FinTech Company HMBradley Launches 3% Cash Back Credit Card

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Last updated on September 19th, 2023

Digital banking company, HMBradley, has announced a new proprietary cash back credit card. The card, issued through the Mastercard network, requires an associated HMBradley savings account, but it offers up to 3% cash back on the categories in which you spend most in return.

The card is issued through Hatch Bank, a California industrial bank that specializes in banking for financial institutions – and especially FinTech companies, like HMBradley.

How to Earn Cash Back

There are plenty of cash back credit cards that tailor rewards based on the categories in which you spend the most each quarter. HMBradley takes this approach to a new level, however, with no set categories and monthly rotation – instead of quarterly.

HMBradley credit cardholders earn 3% cash back on purchases in the categories they spend the most in; 2% back on their next category; and 1% back on all other purchases. There are no spending caps listed on the bank’s website, which is an excellent feature for those who plan to use the card often.

The HMBradley website shows just how diverse potential categories can be. The sample image on the card’s landing page shows two possible top categories for a theoretical user: “alcohol & bars” and “health & fitness.” While having bars as your top spending category isn’t advisable, it goes to show how lenient HMBradley is when it comes to spending categories.

The full list of current HMBradley spending and merchant categories are:

  • Education
  • Motor Vehicle
  • Pets
  • Groceries
  • Utilities
  • Financial
  • Gas
  • Shopping
  • Entertainment
  • Alcohol & Bars
  • Dining
  • Healthcare & Childcare
  • Professional Services
  • Health & Fitness
  • Home
  • Furniture
  • Personal Care
  • Business Services
  • Electronics & Software
  • Air Travel
  • Ground Transportation
  • Lodging
  • Sporting Goods

Limitations to Cash Back

While the value of 3% and 2% back on your top spending categories is great, there are limitations. The bank excludes the following transactions from cash back rewards:

  • Foreign currency purchases
  • Cryptocurrencies
  • Traveler’s check purchases
  • Money orders
  • Wire transfers
  • Tax payments
  • Insurance charges
  • Gambling expenses
  • PayPal or third-party purchases

HMBradley Savings Account Required

The HMBradley Credit Card may sound appealing, but applying isn’t as straightforward as clicking a link and entering your Social Security nubmer. You must have an HMBradley savings account to apply. While the HMBradley savings account offers 3% APY on savings, it requires a monthly direct deposit – and 20% savings of those deposited funds. For many, that final requirement might be too high to consider.

For those willing to get both a savings account and credit card with HMBradley, however, the FinTech company is raising the stakes even further. Spend $100 or more every month on the HMBradley Credit Card and your 3% APY will rise to 3.5% APY.

HMBradley Card Fees

HMBradley is somewhat vague concerning the fees associated with its new card – but clarification will likely arise in the near future.

What we know for sure, however, is that the card will have an annual subscription fee of $60 – waived for the first year. The card details also list foreign transaction fees, late payment fees, and returned payment fees as potential charges. As of right now, however, the card appears to have no foreign transaction fees.

Should You Consider Applying for the HMBradley Mastercard?

The HMBradley Card might sound appealing for those who either already have a savings account with the company, or who want a versatile cash back card with an impressive list of merchant categories. For those willing to meet the direct deposit requirements on the savings account – and pay the $60 annual fee – the card could be a reliable option to consider.

Those unwilling to open an account with HMBradley, however, do have other options. The HMBradley credit card is similar to the Bank of America Cash Rewards Credit Card.

The Cash Rewards card from Bank of America offers 3% cash back in a category of your choosing. This includes gas, online shopping, dining, travel, drug stores, and home improvement. It also earns 2% back on groceries and wholesale clubs (like Costco, Sam’s Club, and BJ’s), and 1% back on everything else.

There are also two other versions of the card for those who want to give back while they earn:

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About: Cory Santos
Cory Santos

Cory is the senior credit card editor at BestCards, specializing in everything credit card-related. He’s worked extensively with credit cards and other personal finance topics, including nearly five years at BestCards. Cory’s extensive knowledge is an essential part of the BestCards experience, helping readers to live their best financial lives with up-to-date insights and comprehensive coverage of all facets of the credit card space, including market trends, rewards guides, credit advice, and comprehensive credit card reviews.

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