Saks expects Bread to offer an elevated payment experience.
In a statement Wednesday, the Columbus, Ohio-based Bread said it has a multiyear, multipayments product agreement with Saks. Bread also signed a definitive agreement to transition the existingcredit card portfolio from another issuer, Capital One. The transaction is expected to close in the third quarter of 2024, subject to customary closing conditions.
According to Bread, the deal will benefit customers by making it easier for them to learn about, sign up for and utilize their Saks credit card online, and in Saks and Off 5th stores and mobile apps because of Bread’s “robust digital capabilities.” Val Greer, executive vice president and chief commercial officer of Bread Financial, said the company will provide customers across Saks Fifth Avenue and Saks Off Fifth with “two credit card product offerings that can provide an elevated and personalized payment experience,” adding, “We are excited to share our cross-channel expertise across credit, loyalty, marketing and data insights with a renowned brand to deliver a compelling payments and rewards journey for its coveted customers.
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