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.
Sunbit builds financial technology for real life. Our technology eases the stress of paying for life’s expenses by giving people more options on how and when they pay. Sunbit offers a no-fee credit card that can be managed through a powerful mobile app, as well as a point-of-sale payment option available at more than 20,000 service locations, including auto dealership service centers, optical practices, dentist offices, veterinary clinics, and specialty healthcare services. Sunbit is a two-time Inc. 5000 list honoree. The financial technology company was also named a Most Loved Workplace®, Best Point of Sale Company, A NA. Deloitte Technology Fast 500 company and a Top Fintech Startup by CB Insights.