Synchrony Renews Decade-Long Consumer Financing Strategic Partnership

Rhea-AI Summary

Synchrony (NYSE: SYF) announced a multi-year extension of its consumer financing program with The TJX Companies, Inc., which began in 2011. As part of the renewal, Synchrony will continue to exclusively provide the TJX Rewards and TJX Rewards MasterCard credit card programs. Cardholders can earn $10 in rewards certificates for every $200 spent, and the partnership will enhance digital capabilities, including contactless cards and digital rewards accessible within 48 hours. This strengthens Synchrony's position in consumer financing as they aim to meet evolving customer demands.

Positive

• Multi-year extension of partnership with TJX, reinforcing business stability.
• Exclusive provider of TJX Rewards and TJX Rewards MasterCard programs, promoting customer loyalty.
• Digital enhancements to the credit card program, increasing customer engagement and convenience.

Negative

• None.

STAMFORD, Conn., July 15, 2021 /PRNewswire/ -- Synchrony (NYSE: SYF), a premier consumer financial services company,  today announced a multi-year extension of their consumer financing program with The TJX Companies, Inc., the leading off-price retailer of apparel and home fashions in the U.S. and worldwide. The relationship began in 2011.

As part of the renewal, Synchrony will continue to be the exclusive provider of the TJX Rewards^® and TJX Rewards MasterCard^® credit card programs for TJX customers. Qualifying cardholders can continue to access loyalty rewards with a TJX Rewards^® or TJX Rewards MasterCard^® credit card for use in T.J. Maxx, Marshalls, HomeGoods, Homesense and Sierra stores, as well as the company's e-commerce sites in the United States. Access to mobile account management and other exclusive benefits will not change.*

Cardholders can earn $10 in rewards certificates when they spend $200 at any of TJX's five U.S. retail chains. Additionally, holders of the TJX Rewards MasterCard can earn points on purchases made outside of TJX's retail chains, anywhere MasterCard is accepted.

Synchrony continues to deepen strategic investments in the TJX program to make the consumer experience more seamless by expanding and advancing digital capabilities. These offerings include contactless cards and digitizing rewards. As part of the expansion to digital rewards, the TJX Rewards credit card allows customers to shop, earn, and access Reward Certificates digitally in 48 hours or less.

"This renewal builds on 10 years of co-innovation and partnership, and further strengthens our position as a trusted leader in consumer financing," said Tom Quindlen, Executive Vice President and CEO of Diversified & Value and Lifestyle platforms at Synchrony. "As the retail landscape continues to evolve, we look forward to working with TJX to meet new customer demands with strong benefits, superior customer service and payment flexibility."

Synchrony issues two different types of credit cards available through TJX: Private label TJX Rewards ® credit card and co-branded TJX Platinum Rewards MasterCard ® credit card.

*Purchases subject to credit approval. See Rewards Program Terms for details.

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.

Media Contact

Nicole Ward
Synchrony
Nicole.ward@syf.com
203.564.6938

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SOURCE Synchrony

FAQ

What is the recent announcement from Synchrony regarding SYF on July 15, 2021?

Synchrony announced a multi-year extension of its consumer financing program with The TJX Companies, furthering their partnership that started in 2011.

How does the renewal of the TJX partnership affect SYF stock?

The renewal strengthens Synchrony's position in the consumer financing market, potentially positively impacting SYF stock by ensuring stable revenue from this partnership.

What are the benefits of the TJX Rewards credit card program offered by Synchrony?

Cardholders can earn $10 in rewards certificates for every $200 spent, along with digital features that enhance the overall consumer experience.

How long has Synchrony been partnered with TJX?

Synchrony has been partnered with TJX since 2011, marking a decade-long collaboration that has now been extended.