The Brightway credit card also offers rewards on purchases. It encourages good credit habits by offering a reward to cardholders following six on-time payments.
The WebBank OneMain Financial BrightWay Card is an unsecured poor credit credit card that has some great features.
The annual fee can range from $0 to $89, but there are no monthly maintenance fees, the card earns rewards, and it reports to all three credit bureaus. With responsible use, it’s also possible to get a credit limit increase or an APR reduction.
At the moment, however, BrightWay credit cards are available by invitation only or through certain partner websites.
How does the Brightway Credit Card Work?
In fact, there are two BrightWay credit cards: the BrightWay card and the BrightWay+ card. Applicants can choose which one they apply for.
For both BrightWay credit cards, the minimum credit limit upon account opening is $300, and the maximum is $2,000.
While applicants who submitted an application for the Brightway card before Oct. 31, 2024, may be able to upgrade from the BrightWay to the BrightWay+ credit card if they meet certain criteria, it is not available for new holders.
If you belong to that second category, it’s because once you’ve graduated to more powerful credit with the OneMain Financial BrightWay Card, there isn’t another, more evolved product from the issuer (one with more powerful rewards, fewer fees, etc.) that you can move on to when you’re ready.
Otherwise, you’d have to request an entirely new card from a different issuer, and if your BrightWay card is charging an annual fee, you’d have to decide between keeping on paying it or terminating the account.
Is There an Upgrade for New Cardholders?
Not exactly. Applying for new credit and terminating existing accounts can influence the credit scores you just worked so hard to improve.
The Discover it Secured Credit Card is a rewards-earning starter card with upgrades possible as early as seven months.
Unlike the OneMain Financial BrightWay Card, you will have to put up a security deposit, but the annual fee is $0, and the deposit is refundable when you do upgrade to a standard unsecured card with Discover.
Do Credit Habits Affect APRs?
BrightWay cardholders also have the opportunity to earn rewards and incentives along the way, once they’ve reached a “Milestone Event.”
According to OneMain Financial, this occurs when a cardholder has made six consecutive qualifying payments, which involves making at least the minimum payment on time.
Then, eligible cardholders can choose one of two Milestone Benefits: either a lower purchase APR or a higher credit limit. Note that APR cannot be reduced to below 19.99%, and a credit limit cannot be raised above $15,000.
Cardholders forfeit their Milestone Benefit if they don’t opt for one by the payment due date following the billing cycle that the Milestone Event was attained.
After you’ve cashed in on a milestone benefit, your qualifying payments reset to zero, and you can begin working toward another milestone.
What is the BrightWay Credit Card Credit Limit?
Possibility to qualify for more favorable terms. The card carries a credit limit of up to $2,000. Among the negatives of the BrightWay card, though, is the potential for a credit limit as low as $300 (you might qualify for other terms on Credit Karma) and a steep interest rate.
You can get a OneMain Financial BrightWay Card cash advance at an ATM, bank, or credit union. If you’re at an ATM, you’ll first have to call the customer service of OneMain Financial to request a cash advance PIN before you receive your funds.
The BrightWay Mastercard Credit Card Agreement (“Agreement”) with your Account Terms establishes the terms under this Agreement and important information about consumer credit cards issued by WebBank, a Utah-chartered bank located in Salt Lake City, Utah.
The Final Lines
The BrightWay and BrightWay+ credit cards provide an unlimited 1% cash back on all purchases. Also, cash back is automatically redeemed as a statement credit at the end of each billing cycle.
And, for bad-credit credit cards (credit scores of 629 or lower), those are nice rewards. The foreign transaction fee on the BrightWay cards is 1%, lower than the 3% fee most other non-travel-focused credit cards charge.
And, because it’s a Mastercard, the BrightWay cards will be widely accepted around the globe. That makes either BrightWay card a solid choice for foreign purchases.
