Synchrony and Guitar Center Renew Consumer Credit Card Program Partnership

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Synchrony (NYSE: SYF) and Guitar Center have renewed their strategic partnership, initiated in 2015, to provide a private label credit program for customers. This program allows flexible financing options, with Guitar Center Gear Card customers receiving 5% rewards on purchases across nearly 300 Guitar Center locations and online. The partnership aims to make music more accessible for musicians, from beginners to professionals, by reducing financial barriers. Synchrony emphasizes enhancing customer experience via prequalification processes for credit without affecting credit scores.

Positive

Renewed partnership with Guitar Center increases growth opportunities.
Private label credit program offers 5% rewards to Guitar Center Gear Card customers.
Prequalification process enhances customer experience without affecting credit scores.

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04/15/2022 - 10:00 AM

Program helps musicians easily purchase instruments, recording equipment and accessories to fuel their passion for music

STAMFORD, Conn. and WESTLAKE VILLAGE, Calif., April 15, 2022 /PRNewswire/ -- Synchrony (NYSE: SYF), a premier consumer financial services company, and Guitar Center, the world's largest musical instrument retailer, today announced the renewal of a strategic partnership that began in 2015. Under the agreement, Synchrony will continue providing a private label credit program for customers to make purchases at any Guitar Center location or via its website.

Flexible financing options help those purchasing musical instruments to concentrate on what's important — making music.

Guitar Center Gear Card customers can receive 5% rewards and special financing options when purchasing items from the nearly 300 Guitar Center locations and website, which is one of the top direct sales websites in the industry. In addition, customers applying online or through their mobile device benefit from Synchrony's Prequalification process which enables customers to see if they will be preapproved for credit and view their initial credit limit prior to submitting an application, with no impact to their credit bureau score.

"Our partnership with Guitar Center has made it easier for musicians to realize their passion," said Darrell Owens, senior vice president, Synchrony. "Offering flexible financing options and a great experience help those purchasing musical instruments and accessories to concentrate on what's important — making music. We are thrilled to extend our relationship with such a valued partner."

The program helps everyone — from lifelong musicians to beginners looking to expand their interest in music — achieve their musical goals with the backing of a strong financial services company. As anyone who loves music and wants to immerse themselves in learning how to play an instrument or advancing their skills quickly learns, it can be an expensive hobby to pursue. Synchrony and Guitar Center want to make it accessible and easy for musicians to enhance their musical knowledge.

"Over the past six years, Guitar Center has worked closely with Synchrony to provide the best financial payment options to our customers," said Tim Martin, Chief Financial Officer, Guitar Center. "We look forward to continuing this program to support our loyal customers on their musical journeys by offering simplicity, flexibility, and affordability at the point of purchase."

To learn more about the Guitar Center Gear Card, visit www.guitarcenter.com.

About Guitar Center

Guitar Center is a leading retailer of musical instruments, lessons, repairs and rentals in the U.S. With nearly 300 stores across the U.S. and one of the top direct sales websites in the industry, Guitar Center has helped people make music for more than 50 years. Guitar Center also provides customers with various musician-based services, including Guitar Center Lessons, where musicians of all ages and skill levels can learn to play a variety of instruments in many music genres; GC Repairs, an on-site maintenance and repairs service; and GC Rentals, a program offering easy rentals of instruments and other sound reinforcement gear. Additionally, Guitar Center's sister brands include Music & Arts, which operates more than 240 stores specializing in band & orchestral instruments for sale and rental, serving teachers, band directors, college professors and students, and Musician's Friend, a leading direct marketer of musical instruments in the United States. For more information about Guitar Center, please visit www.guitarcenter.com.

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, powersports, 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 and Twitter: @Synchrony.

FOR MORE INFORMATION PLEASE CONTACT:

Guitar Center
media@guitarcenter.com

Edelman
GuitarCenter@edelman.com

Synchrony
Tyler Allen
Tyler.Allen@syf.com