Brightway Mastercard vs Avant Mastercard

Two Loan Providers offering Rebuilder Cards

Both the Brightway Mastercard and Avant Mastercard are offered by loan companies. The Brightway Mastercard is offered by OneMain Financial while the Avant Card is offered by Avant. They are both targeted at rebuilders and accept applicants who have a credit score of at least 620.

In this comparison, we will look at both cards and see which is the better card for rebuilders.

The Brightway Mastercard is an unsecured credit card offered by One Main Financial, which is a loan provider. Broghtway has two versions, one that comes with an annual fee ($75) and one without.

Brightway rewards their cardholders for paying on time in the following way. If you pay on time for 6 months, you would have reached "1 milestone". At that point, you will be rewarded with either a credit limit increase or an APR reduction.

If you reach 4 milestones (2 years), you will be automatically upgraded to the no annual fee version (Brightway Plus Mastercard).

The maximum credit limit you can get with the Brightway Mastercard is $15,000 and many cardholders get starting credit limit of anywhere between $1,000 and $3,000.

Avant Mastercard Description

Avant started out as a loan provider and later introduced the Avant Mastercard to offer to their existing loan clients. They later opened up their credit card offers to the general public who were not their loan customers.

Avant offers versions with different fees depending on whether you apply for the card online or if you received a pre-approved offer in the mail.

If you apply online for the card, you will get a version with a $39 annual fee.

If you received a pre-approved offer in the mail, you may receive one of the following offers:

• Annual Fee only version - You may get an offer with annual fee ranging from $19 - $99.
• Monthly Fee only version - You may get an offer with monthly fee only ranging from $0.99 to $1.99 a month (ie $11.88 to $23.88 annually).
• Annual Fee plus Monthly Fee Version - This version has an annual fee that ranges from $0 - $75 and a monthly fee that ranges from $0 - $0.99 a month.

The APR on all cards range from 29.74% to 35.99% and the credit limits ranges from $300 to $3,000.

Similarities

Both are targeted at people with poor to fair credit

Both the Brightway Credit Card and the Avant Credit Card are targeted with people who have a credit score of at least 620 and above.

Both are Mastercards

Both the Brightway and Avant are Mastercard and offer similar benefits that Mastercard provides. For example, both offer these standard Mastercard benefits like ID Theft Protection, Mastercard Global Services like emergency card replacement, and Mastercard Airport Concierge.

Both are originally loan providers

Both Brightway and Avant started offer as loan providers. One Main Financial is the loan provider that offers the Brightway Mastercard whilst Avant started off an a loan provider. Because of their background as a loan provider, they tend to pre-approve and offer their credit cards to their loan customers who have a track record of paying on time and meet their necessary credit profile and criteria.

Differences

Different annual fees

Both Brightway and Avant Mastercard have different fees. In the case of Brightway, the annual fee is $75. If you are offered the Brightway Plus version, there is no annual fee.

Avant has a few difference versions with different fees. If you apply for the Avant Mastercard on their website, the annual fee is $39. However, Avant loan holders may be offered cards with different fees. There is a version with just a monthly fee of up to $1.99/month. Or they could be offered a version with only an annual fee that ranges from $0 - $99. Or a version with both an annual fee and monthly fee.

Brightway has higher maximum credit limit

The credit limit range for the Avant Mastercard is $300 to $3,000. The Brightway+ has a much higher credit limit of $15,000. In fact, many of their cardholders have a starting credit limit of $3,000.

Brightway Mastercard rewards timely payments with a credit limit increases and APR reductions

Brightway rewards the cardholders in a very unique way. If you pay your bills on time for 6 months, you would have reached a "milestone". You would be rewarded with either a credit limit increase or an APR reduction. Most cardholders choose to have their credit limit increased rather then have their APR reduced because most pay their bills in full every month.

Brightway provides you a path to a no annual fee version in 2 years

I just mentioned that paying on time on the Brightway Mastercard is considered a milestone and results in either a credit limit increase or APR reduction. However, when you reach 4 milestones (ie in 2 years), you will be be upgraded to the Brightway Plus card which has no annual fee.

Which is better? Brightway or Avant?

If I were a rebuilder looking for an unsecured credit card and had to choose between these two cards, I would definitely go for the Brightway Mastercard for a few reasons.

Firstly, you are more likely to get a higher starting credit limit, a much higher credit limit over time (maximum of $15,000 for Brightway vs $3,000 for Avant). The Brightway also rewards you with regular credit limit increases every 6 months if you pay on time. If you pay on time for 2 years, you will be upgraded to the Brightway Plus Mastercard with no annual fee.

While the Avant Mastercard has a relatively low annual fee, the Brightway Card is superior in so many other ways.