Ollie’s Partners with Sunbit to Offer a New Co-Branded Visa Credit Card

Rhea-AI Summary

Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) has partnered with Sunbit to launch a co-branded Visa® credit card. The card offers rewards and benefits for purchases made at Ollie's and wherever Visa is accepted. Key features include:

• $10 statement credit for signing up
• Automatic enrollment in Ollie's Army Loyalty program
• One additional Ollie's Army point for every $2 spent at Ollie's
• One Ollie's Army point for every $2 spent elsewhere

Sunbit's platform was chosen for its customer-centric approach, brand loyalty enhancement, innovative approval technology, rapid implementation, and comprehensive support. This partnership aims to increase customer loyalty and provide greater flexibility for Ollie's customers.

Positive

• Launch of first-ever co-branded Visa credit card
• Integration with Ollie's Army loyalty program
• Potential for increased customer loyalty and spending
• No technology integration required from Ollie's
• Rapid implementation of credit card program

Negative

• None.

Insights

Financial Analyst

The launch of Ollie’s co-branded Visa credit card in partnership with Sunbit is a strategic move that enhances customer loyalty and provides an additional revenue stream. This initiative will likely result in increased sales as customers earn points and rewards for their purchases, encouraging repeat business. Such credit card programs are popular for boosting customer engagement and providing a more seamless shopping experience. The immediate $10 statement credit and the additional point-per-dollar spent at Ollie’s can drive short-term sales increases. Furthermore, Sunbit’s high approval rates and no-fee structure make it attractive to a broader customer base, potentially increasing Ollie’s market penetration. This move aligns well with Ollie’s growth strategy and could positively impact its stock by demonstrating the company's commitment to innovative customer engagement strategies. Investors should monitor the uptake and performance metrics of this credit card program, as its success could reflect positively on Ollie’s financial health.

Market Research Analyst

From a market research perspective, this partnership between Ollie’s and Sunbit is significant for several reasons. Firstly, it leverages the growing trend of fintech solutions to enhance retail offerings. Sunbit’s technology, known for its high approval rates and customer-friendly terms, aligns well with Ollie’s value-oriented brand. This initiative can attract a wider range of customers, including those who might not typically qualify for traditional credit cards. Secondly, integrating the credit card with Ollie’s existing loyalty program adds a layer of exclusivity and rewards, fostering deeper customer loyalty. This makes Ollie’s a more attractive shopping destination compared to competitors. For investors, the key metrics to watch will include the program's adoption rate, incremental sales generated through the credit card and overall customer satisfaction. If successful, this could set a precedent for other retail partnerships, showcasing Ollie’s as a leader in customer-centric retail innovation.

~ Credit Card Program to Provide Rewards and Benefits for Purchases Made at Ollie’s and Wherever Visa is Accepted ~

HARRISBURG, Pa., July 23, 2024 (GLOBE NEWSWIRE) -- 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 Sunbit
Sunbit 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 Rouleau
ICR
John.Rouleau@icrinc.com

Media Contact:
Tom Kuypers
Senior Vice President – Marketing & Advertising
717-657-2300
tkuypers@ollies.us

Sunbit Contact:
Meaghan Shields
meaghan.shields@sunbit.com
617-529-6357

FAQ

What are the key features of the new Ollie's Credit Card (OLLI)?

The key features of the new Ollie's Credit Card include a $10 statement credit for signing up, automatic enrollment in Ollie's Army Loyalty program, one additional Ollie's Army point for every $2 spent at Ollie's, and one Ollie's Army point for every $2 spent wherever Visa is accepted.

Who is Ollie's partnering with for their new credit card program?

Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) is partnering with Sunbit, a leading financial technology company, to launch their new co-branded Visa credit card program.

How does the new Ollie's Credit Card benefit customers?

The new Ollie's Credit Card benefits customers by offering rewards for purchases, providing exclusive offers and events, enhancing the shopping experience, and integrating with the Ollie's Army loyalty program for additional points earning opportunities.

When was the Ollie's Credit Card partnership announced?

The partnership between Ollie's Bargain Outlet Holdings, Inc. (NASDAQ: OLLI) and Sunbit to launch the co-branded Visa credit card was announced on July 23, 2024.