Expanded Partnership Adds Buy Now, Pay Later
Installment Loans to JCPenney Financing Options
STAMFORD, Conn., Oct. 30,
2024 /PRNewswire/ -- Synchrony (NYSE: SYF) today
announced a long-term extension of their nearly 25-year partnership
with JCPenney. Synchrony and JCPenney have partnered for more than
two decades to manage and service rewards-rich credit cards for
JCPenney customers at the retailer's more than 650 stores in the
U.S. and Puerto Rico, as well as
JCPenney.com.
The long-standing partnership has been expanded to include new
financing options that offer customers more choice and flexibility
in how they make purchases. Synchrony Pay Later, a buy now,
pay later financing option, will now be offered at JCPenney to meet
customer needs, especially in JCPenney's fine jewelry
business.
With the addition of Synchrony Pay Later at JCPenney, customers
will be able to finance fine jewelry purchases over $300 in store or online offering 6, 12, or
24-month installment payments, giving customers another way to make
a purchase. To apply for Synchrony Pay Later at checkout for
jewelry purchases over $300,
customers can scan a QR code in store to complete an application on
their own device. If approved, customers select their preferred
loan terms from the option provided, add a one-time use virtual
card to their mobile wallet, and complete their purchase
immediately.
"JCPenney has always found a valuable ally in Synchrony for
innovation, with a variety of credit card financing options and now
the Synchrony Pay Later option. These offerings give our customers
more choice and control over their purchasing," said Keith Melker, Chief Financial Officer, JCPenney.
"Thanks to our continued partnership with Synchrony, customers who
use JCPenney cards have become some of our most loyal shoppers,
visiting us more often and spending more per trip than other
customers do."
"Our goal is to help our partners build lifelong relationships
with their customers that go beyond a single purchase," said
Courtney Gentleman, EVP & CEO,
Diversified and Value at Synchrony. "This long-term renewal
agreement as we celebrate nearly 25 years of partnership with
JCPenney is a testament to Synchrony's commitment to our partners'
growth, differentiation, and transformation as customer needs
evolve."
To apply for a JCPenney Rewards credit card, customers can see
if they prequalify with no impact to their credit score and then
apply by
visiting https://www.jcpenney.com/m/plcc-benefits or in
the JCPenney app. They can also apply at any store. Applications
are reviewed instantly, and approved cardholders can use their
account to make purchases right away. JCPenney cardholders are
automatically enrolled in JCPenney Rewards, where they can earn 1.5
JCPenney Rewards points for every $1 spent on a qualifying
purchase at JCPenney stores or jcp.com. JCPenney Mastercard
cardholders can also earn points when they spend anywhere
Mastercard is accepted.
To learn more about Synchrony Pay Later,
visit https://www.synchrony.com/financing/paylater.
ABOUT JCPENNEY
JCPenney is the shopping destination
for America's diverse, working families. With inclusivity at its
core, the Company's product assortment meets customers' everyday
needs and helps them commemorate every special occasion with style,
quality and value. JCPenney offers a broad portfolio of fashion,
apparel, home, beauty and jewelry from national and private brands
and provides personal services including salon, portrait and
optical. The Company and its 50,000 associates worldwide serve
customers where, when and how they want to shop –
from jcp.com to more than 650 stores in the U.S. and
Puerto Rico.
In 2022, JCPenney celebrated 120 years as an iconic American
brand by continuing its legacy of connecting with customers through
shopping and community engagement. Please visit
JCPenney's Newsroom to learn more and follow JCPenney on
Facebook, Instagram, and Twitter.
About Synchrony
Synchrony (NYSE: SYF) is a
premier consumer financial services company delivering one of the
industry's most complete digitally enabled product suites. Our
experience, expertise and scale encompass a broad spectrum of
industries including digital, health and wellness, retail,
telecommunications, home, auto, outdoor, pet and more. We have an
established and diverse group of national and regional retailers,
local merchants, manufacturers, buying groups, industry
associations and healthcare service providers, which we refer to as
our "partners." We connect our partners and consumers through our
dynamic financial ecosystem and provide them with a diverse set of
financing solutions and innovative digital capabilities to address
their specific needs and deliver seamless, omnichannel experiences.
We offer the right financing products to the right customers in
their channel of choice. For more information,
visit www.synchrony.com.
Media Contact
Tyler
Allen
tyler.allen@syf.com
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SOURCE Synchrony Financial