Synchrony Car Care™ Lets Customers "Charge" Electronic Vehicle (EV) Refills

Rhea-AI Summary

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.

Positive

• Expansion of Car Care credit card services to include EV charging refills.
• Partnerships with over one million automotive merchant locations nationwide.
• Government investment of nearly $5 billion to develop EV charging infrastructure.

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• None.

STAMFORD, Conn., March 8, 2022 /PRNewswire/ -- Committed to address rising environmental concerns and government legislation, Synchrony (NYSE: SYF), a premier consumer financial services company, today announced that customers can now use the Synchrony Car Care credit card to pay for refills at charging stations.  

Adding EV charging to its growing list of features builds on the already robust utility of Synchrony Car Care, which enables consumers to pay for most everything their vehicle needs to stay on the go. In addition to more traditional purchases like parts and service, gas, tires, and oil changes, customers may use the payment solution for parking, car washes, public transportation, car rentals, rideshare, tolls, auto insurance and much more.

Today's news comes as electric vehicles are gaining in popularity. According to the U.S. Department of Energy, there are currently more than 45,000 public EV charging stations and about 115,000 charging ports in the United States. Last month, the Biden administration announced that it would make nearly $5 billion available to build out a national electric vehicle charging network, particularly along the Interstate Highway System.

In addition, regional alliances of utilities, charging station builders and government agencies are planning to construct thousands of charging stations between cities.

"We are seeing motorists looking to use their EVs for everything from local shopping trips to cross-country family vacations," said Curtis Howse, CEO, Home and Auto, Synchrony. "Synchrony Car Care is committed to helping consumers embrace these transformational vehicles, which herald a new era of sustainable transportation."

Increasing Momentum
As a dedicated payment solution for both planned and unexpected car expenses, Synchrony Car Care has grown in acceptance to more than one million automotive merchant locations nationwide. The no-annual-fee, zero fraud liability credit card has quickly become a preferred payment option for consumers' car care needs as Synchrony has broadened its network of in-store and online automotive merchants.

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.

Contact: Michelle Blaya
Synchrony
626-250-1415
Michelle.Blaya@syf.com

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SOURCE Synchrony

FAQ

What recent feature did Synchrony (SYF) add to its Car Care credit card?

Synchrony (SYF) added the ability for customers to pay for electric vehicle (EV) charging refills using its Car Care credit card.

How many charging stations are there in the U.S. relevant to Synchrony's new EV service?

There are over 45,000 public EV charging stations and about 115,000 charging ports in the U.S.

What is the significance of the $5 billion investment mentioned in Synchrony's news?

The $5 billion investment aims to expand the national electric vehicle charging network, which will enhance EV infrastructure relevant to Synchrony's services.

How does Synchrony (SYF) support consumers with their automotive needs?

Synchrony's Car Care credit card allows customers to make payments for a wide range of automotive expenses, including service, parts, parking, and now EV charging.