OneMain Financial company offers BrightWay, BrightWay+, and Mastercard credit cards. BrightWay is aimed at those who want to build credit. BrightWay+ cards have a higher credit limit for customers that have established credit.
The cards offer a 1% cashback reward and “Milestone Benefits,” which include an APR reduction or a credit line increase if you pay the minimum amount on time for six consecutive payments.
OneMain Financial offers these cards only to a select group of customers, which includes certain borrowers who have taken out personal loans from the company. OneMain has plans to increase availability soon.
How does BrightWay work?
You can enter your 11-character code if you received a mail offer to apply for BrightWay. You can search for the code if you do not have it. Your last name, ZIP code, and location, as well as the final four digits of your Social Security number.
The application must be completed as the next step. You will learn in a matter of seconds whether you are authorized for a credit card after submitting your application. Depending on your credit rating, income, and debt, you may be eligible to receive the BrightWay or BrightWay+ cards.
Your brightWay cards will arrive in the mail within five to seven days of being approved. OneMain Financial company should be contacted by phone if it does not arrive within one week. You can activate the card using the BrightWay app once you receive it. The app lets you track your spending, payments, and rewards.
You’re automatically enrolled into the BrightWay rewards program when you have a BrightWay Card. 1% cash back is available for as long as you make qualifying purchases. This is credited into your account at each billing cycle.
BrightWay also offers a program called “Milestone Benefits.” OneMain Financial offers a choice of APR reductions or credit limit increases after you have made six consecutive payments on time. You can upgrade to BrightWay+ if you hold the BrightWay Card and have achieved four Milestone Events.
BrightWay rates
BrightWay has a 26.99% APR on all purchases, balance transfers, and cash advances. OneMain Financial will allow you to lower your APR once you have reached a Milestone Event. However, according to the rewards program, it won’t be below 19.99%. You can avoid interest by paying your balance each month in full.
The annual fee for BrightWay cards ranges between $0 to $65. You should be informed of additional expenses, such as:
- The larger of 3% or $10 applies to cash advances.
- Transferring a balance costs either 3% or $10.
- For each foreign transaction, 1% (in U.S. Dollars)
- Late Payment: Maximum $40
- Card replacement: up to $25
Pros and Cons
Pros
- No Security Deposit
- Ability to work towards better terms
- Cash Back Rewards
Cons
- Low credit limit
- Annual fee
- A card with a high APR is common for similar cards.
Ability to unlock better terms
BrightWay’s low credit limit, between $300 and 500 dollars, and high-interest rates are among its drawbacks. If you pay on time for six months, you could be eligible for an increased credit limit and reduced interest fees.
BrightWay claims that after four consecutive six-month periods with on-time payments and four “Milestone Events” in BrightWay’s vocabulary, then you will be upgraded to the BrightWay+ card with higher credit limits without an annual fee.
Cash back rewards
BrightWay offers 1% back on every purchase. This is a nice perk, but it’s not the highest cashback rate you can get from other cards.
Remember, you shouldn’t spend money to earn rewards.
What else do you need to know?
If you’re thinking about getting the BrightWay Card, keep these items in mind.
- The APR for cash advances, balance transfers, and purchases is 29.74%. Interest fees may result in you racking up more debt if you don’t pay off your entire total each month.
- Beware of late fees. Late payments can cost you up to $40. By establishing automatic payments, you can avoid this.
- You will pay extra if you use the card outside the United States. A foreign transaction fee of 1% of the transaction value is charged for all transactions conducted outside the United States. Using this card abroad is not a wise decision.
Who is this card good for
BrightWay could be a good option for those looking to build or restore their credit history. It might make a fantastic first credit card.
There are many other credit-building cards available that offer a better value in the long term.
This card is for you. Check out these other options.
- Petal(r), 1 Visa(r), Credit Card: If you are new to credit, this card could fit you.
- Capital One Quicksilver Cash Rewards Credit Cards: If you have the money to pay a security deposit, this card is a great way to build your credit.
- For those with no credit history, the OpenSky Secured Credit Visa Card is a fantastic alternative because it does not call for the submission of a credit report.
Brightway Credit Card Pre Approval
Brightway Credit Card pre-approval can be obtained in a variety of ways. The process will be quick and complete if you’re lucky to call Customer Support or go into a Brightway Credit Card Login outlet in person.
Whatever option you select, you will be asked for your financial information. Your credit score will be given priority over the rest of your information.
- You will need to have these details at hand to get pre-approval for a Brightway Credit Card.
- You will need your Social Security Number.
- Please provide an address within the United States alternative addresses, including Postal Addresses, are unacceptable.
Additionally crucial for the Brightway Credit Card pre-approval request is a strong credit rating. A credit score below this level could result in disqualification.
You must also be at least 18 before applying for the Brightway Credit Card. This requirement will automatically disqualify your application if it is not met.
Brightway Credit Card Login | How to Signup
Use the BrightWay Card signup page to create an account after receiving a BrightWay Card code and being pre-approved for a BrightWay credit card.
How to sign up for a new account.
- Go to the official website.
- The Credit Cards option can be found on the site.
- You can currently log in by clicking the corresponding button on the homepage.
If you do not have an account, instead of entering your login details, click “Need to create your BridgeWater Card Account?”
This page redirects to a web page where you can sign up.
At the conclusion of the procedure, click Create Online Account to complete.
FAQs
Q1. What Is The Credit Limit For BrightWay?
Ans: The BrightWay card comes with the ability to credit up to $500. Its BrightWay+ card offers a credit limit of $3000. You can also increase your credit limit with Milestone Benefits, but it cannot exceed $15,000.
Q2. Does BrightWay Have a Cash Back Reward?
Ans: BrightWay provides unlimited cashback rewards of 1. The rewards are credited automatically to your account upon the close of each billing cycle.
Q3. What Bank Associated With BrightWay?
Ans: BrightWay along with BrightWayplus cards are affiliated to OneMain Financial. BrightWay is a card issued by WebBank. BrightWay Card is provided by WebBank.
Q4. Who Can Get A BrightWay Credit Card?
Ans: At present, you’re only able to apply for the BrightWay credit card when you’re offered the card by OneMain Financial. OneMain offers an enumeration of cards; however, they plan to increase the number of cards available very soon.
