Bright Credit Card Review – Build Credit Fast
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If you don’t have a credit score, it may seem like you’re at a disadvantage in some financial aspects of life. This was certainly the case for a good friend of mine, who realized that his lack of credit meant that landlords wouldn’t find useful information when checking his credit report upon moving to Chicago with no credit history. He had thought that avoiding credit lines was a smart financial move; instead, a credit check showing no on-time payment history meant that it was harder for him to rent an apartment.
Many people rightfully avoid credit cards for fear of not being able to manage them properly. After all, nobody wants to pay overdraft fees or interest charges if they can avoid them. Even so, it’s important to responsibly build credit so that credit bureaus have a clear financial picture of your level of responsibility. A secured credit card can be a great credit builder whether you have no credit or bad credit.
One secured credit card to consider when weighing your options is the Bright credit card. While you may not have heard of BB&T, the financial institution behind the credit card, the Bright secured credit card can be wise if you’re interested in improving or starting your credit history.
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What is Bright?
Bright offers a secured credit card and a product specifically for building your credit. While this review is specifically focused on the Bright secured credit card (more on what a secured card is below), it’s important to recognize that you can also use their credit builder if you’d like to focus on improving your credit score without having to take out a new line of credit and make purchases. As a company, Bright is focused on helping others build their credit responsibly while saving money in the process. One way they accomplish this is by offering lower interest rates so that you don’t end up paying an arm and a leg in interest while working to pay down your debts.
Credit Saint takes action to fix unfair or inaccurate negative items harming your credit.
- 90-day money-back guarantee
- Free consultation
- 200k happy customers
- 19 years experience
- 11,000+ five-star reviews
Secured credit cards and how to use them
A secured credit card is a bit different than an unsecured credit card. Your credit limit is calculated based on how much money you make and your debt-to-income ratio with an unsecured credit card. With a secured credit card, you open the card with a minimum deposit from your bank account, which helps to set your credit limit. You just need to pay your card off each month (instead of making just the minimum payments), and you’ll start building your credit.
When using the card responsibly, a good way to ensure that your card is always paid in full is to set up a direct deposit on your payday so that you don’t even have the chance to spend beyond your means.
Why Bright
One of the drawbacks of many secured credit cards is that they don’t have many features like more robust unsecured credit cards. However, Bright does bring some nice perks to the table aside from its lack of a credit requirement for improvement. For example, you can earn cash back rewards through participating in BB&T Deals, and since the card is a Visa, you’ll have zero liability for purchases made if your card is stolen. Combined with the fact that you’ll be boosting your credit while using the Bright Secured Credit Card, these features make it a level above a traditional debit card.
How does Bright work?
To apply for the Bright Secured Credit Card, you’ll navigate over to truist.com This is because SunTrust and BB&T both merged in 2019 to become the financial institution known as Truist.
You’ll then want to navigate to the “Open account” tab and click on “Credit cards,” where you’ll be able to find your secured credit card options. You’ll then navigate to the button that says “Open Now,” fill out some personal information like your name and address and get the ball rolling. It’s worth noting that this process is much more streamlined since you don’t need a credit score to open a Bright Secured Credit Card.
Qualifying for Bright
To open a Bright Secured Credit Card, you’ll need a minimum deposit of $400. This effectively serves as collateral with the credit card company and illustrates that you have skin in the game when opening the card. That security makes credit card companies willing to take a risk on someone with no or poor credit and can be a necessary hoop to jump through if you want to build your credit with a secured credit card. The good news is that while a credit check will be performed when you apply, the results won’t impact your approval odds since Bright’s secured credit cards are designed for consumers with bad or no credit history.
Using Bright to build credit
When building credit with Bright, responsible credit usage is key to success. With unsecured credit cards, you’re often tempted to spend up to your limit while chasing points and other cashback bonuses. However, when it comes time to pay your bill, you may not actually have the money or income to pay down that debt in full each month. Using a Bright Secured Credit Card, you can make small, manageable purchases that allow you to carefully and intentionally build your credit.
A Bright Secured Credit Card is so helpful for building or boosting your credit score because it helps you pull all of the levers that factor into your score in the first place. For example, on-time payments and low usage are two of the biggest ways to improve your credit score. Suppose you’re only paying monthly for your Netflix and Hulu subscriptions with your Bright Secured Credit Card (but your limit is $400). In that case, your monthly usage will be well below the 30% threshold recommended by credit bureaus—and you’ll be able to easily pay it off each month on time!
