Comenity Bank

What Comenity Bank does

Comenity Bank is a Utah state-chartered bank operating as a wholly-owned subsidiary of Bread Financial, headquartered in Columbus, Ohio. The bank issues private-label and co-branded credit cards on behalf of major retail brands including Victoria's Secret, Academy Sports + Outdoors, Ross Dress for Less, HP, PlayStation (Sony Interactive Entertainment), and Ford Motor Company, and also operates the Kay Jewelers credit card program. Beyond card-issuing, Comenity Bank delivers the credit underwriting, servicing, and technology infrastructure that powers these retail card programs, while its sister entity Comenity Capital Bank (also a Bread Financial subsidiary) takes FDIC-insured retail deposits under the Bread Savings brand.

The bank's core technology stack comprises a digital banking and credit-card processing platform that integrates with retail partner checkout flows (e.g., HP.com, victoriassecret.com), a mobile application for account management, and payment-scheduling infrastructure supporting revolving credit, promotional financing (6/12/18-month deferred interest plans), and Bread Pay installment loans. Card products are issued under Visa, Mastercard, and American Express network licenses. Distribution is dual-channel: (1) channel-partner-led, where applications are originated through partner retail websites and in-store locations, and (2) direct-to-consumer via breadfinancial.com, where the bank sells the Bread Cashback American Express card (2% unlimited cash back), Bread Rewards card, personal loans, high-yield savings (3.95% APY), 9-month CDs (4.15% APY), and IRAs.

Comenity Bank monetizes primarily through credit-card interest income (Purchase APRs of 35.99% on products like the Victoria's Secret card), transaction and financing fees (including a 2% fee on Kay Jewelers financing plans, $2.99 monthly paper-statement fees, $3 minimum interest charges), and net interest margin on its deposit-gathering franchise. Card-issuing volume is anchored by enterprise B2B relationships with national retailers, while deposit and direct-card revenue comes from individual consumers. The bank carries no public ticker and operates as a regulated banking subsidiary within the Bread Financial holding company structure.

Name

Comenity Bank

Legal name

Comenity Bank

Website

https://about.comenity.net

Company type

Private

Founded year

1989

Operating status

Operating

Short description

Comenity Bank, a Bread Financial subsidiary, is a Utah state-chartered bank that issues private-label and co-branded credit cards for major retailers (Victoria's Secret, Ford, Academy, Ross, HP, PlayStation, Kay Jewelers) and offers consumer savings and loan products through its sister bank Comenity Capital Bank.

Ownership category

akta.pro rank

Product category

Consumer Credit Card Banking

NAICS

Credit Card Issuing (52221), Savings Institutions and Other Depository Credit Intermediation (522180)

SIC

Personal Credit Institutions (6141), Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Credit Cards & Revolving Credit (FSABAAAC)

akta.pro secondary industry

Private-Label & Store Card Schemes (FSAMAAAE)

Keywords

• Co-branded credit cards
• Consumer credit cards
• High-yield savings accounts
• Retail banking services
• Consumer installment financing

Headquarters

HQ city

Columbus

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Credit Card Interest Income: Interest charges on revolving credit card balances. As of March 2026, Victoria's Secret Credit Card has a Purchase APR of 35.99% with deferred interest promotional plans of 6, 12, or 18 months. This represents the primary revenue stream from co-branded credit card operations.
2. Transaction Fees: Fees associated with credit card transactions, including the 2% fee on financing plans mentioned for Kay Jewelers card. Additional fees include $2.99 per month for paper billing statements and minimum interest charges of $3.
3. Savings and CD Deposits: Deposit-taking through high-yield savings accounts, certificates of deposit, and IRAs. FDIC-insured deposits managed by Comenity Capital Bank, with competitive APY rates (3.95% for savings, 4.15% for CDs and IRAs) as of the publication date.
4. Pay Over Time / BNPL: Bread Pay financing solution providing installment payment options for purchases, generating revenue through merchant relationships and consumer financing fees.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Comenity Bank issues credit cards and offers underwriting and other credit card services to retail establishments, including co-branded cards for major retail partners such as Victoria's Secret, Ford, Academy Sports + Outdoors, Ross Dress for Less, HP, PlayStation, and Kay Jewelers. Through its affiliate Comenity Capital Bank, the franchise also offers FDIC-insured deposit products (high-yield savings accounts, certificates of deposit, and IRAs) under the Bread Savings brand, personal loans under Bread Loans, and pay-over-time financing through Bread Pay.

