Comenity
Comenity operates Comenity Bank and Comenity Capital Bank (Utah state-chartered, FDIC-insured), issuing co-branded credit cards for retailers such as Victoria's Secret, Academy, Ross, HP, and PlayStation and offering Bread Pay® BNPL financing, Bread Loans™ personal loans, and high-yield savings products.
- Company typePrivate
- Founded1986
- HeadquartersColumbus, United States
- Headcount101–250
- GTM typeB2B and B2C
- OfferingServices
What Comenity does
Comenity is the consumer-banking operating unit of Bread Financial Holdings, comprising Comenity Bank and Comenity Capital Bank (a Utah state-chartered bank, Member FDIC). Together, these subsidiaries underwrite, issue, and service a portfolio of co-branded and proprietary consumer credit cards, buy-now-pay-later installment financing through the Bread Pay® platform, unsecured personal loans under the Bread Loans™ brand, and FDIC-insured deposit products (high-yield savings, certificates of deposit, and individual retirement accounts) under the Bread Savings brand. Comenity's Credit cards are issued across all three major U.S. networks—American Express, Visa, and Mastercard—covering co-brand relationships with Victoria's Secret, Academy Sports + Outdoors, Ross Dress for Less, HP, and Sony PlayStation's PlayStation credit card.
The core technology stack combines proprietary bank-issued credit-card infrastructure with the Bread Pay® buy-now-pay-later platform, a unified mobile application, and digital onboarding flows routed through the breadfinancial.com and partner-retail properties. Distribution is anchored in a B2B2C model: the company provides co-brand credit-card programs and point-of-sale financing to retail partners while reaching end consumers through partner checkout experiences, the Bread Financial website, the mobile app, and a financial education hub. As of March 2026, the published purchase APR is 35.99% (variable) with a penalty APR up to 39.99%, alongside Bread Savings deposit products advertised at 3.95% APY (HYSA) and 4.15% APY (9-month CD and IRA products).
Comenity earns revenue primarily from revolving credit-card interest and fees, interchange and merchant discount fees, BNPL transaction fees on Bread Pay® installment plans, interest spread on Bread Savings deposits, and economic arrangements with retail co-brand partners. The customer base is dual-sided: individual retail consumers seeking rewards, financing, and savings products, and retail-brand partners (Victoria's Secret, Academy, Ross, HP, PlayStation, and as of November 2025, Leica Camera) seeking branded-card issuance and BNPL capabilities they do not operate in-house. The unit has been in operation since 1986 and is led from Columbus, Ohio with banking operations headquartered in Salt Lake City, Utah.
Comenity firmographics
Firmographics- Name
- Comenity
- Legal name
- Comenity Bank and Comenity Capital Bank are Bread Financial Companies
- Website
- https://comenity.com
- Company type
- Private
- Founded year
- 1986
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Comenity operates Comenity Bank and Comenity Capital Bank (Utah state-chartered, FDIC-insured), issuing co-branded credit cards for retailers such as Victoria's Secret, Academy, Ross, HP, and PlayStation and offering Bread Pay® BNPL financing, Bread Loans™ personal loans, and high-yield savings products.
- Ownership category
- akta.pro rank
Comenity industry classification
Industry- Product category
- Consumer Financial Services
- NAICS
- Sales Financing (52222), Savings Institutions and Other Depository Credit Intermediation (52218), Depository Credit Intermediation (5221)
- SIC
- National Commercial Banks (6021), Savings Institutions, Not Federally Chartered (6036)
- akta.pro primary industry
- Merchant-Integrated BNPL (Online Checkout) (FSAKACAA)
- akta.pro secondary industries
- In-Store / In-Person BNPL (POS) (FSAKACAB), Large Purchase & Lifestyle Personal Loans (Unsecured Installment) (FSAKAAAG), Corporate Cards & Expense Solutions (T&E, purchasing, fleet) (FSABAIAG)
Keywords
Where Comenity is headquartered
LocationHeadquarters
- HQ city
- Columbus
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Comenity business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Credit card interest and fees: Comenity Bank and Comenity Capital Bank earn interest income on revolving credit card balances. As of March 2026, purchase APR is 35.99% (variable), with penalty APR up to 39.99%. Additional revenue from late fees, over-limit fees, and annual fees on co-brand credit card programs.
- Merchant/transaction fees: Interchange fees collected from merchants when credit cards are used, and merchant discount fees on Bread Pay® BNPL transactions at partner retailers.
- Bread Pay® installment financing: Financing revenue from buy-now-pay-later installment plans offered through partner merchants, generating fee income from promotional financing terms (deferred interest and pay-over-time plans).
- Bread Savings deposits: Deposit-taking business through Comenity Capital Bank offering high-yield savings accounts, CDs, and IRAs, generating interest spread revenue.
