Neo-Bank
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Bread Financial

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About company

Bread Financial, formerly Alliance Data, is a renowned name in the financial sector, primarily recognized for its credit cards. However, its array of services extends far beyond just credit cards. With its savings solutions and CDs provided through Comenity Capital Bank, Bread Financial stands out as one of the top choices in the banking landscape. Offering competitive rates, Bread Savings and CDs secure a prominent position among the best banks available. While it doesn't provide checking accounts for direct cash withdrawals, its personalized payment options and lending services cater to diverse financial needs.

Bread Financial

Key features

  • 2% Unlimited Cash-Back on Purchases. Enjoy the benefit of earning unlimited cash-back at a rate of 2% on all purchases made through Bread Financial's cash-back cards and credit cards.

  • No Monthly Fees. With Bread Financial, you can say goodbye to pesky monthly fees that eat into your savings. Enjoy the peace of mind knowing that there are no monthly fees attached to your account.

  • Cash-Back Cards and Credit Cards. Bread Financial offers a range of cash-back cards and credit cards, providing you with flexible payment options tailored to your needs and preferences.

  • No Checking Accounts. While Bread Financial does not offer checking accounts for direct cash withdrawals, its focus on cash-back rewards and credit options provides an alternative avenue for managing your finances effectively.

Pros and cons

Pros

High APYs. Bread Financial offers competitive Annual Percentage Yields (APYs) on its saving solutions, providing an opportunity for customers to maximize their savings.

Unlimited Mobile Check Deposits. Enjoy the convenience of unlimited mobile check deposits, allowing you to easily and securely deposit checks into your Bread Financial account using your mobile device.

Online Account Management Tools. Bread Financial provides robust online account management tools, empowering customers to take control of their finances and manage their accounts conveniently from anywhere with internet access.

Cons

No Checking Accounts. One of the drawbacks of Bread Financial is the absence of checking accounts, which limits customers' ability to perform direct cash withdrawals from the bank.

No Way to Get Cash Directly out of the Bank. While Bread Financial offers various saving solutions and online banking services, there is no direct method for customers to withdraw cash from the bank, which may inconvenience those who rely heavily on cash transactions.

Minimum Deposit Required. Some of Bread Financial's saving solutions may require a minimum deposit, which could be a barrier for individuals with limited funds to start saving or investing with the bank.

Reliability

Bread Financial is affiliated with Comenity Bank and Comenity Capital Bank. Comenity Capital Bank, a Utah state-chartered bank and Member FDIC, is responsible for offering a suite of loan products under the Bread Pay and Bread Loans brand names. These loan products are part of Bread Financial's offerings and are provided by Comenity Capital Bank.

Products

Bread Savings

Bread Savings account presents a compelling option for savers with its accessible entry requirement of just $100. Offering a competitive 5.15% Annual Percentage Yield (APY), it stands in line with top online banks in terms of interest rates. With no monthly maintenance fee, provided you opt for eStatements, and the flexibility of unlimited ACH transfers and mobile check deposits, managing your savings becomes hassle-free. While there's no direct cash withdrawal option, a common feature among online savings accounts, it's essential to note that Bread Financial doesn't offer checking accounts either. Therefore, users should plan ahead and transfer funds to another bank for cash needs.

Bread Savings CD

Bread Savings CDs offer competitive Annual Percentage Yields (APYs) and flexible terms ranging from one to five years, catering to a variety of savings goals. However, it's important to note that the bank does not provide shorter terms than 12 months, so individuals seeking short-term CDs may need to explore alternatives. While the minimum deposit requirement of $1,500 is reasonable, it's slightly higher compared to some other banks. Building a CD ladder may require a significant initial investment. Additionally, be aware of early withdrawal penalties, and keep in mind that your CD will auto-renew at maturity unless you specify otherwise.

