Sunbit Rivals BNPL Companies With its Own Pay Later Credit Card

Sunbit, the company building financial technology for everyday expenses, has expanded beyond point-of-sale lending with the introduction of its new credit card. The Sunbit Card delivers flexibility and a personalised APR for every approved consumer.

In addition to standard credit card functionality, card holders can choose to pay in full or select a three, six 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. This offers card holders an ideal way to manage expenses, all from a single card, managed through the MySunbit App.

“This is a continuation of our commitment to place the customer at the center of all that we do,” said Arad Levertov, CEO of Sunbit. “Customers know what’s best for their particular situations, and they deserve to have full control over how they pay for everyday expenses. They’re already budgeting and making these transaction-based adjustments across various payment and financing methods; we’re making it much easier and more efficient for them.”

With the Sunbit Card consumers can add or remove individual transactions from a pay-over-time payment plan within a billing cycle – with no fees other than interest– providing budgeting flexibility and financial controls, all via a centralised app.

There are more than 65,000 early access card holders, and already 400,000 additional consumers are on the invitation list. Further, the Sunbit Card is available to select retailers as a co-branded card program to improve brand awareness and customer loyalty.

In 2016 Sunbit launched its first point of sale technology designed explicitly for in-person transactions, initially serving retail and auto parts and auto dealerships. The company has already expanded to nearly 14,000 locations in 46 states, with consumers using the technology to pay for services such as dental care, eyewear and auto repair. More than 1.2 million point of sale transactions have been completed with Sunbit, which equates to more than $1billion in transactions.

Additionally, Sunbit has expanded its footprint through partnerships with communication management platforms, such as Weave, an all-in-one customer communication and engagement platform for small business. These partnerships enable Sunbit to reach millions more consumers, delivering pay-over-time technology at scale.

The development of the Sunbit Card is a natural extension of the company’s commitment to helping consumers pay for what they need so that they can focus on the important things in life.

A customer-first ethos is pervasive at the company, reflected in how it treats consumers. Sunbit does not charge any fees to customers for any of its products. As such, it was essential to develop a true, next-gen card that truly is free of all fees, other than a customer’s personalised APR.

“Sunbit uses cutting-edge technology, leveraging artificial intelligence and machine learning, to 10X the best parts of financial services products that came before us,” said Arad Levertov. “We believe that our customer-first mentality will position us as the consumer card of choice. When customers are happy, everyone wins.”

  • Francis Bignell

    Francis is a journalist with a BA in Classical Civilization, he has a specialist interest in North and South America.

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