Product overview

Comenity Bank operates as part of Bread Financial Companies, offering a comprehensive suite of financial products through both direct-to-consumer channels and co-branded retail partnerships. The product portfolio includes direct credit cards (Bread Cashback Card, Bread Rewards Card), personal loans, and savings products (high-yield savings accounts, certificates of deposit, and IRAs) offered through Comenity Capital Bank. Additionally, Comenity Bank issues numerous co-branded retail credit cards for major merchants including Victoria's Secret, PlayStation, Academy Sports + Outdoors, Ross Dress for Less, HP, and Kay Jewelers. The company also provides pay-over-time financing solutions (Bread Pay) and installment loan programs. All deposit products are FDIC-insured up to $250,000 through Comenity Capital Bank, a Utah state-chartered bank.

Differentiator

Problem solved

Functional benefit

Brands

• Bread Savings: FDIC-insured savings products including high-yield savings accounts, certificates of deposit, and IRAs offered through Comenity Capital Bank.
• Bread Pay
• Bread Loans

Products and services

• Bread Cashback Card American Express credit card offering 2% unlimited cash back on purchases with no annual fee and no foreign transaction fees, including American Express purchase protection and ID theft insurance.
• Bread Rewards Card Rewards credit card offering exclusive rewards and financing options for cardmembers.
• High-Yield Savings Account FDIC-insured savings account offering competitive APY with no monthly or hidden fees, requiring a $100 minimum opening deposit.
• Certificates of Deposit (CDs) FDIC-insured time deposit savings products with competitive rates, requiring a $1,500 minimum opening deposit. Currently offering 4.15% APY on 9-month CDs.
• Individual Retirement Accounts (IRAs) Retirement savings accounts available as high-yield savings or CDs, FDIC-insured with no hidden fees, offering up to 4.15% APY.
• Personal Loan Installment loan product offered through Bread Loans for personal financing needs.
• Pay Over Time (Bread Pay) Bread Pay financing solution enabling pay-over-time payments for online and in-store purchases, part of a suite of loan products made by Comenity Capital Bank.
• Victoria's Secret Credit Card / Victoria's Secret Mastercard Co-branded credit card issued by Comenity Bank offering promotional financing plans, cardmember-only perks, and rewards on Victoria's Secret purchases.
• myAcademy Rewards Credit Card Co-branded credit card for Academy Sports + Outdoors offering rewards and $30 off first purchase over $30.
• Ross Credit Card / Ross Mastercard Co-branded credit card for Ross Dress for Less offering 10% off first purchase as new cardholder.
• HP Credit Account Co-branded credit account for HP offering special financing options on HP purchases, issued by Comenity Capital Bank.
• Ford Co-Branded Credit Card and Installment Loan Program Co-branded credit card and installment loan program launched with Ford Motor Company offering rewards, bonus points, and flexible payment options integrated into Ford's platforms nationwide.
• PlayStation Visa Credit Card Co-branded Visa credit card for PlayStation offering rewards on purchases, issued by Comenity Bank pursuant to Visa license.
• Crypto Visa Signature Credit Card Crypto rewards credit card allowing cardholders to earn up to 6% back in cryptocurrency on everyday purchases, with tiered earning (1.5% with Midnight, 6% with Obsidian). No annual fees.
• Kay Jewelers Credit Card Co-branded credit card issued by Comenity Bank for Kay Jewelers offering promotional financing plans of 6, 12, or 18 months for qualifying purchases. Uses deferred interest rather than true 0% introductory APR.

Quantifiable outcome

• 3.95% APY on high-yield savings accounts
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Nine partnerships are on record, tiered core and strategic.

