Bread Financial is a specialty credit card issuer that partners with consumer-facing brands to offer co-brand and private label credit cards. Partners include brands like Caesars, Ulta, Victoria's Secret, Saks Fifth Avenue, and Dell, spanning travel, beauty, jewelry, sporting goods, and home furnishings. In these programs, Bread Financial acts as the lender — issuing the card, underwriting and funding the loans, servicing accounts, and managing collections. Partners benefit from Bread Financial's credit underwriting, data analytics, and marketing capabilities. Beyond its core partner programs, Bread Financial offers direct-to-consumer Bread Cashback and Bread Rewards American Express cards, Bread Pay (an installment and BNPL product for over 1,400 small and mid-sized retailers), and Bread Savings (an online deposit platform offering high-yield savings accounts and CDs). Bread Financial earns revenue primarily from interest and fees on the credit card and loan balances it holds on its balance sheet. Its net interest margin runs approximately 18-19% of average loans — wide relative to traditional banks due to high consumer APRs, though meaningfully influenced by late fees and delinquency trends. Credit losses are a primary cost, running at roughly 7-8% of average loans. Bread Financial funds its loan portfolio through deposits at its two bank subsidiaries, and has been shifting toward lower-cost retail deposits via Bread Savings, which reached roughly 48% of total funding. Growth priorities include signing new brand partners, expanding Bread Pay and co-brand products, scaling Bread Savings, and deploying AI and automation to improve underwriting and reduce operating costs.