Ollie's to launch its first-ever credit card — with no late fees
The country's largest closeout retailer is launching its own co-branded credit card.
Ollie’s Bargain Outlet Holdings, Inc. has partnered with financial technology company Sunbit to launch a co-branded Visa credit card. Cardholders will be able to earn points for purchases at Ollie’s and everywhere else Visa is accepted and receive access to exclusive offers and events.
Ollie’s said it chose Sunbit’s credit card platform for several reasons, including 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, the retailer said.
In addition, Ollie's noted that Sunbit plans to bring the credit card program to market within months, much faster than industry standards, with no technology integration required from the retailer.
“We are excited to launch our first-ever credit card to our customers," said Eric van der Valk, president of Ollie’s. "Our card makes it easier for customers to shop with us, earn even more rewards, and receive exclusive benefits. This program builds on our industry leading Ollie’s Army loyalty program, offering greater flexibility to our customers and enhancing loyalty with our members.”
- $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; and
- 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.”
[READ MORE: Ollie's acquires 11 former 99 Cents Only locations]
Ollie’s currently operates 522 stores in 31 states. The retailer sells closeout merchandise and excess inventory in a variety of departments, including housewares, food, books and stationery, bed and bath, floor coverings, toys, health and beauty aids, and more.