• Ford Motor CompanycoreStrategic or Co-development Partner · 10 March 2026Long-term strategic partnership to launch co-branded credit card and installment loan program designed to enhance customer ownership experience and accessibility to Ford products and services. The financing program offers rewards including 15,000 bonus points, $100 statement credit after spending $1,500 within 90 days, and accelerated point earning on Ford-related purchases. The agreement aims to strengthen customer loyalty and provide flexible payment options integrated into Ford's platforms nationwide.
• Victoria's SecretcoreStrategic or Co-development PartnerCo-branded credit card program including Victoria's Secret Credit Card and Victoria's Secret Mastercard. Offers include $25 off first purchase, promotional financing, and cardmember-only perks. Cards issued by Comenity Bank.
• Academy Sports + OutdoorscoreStrategic or Co-development PartnermyAcademy Rewards credit card program offering $30 off first purchase over $30, plus 5% cardmember discount on subsequent purchases. Includes both standard and Mastercard versions issued by Comenity Capital Bank.
• Ross Dress for LesscoreStrategic or Co-development PartnerRoss Credit Card Program offering 10% off first purchase when opening and using the Ross Credit Card. Includes both standard and Mastercard versions issued by Comenity Capital Bank.
• HP Inc.coreStrategic or Co-development PartnerHP Credit Account providing special financing options for HP product purchases. Cards issued by Comenity Capital Bank and integrated into HP.com checkout.
• Sony Interactive EntertainmentcoreStrategic or Co-development PartnerPlayStation Visa Credit Card with rewards program for PlayStation purchases. Offers up to $100 statement credit for new cardholders. Cards issued by Comenity Bank pursuant to Visa license.
• American ExpressstrategicTechnology or IntegrationLicensing partnership for issuing Bread Cashback American Express Credit Card. American Express provides network services including purchase protection and ID theft insurance. Card issued by Comenity Capital Bank.
• Mastercard InternationalstrategicTechnology or IntegrationLicensing partnership for issuing co-branded Mastercard credit cards including myAcademy Rewards Mastercard, Ross Mastercard, and Victoria's Secret Mastercard. Cards issued by Comenity Capital Bank or Comenity Bank pursuant to Mastercard license.
• Visa U.S.A. Inc.strategicTechnology or IntegrationLicensing partnership for issuing PlayStation Visa Credit Card. Cards issued by Comenity Bank pursuant to license from Visa U.S.A. Inc.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Capital One: Major co-branded card issuer (Costco, Walmart, Target) and large consumer credit card franchise. Directly competes for retail partnership mandates and credit cardholders in overlapping segments.
• Citi Retail Services: Citi's private-label and co-branded card division (Macy's, Best Buy, Home Depot, Sears historically). Closely comparable business model focused on issuing retail-branded credit with similar partner economics.
• Discover Financial Services: Issuer of private-label and co-branded credit cards plus the Discover network. Overlaps with Comenity in retail-card issuing and competes for the same merchant partnership pipeline.
• Barclays US Consumer Bank: Major co-branded credit card issuer in the U.S. (Frontier, JetBlue, Uber, Hawaiian Airlines, MLB). Directly comparable partnership-driven card-issuing model with similar co-brand economics.
• Synchrony Financial: The largest U.S. pure-play private-label and co-branded credit card issuer (Gap, Lowe's, Amazon, Sam's Club, Verizon). Direct competitor to Comenity across the same retail partnership model and underwriting approach.

Emerging players

• Klarna: Global BNPL competitor pushing deeper into U.S. merchant integrations with pay-over-time options. Competes with Bread Pay for the same merchant checkout financing wallet.
• Affirm: Leading U.S. BNPL provider competing directly with Bread Pay for embedded pay-over-time integrations at merchants. Comparable pay-over-time value proposition though Affirm focuses on installment lending rather than revolving credit.

Broad incumbents

• Ally Financial: Direct-to-consumer digital bank with credit cards, deposits, and auto lending. Comparable deposit funding and consumer credit product set, though not focused on co-branded retail cards.
• Wells Fargo Retail Services: Wells Fargo's retail card division manages co-branded programs (Boscov's, etc.) alongside a much broader consumer banking franchise. Overlapping capability but within a much larger diversified bank.

Others

• Bread Financial Holdings: Direct parent company of Comenity Bank and Comenity Capital Bank. Operates the shared Bread Financial brand across cards, savings, and loans — relevant as the consolidating entity that owns and capitalizes Comenity's operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/askcomenity
• YouTubeyoutube.com/breadfinancial
• Facebookfacebook.com/breadfinancial
• LinkedInlinkedin.com/company/comenity
• Instagraminstagram.com/breadfinancial

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Comenity Bank