Credit Saint takes action to fix unfair or inaccurate negative items harming your credit.
- 90-day money-back guarantee
- Free consultation
- 200k happy customers
- 19 years experience
- 11,000+ five-star reviews
How much does Bright cost?
Annual fee
Outside of an annual fee, no credit card truly costs you a lot until interest is charged on your purchases (or you’re paying a balance transfer fee for a cash advance). While some secured credit cards don’t have an annual fee, Bright’s Secured Credit Card does; however, it’s only $19.
Other fees
Bright also has other fees that may or may not apply to you, depending on your usage. For example, the cash advance fee is $10 or 3% of each advance, depending on the larger. There is also a 3% foreign transaction fee if you use the Bright Secured Credit Card while traveling abroad.
Late fees with the Bright credit card can cost you up to $38, another incentive to pay your bill on time. As previously mentioned, the minimum deposit to open a card with Bright is $400, another upfront cost of using a secured credit card, but on par with the pricing of cards from other lenders.
Bright features
While secured credit cards aren’t known for their perks, a few features make the Bright card worth considering. Here’s a quick overview:
BB&T cash rewards
While not exactly cashback, BB&T cash rewards let you redeem various discounts and perks on specific purchases to gain a small return on your purchase. Many debit cards offer similar perks, so it’s nice to see this feature included with a card designed to help you build your credit.
Competitive APR
The variable APR of 20.24% is much lower than some secured credit cards for both purchases and balance transfers, making Bright’s secured credit card one of the better low-APR cards in the secured category. Of course, if you’re using the card as designed, you won’t need to worry about the interest rate, but it’s still nice to know that Bright’s is competitive—especially if you’re building up from bad habits.
Account monitoring on your phone
If you’re more likely to visit the app store than a website, you’ll appreciate a few different tracking modes and customizations available for the Bright card on your smartphone. Whether you’re looking to track your spending by category to analyze where you can save more or are interested in accessing your Equifax VantageScore, you’ll be able to do this on the go to stay up to date about your card usage and its impact on your credit.
Who is Bright best for?
Consumers with no credit. Since you don’t need a credit score to qualify for the Bright Secured Credit Card, it is an excellent option for folks who are just starting to use credit cards and are interested in doing things on their own. Especially if you don’t have someone willing to add you as an authorized user to help build up your credit, a secured credit card is a good option when you’re starting from scratch.
People who want to improve their credit. If your credit score is poor, the best way to improve it is to open a credit line that you can use responsibly. Simply depositing the $400 minimum and using the Bright Secured Credit Card for small purchases can help you improve your standing and credit history. Plus, with zero fraud liability and BB&T Cash Rewards, you get a little extra functionality from choosing your Bright card over a debit card.
Who shouldn’t use Bright?
Consumers with good credit. If you have good credit and can use a credit card responsibly, it doesn’t make sense to open a secured card when you can qualify for something unsecured. Unsecured cards offer much more value, from cash back and travel perks to extra discounts on online memberships.
Travelers. If you ’re looking for a travel credit card—even one that is secured—move along. Bright’s 3% foreign transaction fee makes this card a non-starter.
Pros and cons
Pros
- Builds credit. The biggest benefit of any secured card is the fact that it allows you to build your credit. Since debit card activity doesn’t get reported to credit bureaus, reaching for your secured credit card and using it responsibly can be an effective way to improve your credit score.
- Offers training wheels. A secured credit card isn’t forever, but it does offer practical limits that can serve as a “training” card while you build the financial behaviors to use credit responsibly. A minimum deposit means you’re putting your money where your mouth is when it comes to doing so.
- Low APR. Not every secured credit card has a competitive APR like the Bright Secured Card. While a variable rate of 17.24% is still a high amount of interest to have to pay, it’s much better than other options out there.
Cons
- Annual fee. A $19 annual fee may be offputting to those whose money is particularly tight, mainly when other cards on the market don’t charge credit card users a yearly fee at all for secured cards.
- Late fees. Some credit card companies waive your first late fee; however, with Bright, you’ll be on the hook the first time you miss a payment.
