In an effort to drive customer loyalty, CircuitCity.com has launched a new payment option, the CircuitCity Preferred Account. Through the new option, customers will be able to finance their purchases and receive account-specific offers and promotions.

CircuitCity.com is promoting the option on its Web site and emails by offering preferred account holders $20 off a purchase of $100 or more when they use the account. Shopper can apply for the account at checkout. Account holders pay no interest for up to 12 months on orders of $1,000 or more and up to six months for orders of $250 or more.

“We think there is a loyalty factor here,” Bruce Leeds, Vice Chairman of CircuitCity.com parent company Systemax Inc told an online retail magazine. “The people who apply are likely to come back more often and use the card. That’s a big positive.”

Systemax, which offers similar programs with some of its other brands, such as TigerDirect.com, uses BillMeLater’s back-end infrastructure for the program.