New Product Alert: Petal

Petal provides a simple, no-fee credit card. It claims to be the first credit card that charges absolutely no fees — no annual fee, no international fees, no overdraft fees, no over-limit fees or late fees. Petal uses machine-learning models to analyze things that don’t typically factor into credit scores, like income trends, expenses and cashflows. This allows the company to provide higher credit limits and better rates than competing cards, even to customers who don’t yet have credit histories. It provides a beautifully re-designed digital experience that makes it easier than ever to track spending and manage money.

Petal was the brainchild of software engineer Cameron Spiller, cofounder; CEO Jason Gross; and Trista Kempa.