Our Verdict
Editor’s note: As of July 2021 HMBradley has paused applications for all of its financial products. You can apply via a referral from an existing HM Bradley account holder or join the company’s waitlist and be notified when they resume publicly accepting applications.
The HMBradley Credit Card* offers 1.5% unlimited cash back on qualifying purchases and a chance to unlock 4.70% APY in your deposit savings account. That is quite a unique feature for a credit card. However, while the HMBradely credit card does offer Mastercard protections like zero liability and ID theft protection, there are other flat-rate cash-back cards that offer more attractive benefits. Some cards are also better-suited for those with particular spending habits, as they may offer more cash back in specific categories.
Pros
- Unlimited 1.5% cash back on all eligible purchases
- Spend at least $500 a month on the card and get a higher rate of return on your HMBradley savings account
- Deposit your earnings to a HMBradley savings account or for a statement credit in any amount, at any time
Cons
- An active HMBradley deposit account is required to apply
- Few extra benefits beyond basic Mastercard protections
- $25 minimum to redeem rewards for an ACH transfer
Highlights
- Earn unlimited 1.5% cash back on qualifying purchases
- Annual fee waived for the first month, $60 thereafter
- Rewards tailored to your spending
- No foreign transaction fees
- 24/7 customer support
Introduction
The HMBradley Credit Card* is issued in partnership between neobank HMBradley and Missouri-based MRV Banksand runs on the Mastercard network. To understand the card, it’s helpful to understand how HMBradley the bank works. Think of HMBradley as a loquacious family friend who espouses financial advice like “A penny saved is a penny earned.”
When you open an HMBradley savings account and set up direct deposits, you’ll receive an interest rate of 3.15% APY. There’s no minimum direct deposit amount or monthly direct deposit amount required and funds are FDIC insured up to $250,000 per depositor. You can move up to a higher rate of return based on your cash flow activity and credit card spending. Here’s how it breaks down:
- 3.15% APY: This is the automatic opening APY.
- 4.20% APY: You’ll earn this APY if you have at least $500 in monthly deposits and maintain positive cash flow by saving more than you spend.
- 4.70% APY: You can reach this top APY by having $500 or more in monthly spending on your HMBradley Credit Card* while also meeting the above Tier 2 requirements.
You shouldn’t choose a credit card based solely on the opportunity to earn a higher return on your savings account. After all, there are plenty of savings accounts that offer high APYs without the need to spend $500 every month. That said, the HMBradley card does come with unlimited 1.5% cash back as well so it could be worth considering if you value the simplicity of being able to manage your deposit and credit card accounts under the same login.
Featured Partner Offers
Quick Facts
- Annual fee: $0 for the first year; $60 thereafter
- Must have an HMBradley deposit account to apply
- Earn 1.5% unlimited cash back on qualifying purchases
- Spend at least $500 a month plus a minimum monthly direct deposit of at least $500 to earn the highest savings APY
Rewards
Earning Rewards
The HMBradley Credit Card* earns 1.5% unlimited cash back on qualifying purchases. If you spend at least $500 in a month, you’ll also increase the interest on your HMBradley deposit account 4.70% APY.
Redeeming Rewards
You can redeem your cash back in a variety of ways. For one, you can request a transfer to your HMBradley deposit account. You can also request that a statement credit be applied to your card account for up to the total balance of your cash-back rewards (or your outstanding credit card balance, whichever is lower) at the time of redemption. Another option is to request an ACH transfer to an external bank account (with a minimum transfer amount of $25).
Your cash-back earnings won’t expire as long as your account is open. However, cash back is forfeited upon account closure, so you’ll want to redeem your earnings beforehand.
Rewards Potential
Forbes Advisor uses data from various government agencies in order to determine both baseline income and spending averages across various categories. The 70th percentile of wage-earning households brings in $116,000 annually and has $36,177 in expenses that can be charged to a card. Assuming that all of these expenses were charged to the HMBradley Credit Card*, you could earn a total of $542.65 in cash back with this card. This is in addition to the extra 0.50% in saving interest that this card can unlock when you spend at least $500 per month.
Other Card Benefits
The HMBradley Credit Card* carries a small number of additional benefits, including:
- Zero liability: Get protected with zero liability protection in case of any unauthorized charges to your card
- ID theft protection: Keep your identity safe with Mastercard’s ID theft protection in case of fraudulent activity
- No foreign transaction fees: Don’t pay any fees when you use your card while traveling overseas
Fine Print
Interest Rates
- APR on purchases: 13.90% - 22.90% Variable APR on purchases
- Intro APR: N/A
- Intro APR on balance transfers: N/A
Fees
- Annual fee: $0 for the first year; $60 thereafter
- Balance transfer fee: N/A
- Foreign transaction fee: N/A
How the HMBradley Credit Card Stacks Up
HMBradley Credit Card* vs. Bank of America® Unlimited Cash Rewards credit card
The Bank of America® Unlimited Cash Rewards credit card earns 1.5% unlimited cash back on all purchases. You also get a $200 online cash rewards bonus after spending $1,000 in purchases in the first 90 days of account opening—all for no annual fee.
Plus, Preferred Rewards members earn 25% to 75% more cash back, which adds up 1.87% to 2.62% cash back on every purchase.
The Bank of America® Unlimited Cash Rewards credit card also offers a 0% introductory APR for 15 billing cycles on purchases and for any balance transfers made in the first 60 days of account opening, followed by a 18.24% - 28.24% variable APR. A 3% fee applies to balance transfers made in the first 60 days, then 4%. If you’re not a Preferred Rewards member, you’ll simply need to decide whether this intro APR is more important than the savings account APY boost that you can earn with the HMBradley Credit Card*.
HMBradley Credit Card* vs. Citi Double Cash® Card
The Citi Double Cash® Card earns 2% cash back on all purchases—1% when purchases are made and another 1% when they’re paid off. While a flat 2% rate is higher than the HMBradley card’s 1.5% cash back rate, the card doesn’t come with the same savings benefit. The Citi Double Cash snags more cash back overall than the HMBradley card for our sample American household. But it’s worth doing the math based on your savings balance to see which card makes more sense for you.
The Citi Double Cash® Card also has a $0 annual fee and it offers a 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 19.24% - 29.24%, based on creditworthiness. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed within the first 4 months of account opening. After that, the fee will be 5% of each transfer (minimum $5).
HMBradley Credit Card* vs. Chase Freedom Unlimited®
The Chase Freedom Unlimited® has no annual fee and earns 5% cash back on travel purchased through Chase Travel℠, 3% cash back on eligible dining and drugstores and 1.5% on all other purchases, plus an additional 1.5% cash back on the first $20,000 in purchases the first year.
While both cards offer a flat rate of 1.5% on all purchases, the clear winner here is the Chase Freedom Unlimited® thanks to the extra cash back that it earns in other categories. However, if your main goal is to build up your savings account, the HMBradley Credit Card* could still be more attractive to you despite its lower earnings potential on purchases.
Is the HMBradley Credit Card for You?
If you’re looking to step up your savings game, the HMBradley Credit Card* could be a good companion toward that goal. But if your main focus is to find a flat-rate rewards card for earning unlimited cash back on all your purchases, you should probably consider one of the 2% cash-back cards instead.
*The information for the following card(s) has been collected independently by Forbes Advisor: HMBradley Credit Card. The card details on this page have not been reviewed or provided by the card issuer.
