Welcome to our dedicated page for SYNCHRONY FINANCIAL news (Ticker: SYF), a resource for investors and traders seeking the latest updates and insights on SYNCHRONY FINANCIAL stock.
Synchrony Financial (NYSE: SYF) is a leading consumer financial services company in the United States, known for providing private-label credit cards. Established in 1932, Synchrony has grown to be the largest provider of private-label credit cards based on purchase volume and receivables. The company offers a wide range of credit products through partnerships with national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers. These products include private-label credit cards, promotional financing, installment lending, loyalty programs, and FDIC-insured savings products under the brand Optimizer+Plus.
Synchrony operates through three main segments: Retail Card, which includes private-label and co-branded general-purpose credit cards; Payment Solutions, which offers promotional financing for large-ticket purchases; and CareCredit, focused on financing for elective healthcare procedures.
With over 300,000 partner locations across the US and Canada, including physical stores, websites, and mobile applications, Synchrony provides financial flexibility to a broad customer base. The company's digital capabilities enhance customer experience and drive growth for its partners.
Recent achievements highlight Synchrony's strategic partnerships and innovation. In March 2024, Synchrony completed the sale of Pets Best Insurance Services to Independence Pet Holdings (IPH), retaining an equity stake and strengthening its position in the pet insurance market. Additionally, Synchrony partnered with Skipify to enhance the checkout experience for its cardholders and introduce digital wallets to streamline online shopping.
In April 2024, Synchrony announced a new installment financing partnership with BRP US Inc., expanding its consumer base in the powersports market. Furthermore, Synchrony renewed its agreement with Affordable Care, LLC, continuing to offer CareCredit at over 450 dental practices, thereby broadening access to dental care financing.
Synchrony's financial health remains robust, as evidenced by its Q1 2024 results and ongoing share repurchase programs, which underscore the company's commitment to delivering value to shareholders. The company's dynamic financial ecosystem, innovative digital solutions, and diverse set of financing options continue to position it as a leader in the consumer financial services sector.
KnitWell Group has partnered with Synchrony (NYSE: SYF) and Mastercard to provide enhanced payment options for customers of Chico's, WHBM, and Soma brands. The multi-year partnership will introduce both private label credit cards and dual-branded Mastercard options for each brand, launching in September 2025.
The dual-branded cards will enable customers to earn rewards not only at KnitWell's fashion brands but anywhere Mastercard is accepted. The partnership aims to drive customer experiences, loyalty, repeat purchases, and overall sales through Synchrony's advanced analytics capability, flexible financing options, and omnichannel application experience.
Synchrony Financial (NYSE: SYF) has announced its latest dividend declarations. The company's Board of Directors has declared a quarterly cash dividend of $0.25 per share of common stock, payable on February 18, 2025, to shareholders of record as of February 3, 2025.
Additionally, the Board declared quarterly cash dividends for two preferred stock series: The Series A Preferred Stock will pay approximately $14.06 per share ($0.351563 per depositary share), and the Series B Preferred Stock will pay approximately $20.63 per share ($0.515625 per depositary share). Both preferred stock dividends share the same payment and record dates as the common stock dividend.
Synchrony (NYSE: SYF) has announced that eligible Synchrony Mastercard holders can now access the Pay Later feature when using Apple Pay for online and in-app purchases on iPhone and iPad. Customers with Synchrony Preferred Mastercard, Synchrony Plus World Mastercard, or Synchrony Premier World Mastercard can choose between standard credit card terms or promotional offers with fixed monthly payments.
To utilize this feature, customers need to add their Synchrony Mastercard to Apple Wallet. When checking out with Apple Pay, eligible users can select their card and tap Pay Later to view promotional offers. The company plans to expand this payment flexibility across its co-branded card portfolio. Additionally, Synchrony will introduce the ability to view and redeem rewards from eligible Synchrony-issued cards when using Apple Pay later this year.
