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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.
PayPal has launched a new Cashback Credit Card in partnership with Synchrony, offering customers 3% cash back on PayPal purchases and 2% on all other Mastercard transactions. The card comes with no annual fee and allows for easy integration with the PayPal wallet. Customers can earn a one-time $100 bonus after spending $500 within the first three months. The initiative aims to enhance user experience and reward shopping versatility, responding to evolving consumer behaviors post-pandemic. Existing PayPal 2% Cashback cardholders will automatically transition to the new 3% structure.
Synchrony (NYSE: SYF) appointed Kamila Chytil to its board of directors, effective April 1, 2022. Chytil, who has extensive expertise in payments and financial services, currently leads operations at DentaQuest and previously served as COO at MoneyGram International. Her appointment aims to enhance innovation and growth in Synchrony's payments ecosystem. The board now consists of thirteen members, maintaining a commitment to diversity. President and CEO Brian Doubles expressed excitement about Chytil's contributions to the company.
Synchrony (NYSE: SYF) will announce its first quarter 2022 financial results on April 18, 2022. The earnings release along with presentation materials will be available at approximately 6:00 a.m. Eastern Time on the company’s Investor Relations website. A conference call to discuss the results is scheduled for 8:00 a.m. Eastern Time on the same day, with a live audio webcast available for investors. Synchrony is a leading consumer financial services company that specializes in private label credit cards and various consumer banking products.
Synchrony (NYSE: SYF) has expanded its Car Care credit card services to allow customers to pay for electric vehicle (EV) charging refills. This initiative aligns with the rising popularity of EVs, bolstered by over 45,000 public charging stations in the U.S. and a government commitment of nearly $5 billion for charging infrastructure. Synchrony Car Care now supports payments for various automotive needs at over one million merchant locations, enhancing its appeal in a transitioning transport sector. CEO Curtis Howse emphasized the focus on sustainable transportation and the evolving needs of motorists.
Synchrony (NYSE: SYF) will participate in a fireside chat during the KBW Fintech Payments Conference on March 3, 2022, at 8:00 a.m. Eastern Time. The discussion will feature President and CEO Brian D. Doubles and CFO Brian J. Wenzel. Interested parties can access a live webcast and replay through the Synchrony Investor Relations website at www.investors.synchronyfinancial.com. Synchrony is a leading consumer financial services company offering various financing programs and banking products across industries.
Synchrony (NYSE:SYF) has announced a multi-year partnership with Mercyhealth to enhance patient financing options through CareCredit. This collaboration allows patients to use CareCredit for pre-care, point-of-care, and post-care payments, integrated with the Epic MyChart platform for convenience. The partnership addresses rising out-of-pocket healthcare costs, improving price transparency for patients. CareCredit is accepted at over 250,000 locations and supports more than 11 million cardholders, enabling flexible payment options for healthcare services.
Synchrony Financial (NYSE: SYF) reported its fourth quarter 2021 results today, ending December 31, 2021. Key financial metrics and detailed earnings results are available on their investor relations website. The company's leadership will discuss these results in a conference call today at 8:00 AM ET, accessible via their website. Synchrony is a leader in consumer financial services, providing various financing solutions, including private label credit cards, across numerous industries.
Synchrony Financial (NYSE: SYF) declared a quarterly cash dividend of $0.22 per share, payable on February 17, 2022, for shareholders of record by February 10, 2022. Additionally, the company announced a dividend of approximately $14.06 per share on its 5.625% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, which will be paid on February 15, 2022. Synchrony is a leading consumer financial services company, providing diverse financing solutions and consumer banking products across various industries.
Synchrony (NYSE: SYF) has partnered with Pawlicy Advisor, a top pet insurance marketplace, to enhance financial options for pet owners. The collaboration introduces CareCredit as the primary financing solution for over 300,000 users of Pawlicy Advisor's platform. This move aims to address the gap in financing for veterinary care, especially for those unable to secure pet insurance. CareCredit will offer immediate coverage for out-of-pocket expenses not typically included in insurance policies, providing flexibility for pet owners in managing healthcare costs.
Synchrony's recent study, "Lifetime of Care," reveals that 70% of pet parents view pets as family, yet nearly half underestimate the lifetime costs of pet care, estimated between $20K-$55K for dogs and $15K-$45K for cats. The research, based on data from 1,200 pet owners and 100 veterinarians, highlights the importance of financial solutions like CareCredit and Pets Best Insurance. With $103.6 billion spent on pet care in the U.S. in 2020, the study emphasizes the need for pet owners to be financially prepared for unexpected expenses.
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