CareCredit Announces Extended Strategic Partnership with National Veterinary Associates

Rhea-AI Summary

CareCredit, a key player in promotional financing for health and veterinary services, has extended its partnership with National Veterinary Associates (NVA) for multiple years. This agreement allows CareCredit to remain NVA's preferred customer financing option, enhancing payment solutions for pet owners across over 700 veterinary hospitals. As pet care costs surge, estimated pet spending in 2020 is projected at $99 billion, with veterinary care accounting for more than $30.2 billion. CareCredit aims to facilitate seamless financial transactions through digital tools for pet care.

Positive

• Extended multi-year partnership with National Veterinary Associates bolstering customer financing options.
• CareCredit remains a preferred financing partner, enhancing customer loyalty and brand visibility.
• Access to CareCredit accepted at nearly 85% of eligible veterinary practices in the U.S.

Negative

• None.

COSTA MESA, Calif. and STAMFORD, Conn., Oct. 22, 2020 /PRNewswire/ -- CareCredit, a leading promotional financing solution for health, veterinary, and personal care, today announced it has signed a multi-year extension to its agreement with National Veterinary Associates (NVA), one of the largest owner and operators of veterinary hospitals in the United States. As part of the agreement, CareCredit, a Synchrony solution, will continue to serve as NVA's preferred customer financing partner, providing valuable payment options for pet parents throughout NVA's growing network of more than 700 hospitals.

"Our continued partnership with National Veterinary Associates demonstrates the power of CareCredit's unique customer financing solutions," said Jonathan Wainberg, SVP and GM CareCredit Pet. "We are excited to deepen our relationship with NVA by giving veterinarians the ability to offer comprehensive financial options and a seamless client experience."

The extended relationship with NVA is evidence of CareCredit's ongoing commitment to the rapidly growing pet and veterinary market, further delivering on its commitment to offer a Lifetime of Care for the pet and pet parent population. From planned visits to unexpected treatments to specialty care, CareCredit provides a continuum of payment options for pet owners to give their pets the care that is needed through every stage of life.

As the cost of pet and vet care increases, pet owners are seeking simple, flexible financial options for a lifetime of pet care. Overall pet spend is expected to reach $99 billion in 2020, with veterinary care projected to make up more than $30.2 billion, second only to pet food and treats (American Pet Products Association).

"Now more than ever, people are investing in their pets, and at CareCredit we truly understand that they are part of the family," said Wainberg. "We are making it easier than ever before for our clients to pay for their pet's care with digital contactless offerings designed to enhance both the application process and use of the CareCredit card. With digital tools like the QR code and mobile app, clients are given instant, seamless options to apply for, manage, and pay with their CareCredit card on their own." 

The CareCredit credit card is accepted in nearly 85% of eligible veterinary practices in the U.S.

About CareCredit
CareCredit, a Synchrony solution, is a leading provider of promotional financing to consumers for health, veterinary and personal care procedures, services and products. For more than 30 years, CareCredit has helped millions of people by offering special financing options with convenient monthly payments. CareCredit is accepted at more than 240,000 locations for a wide variety of health and wellness procedures, treatments, products and services.

About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers.

Synchrony is changing what's possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions.
For more information, visit www.synchrony.com and Twitter: @Synchrony.

Media Contact
Lisa Lanspery
lisa.lanspery@syf.com
203-219-7984

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SOURCE Synchrony Financial

FAQ

What does the CareCredit and NVA partnership entail?

The partnership extends CareCredit's role as the preferred financing partner for National Veterinary Associates, enhancing payment solutions for pet owners.

How many veterinary hospitals are involved in the CareCredit deal?

CareCredit will provide financing solutions in over 700 veterinary hospitals through its partnership with NVA.

What is the projected market for pet care spending?

Pet spending in 2020 is estimated to reach $99 billion, with veterinary care projected at over $30.2 billion.

How does CareCredit enhance the customer experience?

CareCredit introduces digital tools like QR codes and a mobile app, allowing customers to apply for and manage payments easily.

Is CareCredit widely accepted among veterinary practices?

Yes, CareCredit is accepted in nearly 85% of eligible veterinary practices across the United States.