Update 8/14/22: They’ve now changed the card to a flat 1.5% cashback card instead of 3/2/1. They’ve also removed the annual fee and are crediting back any previous annual fees paid.
Update 6/17/21: Starting this month, when you pay your HMBradley Credit Card with your deposit account, it won’t count against your Savings Tiers. That means you can spend on the things that matter most, and never worry about losing your APY rate.
Update 5/25/21: In addition to spending $100 per month on the card, you’ll now also need $2,500 in monthly direct deposits in order to be eligible for the .5% savings rate boost.
Original Post:
Fintech company HMBradley launched a credit card today which offers 3% cashback in your top category of the month, 2% cashback in your next category, and 1% cashback on everything else. The card is issued by Hatch Bank, which is a California industrial bank. You must have a HMBradley bank account in order to be eligible for the card.
Direct Link | Full Terms | List of Categories
There are a few key categories which are excluded from rewards, according to the terms: “Purchases of foreign currency, crypto-currency, traveler’s checks, money orders, wire transfers, tax payments, insurance charges, gaming-related (including, without limitation, gambling chips, off-track wagers or lottery ticket transactions), or purchases made using PayPal or other third party payment services.”
A lot of people would find this interesting if they have a single category where they spend a lot. No idea how well the company will take to thousands of dollars spent on gift cards and the like; presumably it’ll work initially, at least. No signup bonus, unfortunately.
The account has an annual fee $60 which is waived for the first year. There is no foreign transaction fee on the card.
We previously wrote about HMBradley’s savings account which offers a nifty 3% APY return, so long as you receive a monthly direct deposit and save 20% of the direct deposit funds. HMBradley credit cardholders get the additional perk of bumping up the earnings on the HMBradley savings account from 3% to 3.5% APY, provided that you spend $100 on the card each month. Those in the lower tiers will get bumped up a tier instead; for example, if you should be in tier 2 due to saving 15% of your direct deposit, you’ll be bumped up to tier 1 and earn the full 3% APY on the savings account due to having the credit card.
