Long-term relationship with national fashion retailer continues through 2026
STAMFORD, Conn. & JACKSONVILLE, Fla.--(BUSINESS WIRE)-- Synchrony Financial (NYSE:SYF), a premier consumer financial services company with 80 years of retail heritage, and national fashion retailer Stein Mart (NASDAQ:SMRT) today announced a long-term extension of Stein Mart’s co-branded MasterCard® and private label credit card program agreement.
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Synchrony Financial and Stein Mart Extend Consumer Credit Card Program Agreement (Photo: Business Wire)
Since 2006, Synchrony Financial and Stein Mart have partnered to offer credit card programs for qualifying cardholders1 at the retail chain’s 278 stores and at steinmart.com. Consumers can apply in-store or online for the Stein Mart Style Credit Card or the Stein Mart Style Platinum Master Card.® 2
“The Stein Mart cards not only offer greater payment flexibility to customers, but also greater value through savings and benefits to loyal customers,” said Tom Quindlen, executive vice president and CEO, Retail Cards, Synchrony Financial. “We’re pleased to continue our long relationship with Stein Mart, and look forward to continuing to build continued loyalty with their customers through our credit card programs.”
Stein Mart stores offer current-season, brand name fashion for women, men and home at prices up to 60 percent below department store prices every day, presented in an attractive department store environment.
Cardholders get access to Exclusive Extra Savings events where they are able to save 10%, at least 10 times a year.3 They also receive advance e-mail notification of sales events, savings during their birthday month and all the benefits of the Stein Mart Preferred Customer Program. Holders of the Stein Mart Style MasterCard® are able to use the card anywhere MasterCard is accepted, in addition to Stein Mart stores.
“We are very pleased to extend our relationship with Synchrony Bank, an industry leader in the credit card business. This has been a great partnership since 2006,” said Greg Kleffner, chief financial officer, Stein Mart. “Our credit card is a proven sales driver as our cardholders are our most frequent visitors. The extension with Synchrony will allow us to continue the fast-paced growth of our credit card program and our connection to these important customers, with improved economic terms benefitting our profitability.”
1Subject to terms and conditions.
2 The Stein Mart Style Platinum MasterCard® is issued by Synchrony Bank pursuant to a license by MasterCard International Incorporated. MasterCard is a registered trademark of MasterCard International Incorporated.
3 Purchases subject to credit approval. Some exclusions apply. Discount excludes the purchase of Stein Mart gift cards and Stein Mart virtual gift cards.
About Stein Mart
Stein Mart stores offer the fashion merchandise, service and presentation of a better department or specialty store, at prices competitive with off-price retail chains. With 278 locations from California to Massachusetts, as well as steinmart.com, Stein Mart’s focused assortment of merchandise features current season, moderate to better fashion apparel for women and men, as well as accessories, shoes and home fashions. Additional information about Stein Mart, Inc. can be found atwww.steinmart.com.
About Synchrony Financial
Synchrony Financial (NYSE: SYF) is one of the nation’s premier consumer financial services companies. Our roots in consumer finance trace back to 1932, and today we are the largest provider of private label credit cards in the United States based on purchase volume and receivables.* We provide a range of credit products through programs we have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers to help generate growth for our partners and offer financial flexibility to our customers. Through our partners’ over 350,000 locations across the United States and Canada, and their websites and mobile applications, we offer our customers a variety of credit products to finance the purchase of goods and services. Synchrony Financial (formerly GE Capital Retail Finance) offers private label and co-branded Dual Card™ credit cards, promotional financing and installment lending, loyalty programs and FDIC-insured savings products through Synchrony Bank. More information can be found at www.synchronyfinancial.com, facebook.com/SynchronyFinancial and twitter.com/SYFNews.
*Source: The Nilson Report (April, 2015, Issue # 1062) - based on 2014 data.
©2015 Synchrony Bank/Synchrony Financial. All rights reserved.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160301005463/en/
Synchrony Financial:
855-791-8007
media.relations@synchronyfinancial.com
or
Stein Mart:
Linda L. Tasseff, 904-858-2639
Director, Investor Relations
ltasseff@steinmart.com
Source: Synchrony Financial and Stein Mart
Released March 1, 2016
FAQs
*Note: On June 2, 2014, GE Capital Retail Bank changed its name to Synchrony Bank and is part of the Synchrony Financial business (formerly GE Capital Retail Finance). The name change is in process.
Is Synchrony Bank owned by synchrony financial? ›
The company offers consumer financing products, including credit, promotional financing and loyalty programs, installment lending to industries, and FDIC-insured consumer savings products, through Synchrony Bank, its wholly owned online bank subsidiary.
Is Synchrony Bank financially stable? ›
What is Synchrony Financial Financial Strength? Synchrony Financial has the Financial Strength Rank of 4. GuruFocus Financial Strength Rank measures how strong a company's financial situation is.
What is the difference between Synchrony and Synchrony Bank? ›
About Synchrony Financial
Synchrony Bank, part of Synchrony Financial (NYSE:SYF), is a federal savings bank headquartered in Draper, Utah, and a member of the FDIC. Synchrony Financial, formerly GE Capital Retail Finance, is one of the premier consumer financial services companies in the United States.