- Not many perks. The Bright Secured Credit Card does indeed offer zero liability for fraud and some cash rewards, but that’s about where the list of benefits of this card ends. You could view this as a benefit, though, since you’re less likely to overspend chasing cashback rewards with Bright.
Bright vs. CapitalOne
Credit Card | Purchase APR | Annual Fee | Minimum Deposit |
Bright Secured Credit Card | 11.24% to 20.24% variable | $0 | $400 |
Capital One Platinum Secured Credit Card | 29.99% | $0 | $49-$200 (depending on credit) |
Capital One Platinum Secured Credit Card
Capital One Platinum Secured Credit Card
Card Name
Capital One Platinum Secured Credit Card
APR
29.99%
Recommended Credit Score
Limited, Bad
Annual Fee
$0
Special Offer
No annual or hidden fees.
Special Offer Terms
See if you're approved in seconds.
Rewards Rate
N/A
Terms
Why We Like It
- No annual or hidden fees.
- You could earn back your security deposit as a statement credit by making on-time payments.
- Be automatically considered for a higher credit line in as little as six months with no additional deposit needed.
- Monitor your credit score for free with CreditWise from Capital One.
FAQs
Why is a cash deposit required when opening a secured credit card?
Any time a lender is giving you a credit line, they’re taking a form of risk that you might not be able to meet your payments and pay your bill promptly. Especially when it comes to consumers with no or poor credit, this risk is magnified in the eyes of a credit card company. Thus, your minimum cash deposit acts as collateral to ensure that you’re good for your money and the card issuer isn’t going to lose too much money if you do wind up defaulting on all of your payments. A minimum cash deposit illustrates that you have skin in the game and are willing to try and mitigate that risk.
Will your application impact your credit score?
While you can see if you prequalify with a soft credit check, a hard credit check will be made when you formally apply, just like when you open up any other credit card. This dip should be made up for as you use the card responsibly, though, so it’s nothing to worry about too much.
Are secured credit cards better than unsecured credit cards?
The answer to this question depends on why you’re interested in opening a credit card in the first place. If you have poor credit or no credit and are looking to build up your score responsibly over time, a secured credit card is a much safer bet. However, if you feel like you can use your cards responsibly and love the idea of earning cashback on all of your purchases, a secured credit card likely isn’t a good fit for you.
When should you “graduate” from using an unsecured credit card?
This depends on some context, but generally speaking, if you feel confident that you can use your credit responsibly and make on-time payments in full, it makes sense to look into opening an unsecured credit card. However, it may make sense to time the opening of your card carefully, since if you’re planning on making a major purchase like a home, you may want to avoid the credit dip that can come from a new card being opened so close to a big loan request.
The bottom line
Opening a secured credit card can be a wise personal finance move if you’re trying to improve your credit or don’t have any credit. A secured credit card can be viewed as a credit card with “training wheels ” or “guard rails,” allowing you to boost your score with responsible usage without the potential for things getting too crazy if you miss a payment. The Bright Secured Credit Card is well worth considering depending on your financial situation and overall goals.
Some things that make the Bright Secured Credit Card great are its incredibly low APR and the inclusion of BB&T Cash Rewards on some qualifying purchases. These can help you feel like you’re getting more from the card than a traditional debit card. When you throw in the added security from Visa’s Zero Liability policy on fraudulent activity, there are even more benefits to using the card. Monitoring your activity and tracking spending on the go using your smartphone is another nice perk of the Bright Secured Credit Card.
Although the Bright Secured Credit Card has more going for it than other secured credit cards, there are still some drawbacks to consider before you rush to open one. For example, if you plan on using the card abroad, you won’t be too happy about a 3% foreign transaction fee. The $400 minimum deposit and $19 annual fee may also dissuade you from opening a Bright Secured Credit Card. Although there are some cons to weigh, many pros make this a more well-rounded card than other secured options. If you’re looking to improve your credit or start building your score for the first time, it’s hard to go too wrong with the Bright Secured Credit Card.
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Writer
Brent Ervin-Eickhoff is a Chicago-based writer, stage director, and filmmaker with a background in digital marketing and content creation. In addition to Joy Wallet, Brent has written for Complex, Volkswagen, HowlRound, Picture this Post, and Third Coast Review, among others. He currently serves as the Associate Director of Marketing for Content Creation at Court Theatre at the University of Chicago. Brent graduated from Ball State University with Academic Honors in Writing.
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