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Credit Cards

Petal cardholders can win up to $500 by paying more than their minimum balance

Petal is running a unique promotion for its card members that can pay off your credit card balance up to $500. Here's how to qualify for the offer.

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If you're a Petal card member who's carrying a balance, you're incurring interest charges every month that can add up fast. In order to avoid interest, it's important you pay your bill in full every month — but that's not always possible.

Thankfully, Petal just announced a new promotion where you can qualify to win a statement credit of up to $500. All you need to do to enter the contest is pay at least a penny more than the minimum balance on your December 2020 Petal Card billing statement between now and 10:59:59 PM ET on January 26, 2021.

You can also enter the sweepstakes without paying more than your minimum due by completing and submitting a designated online survey via Survey Monkey during the window stated above.

Petal will reward the prize to 100 card members, selecting 50 in January and another 50 in February. Cardholders with a Petal® 1 "No Annual Fee" Visa® Credit Card or Petal® 2 "Cash Back, No Fees" Visa® Credit Card are eligible for this promotion.

If you're a winner, Petal will award you with a statement credit of up to $500 to offset your credit card bill. So if your balance is $400, Petal will give you a $400 statement credit, thus paying your bill in full. Any balances exceeding $500 will only receive a $500 statement credit, but that could still make a sizable dent in your debt.

This is a unique promotion that encourages card members to pay more than the minimum due, helping you save on interest charges and pay off debt sooner.

Petal® 1 "No Annual Fee" Visa® Credit Card

On Petal's secure site
  • Rewards

    2% to 10% cash back from select merchants

  • Welcome bonus

    None

  • Annual fee

    $0

  • Intro APR

    N/A

  • Regular APR

    19.99% to 29.49% variable

  • Balance transfer fee

    N/A

  • Foreign transaction fee

    None

  • Credit needed

    Fair, Poor, No Credit

Terms apply.

Petal® 2 "Cash Back, No Fees" Visa® Credit Card

On Petal's secure site
  • Rewards

    1% cash back on eligible purchases right away and up to 1.5% cash back after making 12 on-time monthly payments; 2% to 10% cash back from select merchants

  • Welcome bonus

    None

  • Annual fee

    $0

  • Intro APR

    None

  • Regular APR

    12.99% to 26.99% variable

  • Balance transfer fee

    None

  • Foreign transaction fee

    None

  • Credit needed

    Fair, Good, No Credit

Terms apply.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.