HMBradley, 3% APY Account and 3% Credit Card for Your Favorite Category
HMBradley is launching a new credit card that automatically rewards you most for your favorite category. You don’t need to select or activate new bonus rewards categories or cycle through multiple cards to maximize cash-back earnings. While it is a nice concept, the card only earns a maximum of 3% cashback and also comes with a $60 annual fee.
If you are not familiar with HMBradley, it is a modern digital banking platform. It rewards everyone, regardless of income, for developing sound financial habits. It was founded in 2019 and it first made news with its 3.00% APY banking account which is a great product. You need to have an account before applying for the credit card.
HMBradley Deposit Account
The HMBradley deposit account is FDIC-insured and is a combination of a checking and savings account. The APY you earn on your deposits readjusts quarterly, depending on how much you save. You must direct-deposit money into your account each month and save at least 5% of it in order to earn interest. HMBradley considers the percent of your deposits that remain in your account at the end of the quarter the amount you save.
Here’s how you can earn interest:
- Tier 1 – 3.00% APY Saving 20% or more
- Tier 2 – 2.00% APY Saving between 15% and 19.99%
- Tier 3 – 1.00% APY Saving between 10% and 14.99%
- Tier 4 – 0.5% APY Saving between 5% and 9.99%
Interest is paid only on balances up to $100,000. You can read more about the account here, and also apply online.
HMBradley Credit Card
So once you have opened a HMBradley Deposit Account, you are ready to apply for the HMBradley credit card that is issued by Hatch Bank. The card adapts to how customers spend their money, removing the constraints of typical rewards cards. The card offers consumers 3% cashback for purchases in their highest spending category, 2% for the next highest category, and 1% for all additional charges each month. Cardholders who spend at least $100 per month with their HMBradley card are also eligible for a bump up to their next Savings Tier level.
You can redeem cash back earned with the HMBradley card by requesting a direct deposit into your HMBradley bank account, or another bank account of your choice.
The card comes with a fee. You will be charged $5 per month, which works out to an annual fee of $60. The fee is waived for the first year.
The HMBradley card, issued by Hatch Bank, is available through the company’s first-of-its-kind One-Click Credit approval process. It enables customers to click a single button in their “Credit Offers” dashboard in order to claim their credit offers. When the customer accepts an HMBradley offer, they can see their credit limit, the cost of the credit offered, and the credit terms.
I think the banking product is the best part of HMBradley. Earning 3% nowadays on up to $100,000 is a pretty good deal and it will probably not last long. In fact that limits was only introduced recently. The credit card is also interesting, especially for people who spend most on categories that are not usually included in any bonus spend from other issuers. However, you still earn only 3% and you have to pay an annual fee of $60 after the first year.
Let me know what you think.