Citizens Announces Consumer Financing Partnership With BJ’s Wholesale Club
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Will Provide BJ’s Members With Simple And Affordable Way To Make Large Ticket Purchases Alongside Everyday Items
PROVIDENCE, R.I.--(BUSINESS WIRE)-- Citizens today announced a partnership to provide consumer financing for BJ’s Wholesale Club (NYSE: BJ), a leading operator of membership warehouse clubs in the Eastern United States. Citizens Pay will soon be available to BJ’s members to pay for large purchases, such as televisions, appliances and home furnishings, with low monthly payments.
“Consumers want affordable options to make large purchases responsibly with ease and simplicity,” said Andrew Rostami, President of Citizens Pay. “This partnership allows us to offer point-of-sale-financing to the millions of BJ’s members to make both big-ticket and everyday purchases through a simple, transparent and fully digital experience.”
BJ’s will launch Citizens Pay during the first quarter of this year for orders placed on BJs.com for delivery and with buy online, pick up in-club, and curbside pickup. BJ’s members will be able to easily choose Citizens Pay financing options directly in the BJs.com shopping experience. BJ’s and Citizens will expand the partnership to include financing for in-club purchases with the BJ’s Mobile App in the second quarter of this year.
“We offer our members unbeatable value and convenience on everything they need in a one-stop shop. We’re thrilled to partner with Citizens to provide our members with a simple, affordable way to pay for large purchases,” Chris DeSantis, senior vice president, GMM, sundries and services, BJ’s Wholesale Club. “Whether our members are shopping for a new TV, refrigerator or bedroom set, we’re offering them more flexibility to purchase what they need with Citizens Pay.”
Citizens Pay provides consumers a better way to finance their large purchases, with easy-to-understand, low fixed monthly payments through a virtual line of credit that can be used for repeat purchases without a new credit application or managing multiple loans. Retailers can benefit from immediate sales and average order value increases by taking advantage of the platform’s best-in-class digital and in-store customer experiences, combined with comprehensive product and financing options for consumers across the credit spectrum. Citizens Pay is easy for merchants to integrate and available to launch in a matter of days while being scalable for the largest and most complex merchants.
Citizens is a leader in point-of-sale financing and since the inception of this program over $6.4 billion in loans have been originated and the company has served more than 5 million accounts. The loans in this program aren’t securitized, which allows Citizens to maintain a high-quality customer experience as it acquires customers nationally.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $183.3 billion in assets as of December 31, 2020. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,700 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
About BJ’s Wholesale Club
Headquartered in Westborough, Massachusetts, BJ's Wholesale Club Holdings, Inc. is a leading operator of membership warehouse clubs in the Eastern United States. The company currently operates 220 clubs and 150 BJ's Gas® locations in 17 states.
The Company’s common stock is traded on the New York Stock Exchange (NYSE: BJ).
Rory Sheehan (Citizens)
Jennie Hardin (BJ’s)
Source: Citizens Financial Group, Inc.
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