Synchrony (NYSE: SYF) and Pet Paradise announced a partnership to expand CareCredit acceptance to all 60 Pet Paradise locations nationwide by year-end. The health and wellness credit card will cover services from dog training to extended boarding stays and day camp packages.
The partnership builds on Synchrony's existing relationship with NewDay Veterinary Care, which operates within select Pet Paradise resorts. CareCredit is currently accepted at over 25,000 veterinary clinics nationwide. The collaboration aims to provide pet parents with flexible financing options in the U.S. pet boarding market, estimated at $20 billion annually.
Pet owners can prequalify for CareCredit without impacting their credit score and receive instant decisions. The card offers various financing options based on purchase amounts, with an online calculator for estimating monthly payments.
Synchrony (NYSE: SYF) has announced it will release its fourth quarter 2024 financial results on Tuesday, January 28, 2025. The company will publish its earnings release and presentation materials on its investor relations website at approximately 6:00 a.m. Eastern Time. A conference call to discuss the results is scheduled for 8:00 a.m. Eastern Time on the same day. Investors can access both the live audio webcast and replay through the Events and Presentations section of Synchrony's investor relations website.
Synchrony (NYSE: SYF) has announced the extension of its partnership with Chevron U.S.A. for the Techron Advantage Credit Card program. This renewal coincides with the 100th anniversary of Chevron's first consumer credit card, introduced in 1924. The partnership, spanning 17 years, combines Synchrony's consumer financing expertise with Chevron's innovation-focused approach.
The Techron Advantage Credit Card program features digital application options, access to the Synchrony Car Care™ network with over a million locations, 6-month promotional financing on purchases of $199+, and fuel credits of three cents per gallon, with Techron Advantage Visa® cardholders eligible for up to additional 10 cents per gallon off. The program will see a new value proposition rollout in 2025 to complement Chevron Texaco Rewards program.
Synchrony (NYSE: SYF) hosted its 'Season of Caring' celebration at its Stamford headquarters, where over 200 employees partnered with nine local charities. The initiative resulted in donations including 300 bags of winter clothing, 50 bikes and helmets, 2,000 backpacks with school supplies, and 250 student holiday gift bags.
The company's executives participated in an Ice Bucket Challenge, raising $25,000 for charities. Through a 'Friendsgiving' campaign, Synchrony matched food donations with the goal of providing 1 million meals. Since 2014, Synchrony has donated over $70 million to nonprofits, while employees have contributed 120,000 volunteer hours and approximately $25 million in matched contributions through 2023.
Synchrony (NYSE: SYF) and Daybreak have partnered to offer flexible financing for sleep testing kits and sleep apnea devices through CareCredit health and wellness credit card. The three-year partnership, running through March 31, 2027, aims to make sleep health solutions more accessible to the estimated 50-70 million Americans living with sleep disorders. Since July 2024, Daybreak customers can apply for CareCredit's promotional financing to purchase at-home sleep test kits or proprietary sleep apnea devices. The partnership addresses the financial barriers to sleep health care, particularly for those without insurance coverage for in-lab sleep studies.
Synchrony (NYSE: SYF) has announced its participation in the upcoming 2024 Goldman Sachs Financial Services Conference. The company's President and CEO Brian D. Doubles, along with CFO Brian J. Wenzel, will engage in a fireside chat on Tuesday, December 10, 2024, at 8:00 a.m. Eastern Time.
Interested parties can access both the live webcast and replay of the discussion through Synchrony's Investor Relations website at www.investors.synchrony.com.
Synchrony (NYSE: SYF) and JCPenney have extended their nearly 25-year partnership with a long-term contract renewal. The expanded partnership adds Synchrony Pay Later, a buy now, pay later financing option, to JCPenney's existing credit offerings. This new feature allows customers to finance fine jewelry purchases over $300 through 6, 12, or 24-month installment payments. The partnership covers JCPenney's credit card services across more than 650 stores in the U.S. and Puerto Rico, as well as JCPenney.com. Cardholders earn 1.5 JCPenney Rewards points for every $1 spent on qualifying purchases.
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