Synchrony's CareCredit Network Expands to First-Ever Major Grocery Store Chain Collaboration With Albertsons Companies
Rhea-AI Summary
Synchrony (NYSE: SYF) and Albertsons Companies have announced a groundbreaking collaboration, marking CareCredit's first major grocery store chain partnership. The CareCredit health and wellness credit card will now be accepted at nearly 2,200 Albertsons Cos. stores, including Albertsons, Safeway, Vons, ACME, Shaw's, and Jewel-Osco.
Cardholders can use CareCredit for select health and wellness items, including pharmacy prescriptions, over-the-counter health products, personal care items, beauty and hair care, pet supplies, and baby essentials. This expansion aims to provide consumers with more flexible payment options for their health and wellness needs beyond traditional healthcare settings.
The partnership aligns with Synchrony's commitment to making health and wellness products and services more accessible to consumers, following their June 2023 expansion into preventative care and holistic wellness services.
Positive
- Expansion of CareCredit acceptance to nearly 2,200 Albertsons Cos. stores
- Increased accessibility for health and wellness products through flexible payment options
- Potential for increased customer base and transaction volume for Synchrony
- Alignment with Synchrony's strategy to expand CareCredit's utility and reach
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, SYF declined 0.61%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
CareCredit health and wellness credit card to be accepted at Albertsons Cos. stores for health and wellness products
"At Synchrony, we know our families' health and wellness is not just pursued at the doctor's office but is also found at our local grocery store," says Beto Casellas, Executive Vice President and Chief Executive Officer of Health and Wellness at Synchrony. "By expanding the CareCredit network through this new offering with Albertsons Cos., we are helping to ensure that consumers have more options to pay for their health and wellness products in a way that's convenient for them."
CareCredit cardholders are now able to use their card at most Albertsons Cos. stores for select health and wellness items including pharmacy (prescriptions, deductibles); qualified over-the-counter health products (first aid, vitamins, cold and allergy medications); select personal care (oral care, ear and eye care, hygiene); select beauty and hair care; select pet food and supplies; and qualified baby essentials (diapers, formula).
"At Albertsons Cos., we are continually broadening our relationships to ensure our customers have more options, flexibility and convenient ways to access prescriptions; personal, pet and baby care essentials; over-the-counter products; and other necessary items," said Irina Pelphrey, Group Vice President of Health at Albertsons Cos. "Through our collaboration with CareCredit, cardholders can now shop at their preferred local Albertsons Cos. grocery store for the products they need on their health and wellness journey."
Synchrony is committed to making health and wellness products and services more accessible for consumers. In June 2023, Synchrony announced the expansion of its financing programs across the wellness industry, allowing CareCredit cardholders to use CareCredit to pay for preventative care and services like nutrition and weight loss programs, holistic and lifestyle care like acupuncture, chiropractic care and counseling at locations in the CareCredit network.
"Synchrony is committed to providing our cardholders with a robust set of locations to use the CareCredit credit card to advance their health and wellness, and we are excited to partner with Albertsons Cos., a leading food and drug retailer in our communities," said Erin Gadhavi, Senior Vice President and General Manager of Wellness at Synchrony. "As we look for ways to expand the utility of our card, we look forward to bringing on the reach of Albertsons Cos.' pharmacies and stores as a valuable addition to the CareCredit network."
Synchrony's CareCredit credit card is an efficient way for people to pay for out-of-pocket healthcare costs and health and wellness products at select retail locations in a manner that works for themselves and their families.
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 Relations:
Michelle Blaya Romero
Synchrony
Michelle.Romero@SYF.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/synchronys-carecredit-network-expands-to-first-ever-major-grocery-store-chain-collaboration-with-albertsons-companies-302247146.html
SOURCE Synchrony
FAQ
What products can CareCredit be used for at Albertsons Cos. stores?
How many Albertsons Cos. stores will accept CareCredit?
When did Synchrony (SYF) announce the expansion of CareCredit to Albertsons Companies?
What is the significance of the Synchrony (SYF) and Albertsons Companies partnership?
