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COLUMBUS, Ohio - Bread Financial (NYSE: BFH), a $2.3 billion market cap company specializing in personalized payment and financial solutions, has partnered with the cryptocurrency platform Crypto.com to introduce a new credit card program in the United States. According to InvestingPro data, the company maintains a healthy 1.75% dividend yield and has consistently paid dividends for 10 consecutive years. The Crypto.com Visa Signature® Credit Card, set to launch this summer, will allow cardholders to earn rewards in the form of CRO, the native cryptocurrency of Crypto.com.
The card program features five tiers, ranging from Midnight Blue to Obsidian, each offering different rates of CRO rewards without a cap on earnings. For the first year after opening an account or upgrading to a higher tier, cardmembers in select tiers will receive elevated reward rates. Additionally, top-tier cardholders will benefit from unlimited rebates on Spotify and Netflix subscriptions through the Level Up program.
Cardmembers can apply for the credit card directly within the Crypto.com app and, upon approval, immediately add the card to their digital wallets. The rewards earned will be deposited into the cardmember’s Crypto Wallet within the app, where they can be exchanged for a variety of cryptocurrencies, stocks, and other investment options.
Val Greer, executive vice president and chief commercial officer at Bread Financial, emphasized the card’s potential to benefit both novice and experienced traders, providing an avenue to maximize investments with every purchase. Joe Anzures, general manager of Americas and EVP of payments at Crypto.com, highlighted the partnership’s role in offering customers more payment options and advancing the adoption of cryptocurrency.
Crypto.com, with over 140 million customers globally, is recognized for its commitment to regulatory compliance, security, and privacy in the cryptocurrency sector. The upcoming credit card program is part of the company’s broader goal to facilitate cryptocurrency usage for everyday transactions.
The press release statement indicates that full terms and conditions for the rewards program will be available at the time of the card program’s launch. The Crypto.com Visa Signature® Credit Card will be issued by Comenity Capital Bank under a license from Visa U.S.A. Inc. InvestingPro analysis shows Bread Financial trading at an attractive P/E ratio of 8.47, with analysts maintaining a positive outlook for profitability this year. The company’s overall financial health score is rated as GOOD, suggesting strong fundamentals despite recent market volatility. For deeper insights into BFH’s valuation and growth potential, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Bread Financial Holdings has reported a decrease in both its net loss rate and delinquency rate, with the net loss rate improving to 8.6% from 8.9% year-over-year, and the delinquency rate dropping to 6.2% from 6.7%. Additionally, the company has issued $400 million in subordinated notes with a fixed rate of 8.375%, maturing in 2035, reflecting its ongoing efforts to manage its capital structure actively. Bread Financial has also announced a $150 million stock buyback program, part of a strategy to strengthen its financial foundation. In a separate development, Morgan Stanley downgraded Bread Financial’s stock from Overweight to Underweight, reducing the price target from $76.00 to $33.00, citing concerns about the company’s exposure to a potential recession. The firm noted a deceleration in loan growth and projected an increase in net charge-offs by 2026. These recent developments highlight the company’s ongoing financial maneuvers and the scrutiny it faces from financial analysts like Morgan Stanley. The information was disclosed through press releases and other official statements from Bread Financial Holdings.
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