. But unlike Petal 1, you get rewards with every purchase. Get 1% cash back for every dollar you charge.

It’s not particularly generous, but if you make 12 consecutive on-time payments, you’ll get 1.5% cashback on all your Petal 2 purchases. Also, you can get 2% to 10% cashback when you pay. At select retailers participating in the Petal Offers program. You should always check Petal 2 online to see which retailers are participating.

Strong Points

• Earn points with every purchase

• You can increase your income by making payments on time

• No annual fee

• Credit limit up to $10,000

Cons

Avant Credit Card: Great for applicants struggling to qualify for other unsecured credit builder cards

The Avant credit card is as basic as a credit card. No rewards program or welcome offer. The highest credit limit it offers is $2,000. Worse? It comes with a high volatility APR of 29.24%, and with weaker credits, you could pay an annual fee ranging from $0 to $59.

However, the Avant card is designed for consumers with a “fair” FICO credit score. This generally means a low score of 580. An unsecured card that helps you build your credit history or improve your weak score without coming up with a deposit. open an account; It’s a solid option to consider if you don’t want a secure card but are struggling to get a better option. As long as you pay your balance in full on time to avoid high interest rates, your credit score will steadily increase and you can apply for cards that offer more perks, such as loyalty programs.

Avant offers what it calls a proactive credit limit increase. If you pay your bills on time and your debt does not increase significantly, Avant will let you know if you are eligible to increase your credit limit, but your limit will not exceed the $2,000 limit on your card.

Strong Points

Cons

Capital on Tap Business Credit Card: Great for small business owners looking for higher credit limits

The Capital on Tap business card is a business card with a basic rewards program. Earn 1.5% cashback on all purchases. This is an easy-to-understand cashback program, and as a small business owner, you don’t have to spend time figuring out which spending categories will get you the most cashback. However, this is not particularly generous when compared to other reward programs found on other business credit cards. Some of the best small business credit cards offer higher percentage cash back.

The card also doesn’t offer a welcome bonus, but on the plus side, you can qualify for a credit limit of up to $50,000. This is a generous limit and useful for business owners who often struggle with cash flow.

Depending on your creditworthiness, you may qualify for a variable APR of 9.99%. This is one of the lowest interest rates for business cards. But what if your credit has a few dents? APR can climb up to 34.99%, and keeping it in balance can be expensive.

Strong Points

• Credit limit up to $50,000

• No annual fee

• Variation APR potential as low as 9.99%

• Reward for every purchase

Cons

Is a WebBank credit card right for you?

Should you apply for one of these WebBank cards? For many people, this can largely depend on your financial situation. , gives you the opportunity to rebuild damaged credit or build a longer credit history.

This is because payments made with these cards are reported to the three major credit bureaus: Equifax, Experian and TransUnion. Building a history of on-time payments will steadily improve your triple-digit credit score. Please be sure to make these payments on time. If you make a single payment 30 days past due on your card, your credit score will be lowered by 100 points instead.

But what if you have good to excellent credit? Then there’s little reason to apply for most WebBank cards. That’s because they’re pretty basic and either don’t offer a rewards program, or even with no annual fee, they don’t offer as much value as you’ll find on the best cashback cards. .

But what if you need to rebuild your credit and are having trouble qualifying for other cards? A WebBank card might be a solid choice.

How to choose a WebBank card

When considering whether to apply for a credit card issued by WebBank, there are several factors to consider. Everything from your credit score to the fees and benefits your card offers can influence your choice.

what’s your credit score?

Many WebBank credit cards are suitable for consumers who do not have a good enough credit history to qualify for other cards. This can happen if you have never taken out a loan or credit in the past. Without a record of timely payments, it can be difficult for consumers to generate credit scores. But if your score is in the good or better category (usually considered his FICO score of 670 or above), look for a credit card that offers more perks and a better rewards program than most cards. may be available. WebBank card. If you’re considering a Capital on Tap business card, a higher credit score may qualify you for a business card with a more generous rewards program.

Are there additional features?

It is true that WebBank’s Petal 1, Petal 2 and Capital on Tap cards offer reward programs. However, these programs aren’t particularly generous when compared to the rewards offered by competing cards. These cards also don’t come with many other perks. If your credit score is high enough, look for credit cards that offer more valuable reward programs and perks such as cell phone protection, extended warranties, travel delay insurance, and refunds for his TSA PreCheck or Global Entry in flight. please. However, if you have a low or limited credit score, these cards, even with limited extra features, may be a good choice until you accumulate credit.

Is the price worth it?

Many fees can be avoided with Petal 1, Petal 2 and Capital on Tap cards. None of these cards charge annual fees or foreign transaction fees. Also, Petal 2 doesn’t charge late fees or restocking fees, but the Capital on Tap card doesn’t charge ATM fees. If you want to use your credit card as sparingly as possible, these cards become more attractive. However, the Avant card may charge an annual fee of up to $59 depending on your credit score. This card will also be charged a late fee of up to $39. This card may not be worth it if you have to pay an annual fee.

Also, be aware of fluctuating APR. Some of his WebBank cards may have lower annual rates, while others may have higher annual rates, depending on your creditworthiness. If you don’t want to pay off your balance in full each month, consider a low-interest secure card like the Merrick Bank Secured Credit Card.

Are there better options available?

WebBank has fairly low credit requirements and even if available to someone with fair credit, there are other options available if the goal is to rebuild credit or build a credit history. increase.

The Discover it® Secured Credit Card comes with an enhanced rewards program. Earn 2% cash back at gas stations and restaurants and 1% cash back on other purchases. Discover will also match the cash earned in his first year. This is a secure card. In other words, you have to make a deposit to open an account. This deposit is your credit limit.

The US Bank Cash+® Secured Visa® Card Card is another great option for building a strong credit score. This secure card offers quarterly 5% cash back on purchases in selected rotating categories. 5% cashback on flights, hotels and car rentals booked directly with Rewards Travel Center. 2% cash back on one selected category every day. 1% on all other purchases. This is an impressive amount of rewards for the Starter Card.

WebBank Credit Card Frequently Asked Questions

Conclusion

Credit cards offered by WebBank are often an attractive option for consumers with no credit history or a fair credit score. However, these cards don’t offer many perks, and their reward programs aren’t particularly worthwhile. may consider.

Information regarding the US Bank Cash+® Secured Visa® card is independently collected by Bankrate.com. Card details are not verified or approved by the card issuer.