Bread Financial Inks Long-Term Deal to Power Saks Fifth Avenue and Saks OFF 5TH Dual Credit Card Program’
COLUMBUS, Ohio, June 12, 2024’ Bread Financial Holdings, Inc. (NYSE: BFH), a tech-forward financial services company known for its simple, personalized payment, lending and saving solutions, has announced an exciting new milestone. The company revealed a multi-year, multi-product agreement with luxury retail giant Saks Fifth Avenue and its outlet subsidiary, Saks OFF 5TH. This strategic collaboration will see the introduction and support of the Saks World Elite Mastercard® Credit Card and the Saks Credit Card by Comenity Capital Bank, a Bread Financial subsidiary, starting in August 2024.
This move represents a considerable win for Bread Financial as it further cements its status in the luxury retail sector by aligning with one of the most prestigious names in the industry. The existing Saks World Elite Mastercard® Credit Card and Saks Credit Card will transition seamlessly under the administration of Comenity Capital Bank.
The collaboration includes a definitive agreement for Bread Financial to transition the ongoing Saks Fifth Avenue credit card portfolio from its current issuer to Comenity Capital Bank. The financial aspects and specifics of this transition are set to culminate in the third quarter of 2024, subject to standard closing conditions.
This partnership will allow Saks Fifth Avenue customers to benefit from a range of enticing features, including exclusive luxury shopping benefits, the accumulation of reward points, and personalized financial solutions tailored to their needs.
Bread Financial aims to leverage its technological prowess and customer-centric approach to provide Saks Fifth Avenue’s clientele with a seamless and enriching financial experience. Furthermore, integrating advanced payment options is expected to enhance customer loyalty and satisfaction, which aligns with Saks Fifth Avenue’s commitment to offering premium shopping experiences.
In another significant development, Bread Financial has recently announced that it obtained inaugural Holding Company issuer credit ratings from Fitch, Moody’s, and S&P Global. These ratings signify a stable financial outlook for the company. The assigned ratings are as follows:
- ’Fitch:’ BB-
- ’Moody’s:’ Ba3
- ’S&P Global:’ BB
Obtaining these credit ratings marks a crucial step in Bread Financial’s journey to solidify its standing in the financial services landscape. These ratings not only reflect the company’s financial integrity and operational stability but also instill confidence among investors and stakeholders regarding the company’s long-term strategy and growth trajectory.
Collectively, these two announcements underscore Bread Financial’s commitment to growth, innovation, and solidifying its positioning within the financial services market. Through strategic partnerships with prominent brands like Saks Fifth Avenue and maintaining strong credit ratings, Bread Financial is poised to continue its upward trajectory and expansion in the sector.
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