Sunbit’s Invitation-only No-fee Credit Card Surpasses 100K Cardholders and $279MM in Purchases
More than 700K people are on the Sunbit Card’s invitation queue; card nearly doubles the industry applicant approval rate
LOS ANGELES, Aug. 22, 2023 /PRNewswire-PRWeb/ — Sunbit, the company building financial technology for everyday expenses, announced that its invitation-only, no-fee credit Sunbit Card has seen significant consumer demand, adoption, and utilization in the 12 months since its official launch. The Sunbit Card has become the payment method of choice for many cardholders, with $279 million in purchases completed over the same period by more than 100,000 consumers and an additional 700,000 on the invitation list. Among those on the list, a whopping 15% have already submitted an application for a card.
“Offering consumers an ideal way to manage expenses, all from a single card that allows them to choose how they want to pay for each purchase, managed through the Sunbit App, is clearly striking a chord,” said Bill Walsh, Chief Customer Officer, Sunbit. “Last year, we said that the Sunbit Card exponentially improved the traditional credit card customer experience – and its early performance confirms this.”
For now, the Sunbit Card remains invitation-only, reserved for people who previously used a point-of-sale payment plan powered by Sunbit technology at one of the company’s 20,000 merchant partner locations. An additional 40,000 consumers have opted in to the Sunbit Card invitation list via the Sunbit website (http://www.sunbit.com/card).
Sunbit publicly announced the no-fee Sunbit Card in August 2022. The card offers approved cardholders a modern, best-in-class experience and personalized terms. In addition to standard credit card functionality, new features are being released in beta that enable beta program members to either pay in full or to select a 3-, 6-, or 12-month payment plan at the individual transaction level – with no annual fees, no application fees, no late fees, no penalty fees, and no fees to add or remove a transaction from a payment plan at any time. New features are planned to roll out to new cardholders by Q4 of 2023 and for all cardholders in 2024.
“With an ever-growing number of customers, high engagement, and market-low delinquencies, we’re confident the Sunbit Card is poised to transform consumers’ relationship with credit when we open it up to everyone in 2024,” added Walsh.
As with Sunbit’s core point-of-sale technology, which approves more than 90%, the approval rates for the Sunbit Card are nearly double the industry average.
The Sunbit Card will be fully released to the general public in 2024, in parallel with co-branded card launches with national and regional retail chains. Retailers are drawn to the card’s high approval rates and consumer-centric features and see it as a card that store associates will be excited to offer. Sunbit’s expertise in launching programs in retail and its proven ability to offer digital applications that don’t require POS integration promise successful implementations that take months instead of quarters.