Did Synchrony buy CareCredit? ›
We help make care possible ... today. CareCredit, from Synchrony, is one of the largest and most popular health, wellness and beauty credit cards in the nation, serving millions of families each year.
Does Synchrony affect credit score? ›
Applying for a Synchrony Pay Later product with four or less payments will not impact your credit score. Applying for a Synchrony Pay Later product with more than four payments may impact your credit score.
Why did Walmart stop using Synchrony Bank? ›
According to reports about the break, Walmart complained that Synchrony Financial's transaction fees were too high and that it didn't approve enough card applications. On the other side, Synchrony Financial reportedly felt Walmart didn't put enough marketing energy behind its card offerings.
Does Chase own Synchrony Bank? ›
More about Synchrony: Synchrony Bank is owned by Synchrony Financial, a Stamford, Connecticut-based consumer financial services company.
What is the controversy with Synchrony Bank? ›
A new lawsuit against Synchrony Financial in Los Angeles County accuses the financial services company of installing tracking software to invade customers' privacy and track their browsing habits. This complaint was first surfaced by Law.com Radar.
Why was Synchrony Bank sued? ›
November 15, 2021: Bank to Pay $3.5 Million in Debt Collection Lawsuit. Los Angeles County District Attorney George Gascón announced today that Synchrony Bank will pay $3.5 million to settle a civil lawsuit alleging the company made unreasonably frequent or harassing phone calls to debtors in California.
SYNCB/PPC will show up on your credit report if you have a PayPal credit card, and it's an acronym for Synchrony Bank/PayPal Credit. If you don't have a PayPal Credit account, SYNCB/PPC on your credit report may be due to identity theft.
Is Synchrony Bank at risk of collapse? ›
Fitch Ratings - New York - 05 Apr 2024: Fitch Ratings has affirmed all of Synchrony Financial's (SYF) and subsidiaries' ratings including its Long-Term Issuer Default Ratings (IDRs) at 'BBB-'. The Rating Outlook is Positive.
Does Warren Buffett own Synchrony Financial? ›
Berkshire held 17.5 million shares of Synchrony as of the end of 2020. It later sold the entire stake in Q1 2022.
What is the future of Synchrony Financial? ›
Based on 15 Wall Street analysts offering 12 month price targets for Synchrony Financial in the last 3 months. The average price target is $48.80 with a high forecast of $62.00 and a low forecast of $37.00. The average price target represents a 11.67% change from the last price of $43.70.
Is Synchrony Financial safe? ›
Is Synchrony Bank secure? Synchrony Bank's deposit accounts are insured by the Federal Deposit Insurance Corp. (FDIC) up to the legal limit of $250,000 per depositor, per account ownership category. This insurance protects your money in the unlikely event of a bank failure.
What are the disadvantages of a Synchrony Bank? ›
What Are the Disadvantages of Synchrony Bank? Synchrony Bank has no physical locations for in-person banking. The online bank has no checking account. Synchrony customers can manage their accounts and get support 24/7 through its mobile app and automated phone service, but it offers limited live customer support.
Is Synchrony Financial a good company? ›
Synchrony Reviews FAQs
Synchrony has an overall rating of 4.2 out of 5, based on over 2,347 reviews left anonymously by employees. 84% of employees would recommend working at Synchrony to a friend and 82% have a positive outlook for the business. This rating has decreased by 2% over the last 12 months.
What is the former name of Synchrony Financial? ›
*Note: On June 2, 2014, GE Capital Retail Bank changed its name to Synchrony Bank and is part of the GE Capital Retail Finance business.
Is Synchrony Bank affiliated with amazon? ›
The Amazon Secured Card and Amazon Prime Secured Card, issued by Synchrony Bank, are unique credit cards each with two sets of features – the Secured Card features and the Store Card features. The two credit features have some different rates, fees and rewards.
What bank does Synchrony pull from? ›
Synchrony Bank uses all three major credit bureaus (TransUnion, Equifax and Experian) in order to assess your creditworthiness.
FAQ: Synchrony Bank Reviews
It offers a competitive APY on its savings account, and its deposit accounts are FDIC-insured.
Which FICO score does Synchrony use? ›
For instance, Synchrony Bank uses the VantageScore 4.0 scoring model when evaluating credit card applications.
Why is it so hard to get approved by Synchrony Bank? ›
While credit scores are very important, Synchrony Bank credit card approval depends on several other factors as well. For example, applicants need to have enough income to make payments on the card. Synchrony Bank will also look at existing debts when considering your application.
What is the business name of Synchrony Bank? ›
Company Information :: Synchrony Financial (SYF)
Does Amazon still use Synchrony Bank? ›
The Amazon Secured Card and Amazon Prime Secured Card, issued by Synchrony Bank, are unique credit cards each with two sets of features – the Secured Card features and the Store Card features. The two credit features have some different rates, fees and rewards.
Who runs Synchrony Bank? ›
Brian Doubles is President and Chief Executive Officer and a member of the Board of Directors of Synchrony, one of the nation's premier consumer financial services companies. Brian was named CEO in 2021, after serving as President for two years and as Executive Vice President and Chief Financial Officer for 10 years.