Bread Cashback American Express Credit Card

The Bread Cashback American Express Credit Card offers an enticing rewards program, allowing cardholders to earn unlimited 2% cash-back on purchases made with the card. This cash-back reward is coupled with premium American Express benefits, providing a comprehensive and rewarding experience for users. What's more, cardholders can enjoy these perks without worrying about an annual fee or foreign transaction fees, making it an attractive option for those who frequently make purchases internationally. It's important to note that the APR for purchases varies based on creditworthiness and market conditions, with rates ranging from 35.24% to 20.74%. For balance transfers, the APR stands at 26.99%, while cash advances incur an APR of 35.24%. Transaction fees apply for balance transfers and cash advances, with either $10 or 5% of the transfer amount, and either $10 or 5% of the cash advance amount, respectively. However, there are no foreign transaction fees associated with the card. Penalty fees for late payments and returned payments may apply, with a maximum of up to $41.00 for each. Overall, the Bread Cashback American Express Credit Card presents a compelling option for individuals seeking a rewarding credit card with valuable benefits and no annual fees.

Bread Rewards American Express Credit Card

The Bread Rewards American Express Credit Card offers a rewarding experience for cardholders with its generous rewards program and valuable perks. Cardholders earn 3% rewards points on gas station, grocery store, dining, and utility purchases, along with 1% rewards points on all other purchases. Plus, they receive a 25% bonus on points earned every billing cycle by making 20 or more purchases. Additionally, cardholders enjoy access to American Express benefits, all without an annual fee or foreign transaction fees. However, it's important to note that the Bread Rewards Card is currently available by invitation only, and the Annual Percentage Rates (APRs) vary based on creditworthiness, with rates ranging from 35.24% to 20.74%. Penalty fees for late payments and returned payments may apply, with a maximum of up to $41.00 for each.

Other services offered by Bread Financial

  • Credit Cards with Specialized Offers. Bread Financial provides credit cards with specialized offers tailored to different customer needs, such as the AAA Daily Advantage Visa Signature Credit Card, All Pet Credit Card, or Ann Taylor Credit Card, each offering unique benefits and rewards.

  • Personal Loans. Customers can access personal loans through Bread Financial, providing a flexible financing solution for various personal expenses and endeavors.

  • Buy Now, Pay Later. Bread Financial offers a "Buy Now, Pay Later" option, allowing customers to make purchases and spread payments over time, providing greater flexibility and convenience in managing expenses.

  • Branded Credit Cards for Businesses. Bread Financial extends its services to businesses with branded credit cards tailored to their specific requirements, offering benefits and rewards designed to meet the needs of business owners and their employees.

  • Buy Now, Pay Later for Businesses. In addition to branded credit cards, Bread Financial provides businesses with a "Buy Now, Pay Later" option, enabling them to facilitate transactions and manage cash flow effectively while providing customers with flexible payment options.

Conditions and requirements

Conditions

  • Bread Savings. With a reasonable opening deposit requirement of just $100, Bread Savings offers a competitive 5.15% Annual Percentage Yield (APY) to help customers grow their savings. Additionally, Bread Savings CDs provide competitive APYs and terms ranging from one to five years, albeit with no shorter terms than 12 months.

  • Credit Cards. Bread Financial offers a variety of credit cards with different benefits and rewards. These include a cash-back card with no annual fee and unlimited 2% cash-back on purchases, as well as a rewards card offering 3% rewards points on select categories and 1% rewards points on all other purchases. Cardholders also enjoy additional perks such as 25% extra points for making 20 or more purchases in a billing cycle and access to American Express benefits. However, the Annual Percentage Rates (APRs) for these cards vary based on creditworthiness, with rates ranging from 35.24% to 20.74%. Balance transfers incur an APR of 26.99%, while cash advances are subject to an APR of 35.24%. Transaction fees apply for balance transfers and cash advances, with either $10 or 5% of the transfer or cash advance amount, respectively. However, there are no foreign transaction fees associated with the cards. Penalty fees for late payments and returned payments may apply, with a maximum of up to $41.00 for each.

Requirements

  • Age. Applicants must be at least 18 years old.

  • Citizenship/Residency. They must be either a United States (U.S.) citizen or a resident alien.

  • Social Security Number. Applicants must possess a valid U.S. government-issued Social Security number.

  • Address. They must have a physical U.S. address.

Network of ATMs

Bread Financial does not provide official information regarding an ATM network since cards and checks aren't offered with Bread Savings accounts. The account is not designed for frequent withdrawals. However, it's likely that their credit cards are accepted wherever American Express is accepted, providing customers with convenient access to their funds and purchases at a wide range of merchants and ATMs worldwide.

