Ollie’s Partners with Sunbit to Offer a New Co-Branded Visa Credit Card
23 Juli 2024 - 1:30PM
Ollie’s Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) (the
“Company”) today announced that it has partnered with Sunbit, a
leading financial technology company, to launch a co-branded Visa®
credit card.
“We are excited to launch our first-ever credit
card to our customers. Our card makes it easier for customers to
shop with us, earn even more rewards, and receive exclusive
benefits,” said Eric van der Valk, President of Ollie’s. “This
program builds on our industry leading Ollie’s Army loyalty
program, offering greater flexibility to our customers and
enhancing loyalty with our members.”
Ollie’s cardholders earn points for purchases at
Ollie’s and everywhere else Visa® is accepted and receive access to
exclusive offers and events. Key features of the Ollie’s Credit
Card include:
- $10 statement
credit for signing up for the card.
- Automatic
enrollment into Ollie’s Army Loyalty program for non-members
- One additional
Ollie’s Army point for every $2 spent at Ollie’s
- One Ollie’s Army
point for every $2 spent everywhere else Visa is accepted
“Sunbit is committed to building products that make access to
credit more equitable, transparent, and customer-focused, and we
partnered with Ollie’s because of their true commitment to their
customers,” said Arad Levertov, CEO of Sunbit. “Ollie’s customers
will benefit from access to a co-branded card that is a magnitude
better than anything like it, enhancing the shopping experience and
fostering brand loyalty.”
Among the fastest-growing companies in America year over year,
Sunbit’s products have empowered millions of loan customers to pay
for life’s expenses without fees and are offered by tens of
thousands of merchants across the United States. Ollie’s chose
Sunbit’s credit card platform for its:
- Customer-centric
approach: Customers are never charged fees, and the card features
industry-high approval rates — making it the perfect match for
Ollie’s customer needs.
- Brand Loyalty: The
credit card helps increase Ollie’s brand presence in customers’
wallets, fostering long-term loyalty. Ollie’s loyalty program
members earn additional points whenever they use their Ollie’s card
anywhere.
- Innovative Approval
Technology: Sunbit’s cutting-edge technology enables bank partners
to approve a broader range of customers for the Ollie’s Credit
Card.
- Rapid
Implementation: Sunbit plans to bring the credit card program to
market within months, much faster than industry standards, with no
technology integration required from Ollie’s.
- Comprehensive
Support: Co-branded Card support includes marketing, employee
training programs, call center operations, and incentives.
Blank Rome advised Ollie’s on this agreement.
About
Ollie’s
We are America’s largest retailer of closeout
merchandise and excess inventory, offering Real Brands and Real
Bargain prices®! We offer extreme value on brand name products in a
variety of departments, including housewares, food, books and
stationery, bed and bath, floor coverings, toys, health and beauty
aids, and more. We currently operate 522 stores in 31 states and
growing! For more information, visit http://www.ollies.us
About SunbitSunbit builds financial technology
for real life. Our financial technology products have helped
millions of people ease the stress of paying for life’s expenses by
giving them more options on how and when they pay. Sunbit’s
technology powers no-fee credit cards and a BNPL solution found in
more than 50% of all auto service centers and is the second largest
dental patient financing solution. Sunbit is a two-time Inc. 5000
honoree on both the national and regional level and a 2-time
Deloitte Technology Fast 500 company. The financial technology
company has also secured top placements for growth in places as
varied as LABJ Fastest Growing Private Companies, Forbes Fintech
50, and Financial Times Fastest Growing in Americas. Loans are made
by Transportation Alliance Bank, Inc., dba TAB Bank, which
determines qualifications for and terms of credit. The Sunbit Card
is issued by TAB Bank, pursuant to a license from Visa U.S.A Inc.
Use of the card is subject to the cardholder agreement.
Investor Contact: John
RouleauICRJohn.Rouleau@icrinc.com
Media Contact:Tom KuypersSenior Vice President
– Marketing & Advertising717-657-2300 tkuypers@ollies.us
Sunbit Contact:Meaghan
Shieldsmeaghan.shields@sunbit.com617-529-6357
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