Harbor Freight Tools Launches New Credit Card With Synchrony

Rhea-AI Summary

Harbor Freight Tools has launched a new credit card in partnership with Synchrony (NYSE: SYF) to enhance customer value. The card offers a 10% discount on the first purchase and 5% back on future purchases, or a 0% interest financing option for purchases over $299. Customers can apply at any of Harbor Freight's 1,085 stores or online, with credit decisions made in minutes. The new offering aims to provide payment flexibility and rewards for loyal customers, promoting sales growth in the retail sector.

Positive

• Launch of Harbor Freight Credit Card enhances customer loyalty and payment flexibility.
• Offers 10% off first purchase and 5% back on future purchases.
• 0% interest financing available for purchases over $299, appealing for larger transactions.

Negative

• None.

CALABASAS, Calif and STAMFORD, Conn., July 28, 2020 /PRNewswire/ -- Harbor Freight Tools, the nation's leading provider of quality tools at low prices launched its own credit card today, in partnership with Synchrony (NYSE: SYF), a premier consumer financial services company. The card offers its users substantial value and rewards on a wide variety of tools and equipment in Harbor Freight's more than 1,085 stores nationwide.

Once customers apply for a Harbor Freight Credit Card, if approved, they can earn 10% off their first purchase, and 5% back on their future purchases in Harbor Freight Money to spend on anything in the store. Or, they can choose 0% interest with equal monthly payments on purchases of $299 or more … that means no interest ever on their promotional purchase amount. You can see a short video of the way it works, here.

"For over 40 years, our goal has been to provide hard-working Americans with the quality tools they need at a great value, and our Harbor Freight Credit Card is one of the most valuable tools we've ever offered," said Eric Smidt, founder and CEO of Harbor Freight Tools. "Working with Synchrony, we've created a card that puts our customers first. I'm particularly excited about the 0% Interest Financing option because it will make larger purchases easier by allowing customers to pay over time without interest charges or balloon payments on these specific purchases. I'm excited and I think our customers will be excited too."

"The Harbor Freight card provides customers with greater payment flexibility, along with enhanced benefits and value to their loyal customers," said Tom Quindlen, president and CEO Retail Card, Synchrony. "We look forward to partnering with Harbor Freight by providing a successful consumer financing program with an excellent customer experience for their cardholders."

Customers can apply for the card at any Harbor Freight store, online functionality and application are expected to be available in the fall. With credit decisions in minutes, customers can use their discount immediately, if approved.

About Harbor Freight Tools

For more than 43 years, Harbor Freight Tools has been America's go-to source for quality tools at the lowest prices.  The family-owned company started in Southern California in 1977 and opened its first store in 1980. Today, Harbor Freight Tools is one of the nation's fastest growing retailers with over [1,085] stores nationwide, over 20,000 employees and more than 40 million customers, who depend on the quality and value Harbor Freight delivers.

For more information about Harbor Freight Tools, visit harborfreight.com. Follow the company on Facebook, Twitter, Instagram and YouTube.

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 synchrony.com and Twitter: @Synchrony.

Media contacts

Harbor Freight Tools:

Craig Hoffman
CHoffman@Harborfreight.com
818.307.0755

Synchrony:

Farrah Aper
Farrah.Aper@SYF.com

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SOURCE Synchrony

FAQ

What benefits does the new Harbor Freight Credit Card offer?

The new Harbor Freight Credit Card provides a 10% discount on the first purchase, 5% back on future purchases, and a 0% interest financing option for purchases over $299.

How can customers apply for the Harbor Freight Credit Card?

Customers can apply for the Harbor Freight Credit Card at any Harbor Freight store, with online application options expected in the fall.

What is the stock symbol for Synchrony, the partner in the Harbor Freight Credit Card?

The stock symbol for Synchrony is SYF.

When was the Harbor Freight Credit Card launched?

The Harbor Freight Credit Card was launched on July 28, 2020.