- Co-brand program licensing: Revenue from retail partners (Victoria's Secret, Academy, Ross, HP, PlayStation) for branded credit card programs issued under Visa, Mastercard, and American Express licenses.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Bread Cashback American Express Credit Card - no annual fee, 2% unlimited cash back |
| Other | Monthly | Victoria's Secret Credit Card - promotional first-purchase discount |
| Other | Monthly | myAcademy Rewards Credit Card - promotional first-purchase discount |
| Other | Monthly | Ross Credit Card - promotional first-purchase discount |
| Other | Monthly | HP Credit Account - special financing available |
| Other | Pay-as-you-go | Bread Savings High-Yield Savings Account - 3.95% APY |
| Other | Pay-as-you-go | Bread Savings 9-Month Certificate of Deposit - 4.15% APY |
| Other | Pay-as-you-go | Bread Savings IRA - up to 4.15% APY |
Go-to-market motion1 record
Distribution channels5 records
Marketing channels6 records
Comenity product offering
Product offeringCore offering
Comenity operates through its bank subsidiaries Comenity Bank and Comenity Capital Bank to issue branded and co-brand credit cards under Visa, Mastercard, and American Express licenses, partner with retailers for point-of-sale financing via Bread Pay® (BNPL), offer personal loans through Bread Loans™, and provide FDIC-insured high-yield savings accounts, CDs, and IRAs under the Bread Savings brand. The company serves both retail consumers and merchant partners through co-brand programs with brands such as Victoria's Secret, Academy Sports, Ross, HP, and PlayStation.
Product overview
Comenity operates as part of Bread Financial, a financial services company offering a suite of consumer and business banking products. The product portfolio includes consumer credit cards (Bread Cashback Card, Bread Rewards Card), financing solutions (Bread Pay® BNPL, Pay Over Time for merchants, Bread Loans™), and savings products (Bread Savings high-yield savings accounts, CDs, IRAs). For business clients, Comenity provides branded credit card programs for retail partners such as Victoria's Secret, myAcademy, Ross, HP, and PlayStation. All deposit products are provided by Comenity Capital Bank, a Utah state-chartered bank and Bread Financial company, while credit cards are issued by Comenity Bank or Comenity Capital Bank under licenses from American Express, Visa, and Mastercard.
Differentiator
Problem solved
Functional benefit
Brands
- Bread Cashback Card: Credit card offering 2% unlimited cash back with American Express network, no annual fee, no foreign transaction fees.
- Bread Rewards Card
- Bread Savings
Products and services
- Bread Cashback Card
Quantifiable outcome
- Up to 4.15% APY on IRA and CD products
- +2 more outcomes
Companies that use Comenity
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles3 records
Comenity technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
Comenity partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core.
- Leica CameracoreLeica Camera partnered with Bread Financial (Comenity) to offer Bread Pay® financing options in the U.S. for the first time in Leica's history. The partnership allows Leica customers to purchase products with installment plans in-store and online, improving customer access and purchase experience for luxury camera equipment.
- American ExpresscoreComenity Capital Bank issues the Bread Cashback American Express Credit Card under an American Express license. The card offers 2% unlimited cash back, American Express purchase protection, ID theft insurance, and no annual fee. American Express is a registered trademark used under license.
- VisacoreComenity Bank issues PlayStation Visa Credit Card under a Visa U.S.A. Inc. license. Visa is a registered trademark of Visa International Service Association and used under license by Comenity Bank.
- Mastercard InternationalcoreComenity Capital Bank issues multiple branded Mastercard credit cards (Ross Mastercard, myAcademy Rewards Mastercard) under a Mastercard International license. Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.
- Victoria's SecretcoreComenity Bank issues the Victoria's Secret Credit Card and Victoria's Secret Mastercard co-brand credit card programs. New cardholders receive a $25 off first purchase incentive. The program drives customer loyalty for Victoria's Secret while generating fee income for Comenity.
- Academy Sports + OutdoorscoreComenity Capital Bank issues the myAcademy Rewards and myAcademy Rewards Mastercard co-brand credit card programs. New cardholders receive $30 off first purchase over $30 at Academy, plus ongoing rewards.
- Ross Dress for LesscoreComenity Capital Bank issues the Ross Credit Card and Ross Mastercard co-brand credit card programs. New cardholders receive 10% off first purchase at Ross Dress for Less.
- HP Inc.coreComenity Capital Bank issues the HP Credit Account for special financing on HP.com consumer electronics purchases, including deferred interest promotional payment plans.
- Sony Interactive Entertainment (PlayStation)coreComenity Bank issues the PlayStation Visa Credit Card under a Visa license, with rewards program for PlayStation customers. Maximum $100 bonus for new cardholders enrolled in the PlayStation Credit Card Rewards program.