Apps like Bread Financial

  • Discover Bank offers a range of banking services, including savings accounts, checking accounts, and credit cards. Customers can manage their finances, track spending, and earn rewards through the Discover mobile app.
  • CIT Bank provides online banking services, including high-yield savings accounts, CDs, and money market accounts. Their mobile app allows customers to easily access their accounts, deposit checks, and transfer funds.
  • Chime is a neobank that offers fee-free checking and savings accounts, as well as a range of financial tools to help users save money and manage their finances. The Chime app provides features such as early direct deposit, automatic savings, and a roundup savings feature.
  • MoneyLion is a financial services platform that offers banking, lending, and investing products. Their app includes features such as mobile banking, personalized financial advice, and access to credit-building tools like credit monitoring and credit builder loans.

Editorial opinion

In the realm of modern finance, Bread Financial emerges as a notable contender, offering a diverse array of services and resources aimed at empowering individuals to navigate their financial journeys with confidence. With a focus on providing the right tools and guidance, Bread Financial positions itself as the right place for individuals seeking to take control of their financial lives. Whether it's accessing informative content to learn about financial management or exploring bank account options Bread Financial endeavors to cater to diverse needs. While some may appreciate its user-friendly interface and accessible resources, others may seek more traditional banking features like checking accounts. Nonetheless, Bread Financial continues to evolve, demonstrating a commitment to adapt and change in response to the dynamic landscape of personal finance.

Additional Resources

Sources

FAQ

Is Bread Financial legitimate?

Yes, Bread Financial is a legitimate financial services company that offers a range of banking and lending products to customers.

Is Bread Financial a real bank?

Bread Financial operates as a financial services provider, offering banking and lending products. While it may not be a traditional brick-and-mortar bank, it provides legitimate banking services through online platforms and partnerships with financial institutions.

What are the costs of Bread Financial?

Bread Financial offers various products and services with different costs and fees. Specific costs depend on the type of account or financial product you choose, such as savings accounts, credit cards, or BNPL. It's essential to review the terms and conditions of each product to understand any associated costs.

Does Bread Financial give you money?

Bread Financial provides various financial products and services, including loans and credit cards, which may involve borrowing money or accessing credit. However, the specifics of how much money you can receive or borrow depend on factors such as your creditworthiness and the type of financial product you apply for.

What kind of accounts can you open with Bread Financial?

Bread Financial offers a range of accounts and financial products, including savings accounts, credit cards, personal loans, and installment payment options. The type of account you can open depends on your financial needs and eligibility criteria.

Company documents

Privacy Policy
Terms

We’re a tech-forward financial services company. We provide simple, personalized payment, lending and saving solutions.

© Bread Financial Holdings, Inc.
Offers
Bread Financial
Bread Loans™
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1,500-$35,000
Rate
i

Interest rate

up to 17.49%
Term
i

Loan term for the financial product

up to 72 months
Bread Financial
Bread Cashback™ American Express® Credit Card
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Interest rate

up to 29.99%
Similars products
Finanso
Personal Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
2000.00 – 100000.00 $
Rate
i

Interest rate

6.34 – 35.89 %
Term
i

Loan term for the financial product

2 months – 72 months
Apply
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
100.00 – 4000.00 $
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

3.93
(20 Ratings)
Recommended FinScore™
0
300
650
1000
450.00 – 12000.00 $
Rate
i

Interest rate

27.50 – 81.29 %
Term
i

Loan term for the financial product

6 months – 1399 days
Apply
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

4.25
(20 Ratings)
Recommended FinScore™
0
300
650
1000
to 1500.00 $
Rate
i

Interest rate

to 160.00 %
BEST CREDIT CARD FOR COLLEGE STUDENTS
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Interest rate

19.99 – 29.99 %
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Interest rate

26.99 – 26.99 %
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Interest rate

21.49 – 28.49 %
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Interest rate

21.49 – 28.49 %
BEST CREDIT CARD FOR BONUS CASH BACK
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Interest rate

20.49 – 29.24 %
Calculate loan payments in Bread Financial

Bread Financial calculator will allow you to calculate an approximate payment schedule for the loan

Bread Financial calculator
Interest rates are given in accordance with the rates of the Bread Financial of 19.07.2024
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