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JCPenney and Synchrony Extend Long-Term Financing Partnership with Multi-Year Contract Renewal

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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.

Synchrony (NYSE: SYF) e JCPenney hanno esteso la loro partnership di quasi 25 anni con un rinnovo contrattuale a lungo termine. La partnership ampliata aggiunge Synchrony Pay Later, un'opzione di finanziamento "compra ora, paga dopo", all'offerta di credito esistente di JCPenney. Questa nuova funzionalità consente ai clienti di finanziare acquisti di gioielli di alta qualità superiori a $300 tramite pagamenti a rate di 6, 12 o 24 mesi. La partnership copre i servizi della carta di credito di JCPenney in oltre 650 negozi negli Stati Uniti e a Porto Rico, oltre a JCPenney.com. I titolari di carta guadagnano 1,5 punti JCPenney Rewards per ogni $1 speso su acquisti idonei.

Synchrony (NYSE: SYF) y JCPenney han ampliado su asociación de casi 25 años con una renovación de contrato a largo plazo. La asociación ampliada agrega Synchrony Pay Later, una opción de financiamiento de "compra ahora, paga después", a las ofertas de crédito existentes de JCPenney. Esta nueva función permite a los clientes financiar compras de joyería fina de más de $300 a través de pagos a plazos de 6, 12 o 24 meses. La asociación cubre los servicios de tarjeta de crédito de JCPenney en más de 650 tiendas en EE. UU. y Puerto Rico, así como en JCPenney.com. Los titulares de tarjetas ganan 1.5 puntos de recompensas de JCPenney por cada $1 gastado en compras calificadas.

Synchrony (NYSE: SYF)JCPenney는 거의 25년 간의 파트너십을 장기 계약 갱신으로 연장했습니다. 확장된 파트너십에 Synchrony Pay Later, 즉 "지금 구매하고 나중에 지불하기" 금융 옵션이 추가되어 JCPenney의 기존 신용 상품에 포함됩니다. 이 새로운 기능을 통해 고객은 $300 이상의 고급 주얼리 구매를 6개월, 12개월 또는 24개월 분할 결제로 금융 지원받을 수 있습니다. 파트너십은 JCPenney의 신용 카드 서비스가 미국과 푸에르토리코의 650개 이상의 매장 및 JCPenney.com을 포함합니다. 카드 소지자는 적격 구매에 대해 지출한 $1당 1.5 JCPenney 리워드 포인트를 적립합니다.

Synchrony (NYSE: SYF) et JCPenney ont prolongé leur partenariat de près de 25 ans par le biais d'un renouvellement de contrat à long terme. Le partenariat élargi ajoute Synchrony Pay Later, une option de financement "achetez maintenant, payez plus tard", aux offres de crédit existantes de JCPenney. Cette nouvelle fonctionnalité permet aux clients de financer des achats de bijoux fins de plus de 300 $ via des paiements échelonnés de 6, 12 ou 24 mois. Le partenariat couvre les services de carte de crédit de JCPenney dans plus de 650 magasins aux États-Unis et à Porto Rico, ainsi que sur JCPenney.com. Les détenteurs de cartes gagnent 1,5 points de récompenses JCPenney pour chaque dollar dépensé sur des achats éligibles.

Synchrony (NYSE: SYF) und JCPenney haben ihre fast 25-jährige Partnerschaft mit einer langfristigen Vertragsverlängerung ausgeweitet. Die erweiterte Partnerschaft fügt Synchrony Pay Later, eine "Jetzt kaufen, später bezahlen" Finanzierungsmöglichkeit, zu den bestehenden Kreditangeboten von JCPenney hinzu. Diese neue Funktion ermöglicht es Kunden, den Kauf von hochwertigem Schmuck über $300 in Raten von 6, 12 oder 24 Monaten zu finanzieren. Die Partnerschaft umfasst die Kreditkartenservices von JCPenney in über 650 Geschäften in den USA und Puerto Rico sowie auf JCPenney.com. Karteninhaber sammeln 1,5 JCPenney Rewards Punkte für jeden $1, der für berechtigte Einkäufe ausgegeben wird.

Positive
  • Long-term extension of established 25-year partnership secured
  • Expansion into BNPL market with new Synchrony Pay Later option
  • Credit card holders show higher spending and visit frequency
Negative
  • None.

Insights

The renewal and expansion of Synchrony's long-term partnership with JCPenney represents a significant strategic move in the consumer financing space. The addition of BNPL options specifically targeting jewelry purchases over $300 is particularly noteworthy, as fine jewelry typically generates higher margins and average transaction values. Historical data shows that store cardholders tend to demonstrate higher purchase frequency and larger basket sizes, making them valuable for both companies.

The partnership's expansion into BNPL reflects broader market trends, where traditional credit card companies are adapting to compete with fintech BNPL providers. For Synchrony, this helps defend market share while potentially attracting younger consumers who prefer installment payments. The integration of QR code-based applications and virtual cards shows technological advancement in point-of-sale financing, potentially reducing friction in the purchase process.

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

FAQ

What new financing option did Synchrony (SYF) add to JCPenney's credit offerings?

Synchrony added the Synchrony Pay Later option, a buy now, pay later financing solution for fine jewelry purchases over $300, offering 6, 12, or 24-month installment payments.

How many reward points do JCPenney credit cardholders earn through Synchrony (SYF)?

JCPenney cardholders earn 1.5 JCPenney Rewards points for every $1 spent on qualifying purchases at JCPenney stores or jcp.com.

How many stores does the Synchrony (SYF) and JCPenney partnership cover?

The partnership covers more than 650 JCPenney stores across the U.S. and Puerto Rico, as well as JCPenney.com.

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