- Bread Savings (FDIC-insured deposits via Comenity Capital Bank)coreBread Savings is a brand of Comenity Capital Bank (Utah state-chartered, Member FDIC). All deposit products including high-yield savings, CDs, and IRAs are provided by Comenity Capital Bank and FDIC-insured up to $250,000.
Scale indicators1 record
Recent moves5 records
Expansion highlights5 records
Comenity competitors and assessment
Company assessmentDirect peers
- Synchrony Financial: Largest U.S. private-label and co-brand credit card issuer, with retailer partners across virtually every major consumer vertical. Direct structural analog to Comenity's co-brand card business, with overlapping Visa/Mastercard issuance capabilities and similar subprime-skewed credit profile.
- Bread Financial Holdings: Public parent holding company of Comenity Bank and Comenity Capital Bank. Provides the cleanest public-market comparable for the consolidated credit card, BNPL, personal loan, and deposit franchise operated through the Comenity subsidiaries.
- Affirm: Leading U.S. BNPL provider offering pay-over-time financing at online and in-store merchant checkout. Directly competes with Bread Pay® for merchant integrations, with comparable installment-product positioning and overlapping target merchants.
- Klarna: Global BNPL provider with Pay-in-4 and longer-duration installment products integrated at major U.S. retailers. Comparable to Bread Pay® in checkout financing, with stronger brand recognition and broader merchant footprint.
- Afterpay (Block): Pay-in-4 BNPL provider owned by Block, focused on younger consumers and mid-market retail. Directly comparable to Bread Pay® in short-duration installment financing at merchant checkout.
Broad incumbents
- Capital One: Top-5 U.S. credit card issuer with significant co-brand and private-label card programs (e.g., Costco, Walmart) plus a national deposit franchise. Comparable to Comenity across co-brand cards and high-yield savings, but at materially larger scale and with broader product portfolio.
- Discover Financial Services: Direct-to-consumer credit card issuer with its own network (Discover) and FDIC-insured deposit franchise (Discover Bank). Overlaps with Comenity in credit card issuance, personal loans (Discover Personal Loans), and online savings products.
- Ally Financial: Online-first bank with high-yield savings, CDs, personal loans, and a credit card portfolio. Comparable to Comenity's Bread Savings deposit franchise and Bread Loans™ product, with significantly larger scale and broader deposit base.
Emerging players
- PayPal (Pay in 4 / Pay Monthly): Walled-garden BNPL provider offering Pay-in-4 and Pay Monthly financing to PayPal's 400M+ active accounts. Competes with Bread Pay® at merchant checkout by leveraging PayPal's existing payment rails and consumer relationships without requiring separate merchant integration.
- Sezzle: U.S.-listed BNPL provider (SEZL) focused on Pay-in-4 and longer-duration installment plans through partner retailers. Comparable to Bread Pay® in merchant-funded BNPL, with smaller scale but similar target customer demographic.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Comenity social profiles
Digital presenceComenity compliance and trust
Trust signalCompliance1 record
Comenity financial estimates
Financial estimateRevenue estimate
Valuation estimate
Comenity leadership team
Management profileNumber of profiles
Comenity funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Comenity M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Comenity
What does Comenity do?
Comenity operates through its bank subsidiaries Comenity Bank and Comenity Capital Bank to issue branded and co-brand credit cards under Visa, Mastercard, and American Express licenses, partner with retailers for point-of-sale financing via Bread Pay® (BNPL), offer personal loans through Bread Loans™, and provide FDIC-insured high-yield savings accounts, CDs, and IRAs under the Bread Savings brand. The company serves both retail consumers and merchant partners through co-brand programs with brands such as Victoria's Secret, Academy Sports, Ross, HP, and PlayStation.
Is Comenity a public or private company?
Comenity is a private company. It is classified as corporate owned and is currently operating.
When was Comenity founded?
Comenity was founded in 1986. It employs 101 to 250 people.
Where is Comenity based?
Comenity is headquartered in Columbus, United States, in the North America region.
How does Comenity make money?
Five revenue lines are on record. Credit card interest and fees are the primary driver. The others are merchant/transaction fees, bread Pay® installment financing, bread Savings deposits and co-brand program licensing.
Who are Comenity's main competitors?
Direct peers on record are Synchrony Financial, Bread Financial Holdings, Affirm, Klarna and Afterpay (Block). Broad incumbents are Capital One, Discover Financial Services and Ally Financial. Emerging players are PayPal (Pay in 4 / Pay Monthly) and Sezzle.
Does Comenity have an API?
No public API is recorded for Comenity.
What industry is Comenity in?
Comenity's product category is Consumer Financial Services. Its primary akta.pro industry code is FSAKACAA, Merchant-Integrated BNPL (Online Checkout), with a secondary code of FSAKACAB, In-Store / In-Person BNPL (POS). Its NAICS code is 52222 and its SIC code is 6021.