Synchrony and Lowe’s Extend Strategic Partnership with Multi-Year Agreement
August 13 2018 - 5:12PM
Business Wire
- Agreement builds on nearly four-decade
credit card partnership
- Strategic partnership to strengthen the
intersection of digital and in-store customer experience
- Consumer and business credit card
options help customers love where they live
Synchrony (NYSE: SYF) and Lowe’s (NYSE: LOW) today announced a
multi-year extension of their strategic partnership highlighting
Synchrony’s commitment to offer Lowe’s customers enhanced
purchasing options and valuable benefits.
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As part of the extension, Synchrony will continue to manage and
service the consumer and commercial credit
card programs for Lowe’s customers at the retailers’ more
than 1,740 U.S. stores, as well as on Lowes.com. The programs drive
sales through a strong consumer offering, including five percent
off every day for all cardholders and special promotional
offers.
The Synchrony and Lowe’s credit partner relationship began in
1979. The partnership started with a Lowe’s store card and has
since expanded to multiple offerings that provide valuable benefits
to both consumers and businesses. Synchrony continues to make
strategic investments in the Lowe’s program to make the consumer
experience easier by advancing technology capabilities. These
technology breakthroughs include the Synchrony Plug-in (SyPI) to
make mobile in-app commerce easier and an in-store digital credit
app that taps into the power of mobile to more quickly provide
financial options to customers.
“We are focused on exceeding customers’ expectations wherever
they need us, including providing the best value in the
marketplace, and our work with Synchrony is critical to that goal,”
said Margi Vagell, Lowe’s vice president of merchandising
operations. “Over nearly 40 years, Synchrony and Lowe’s have
evolved together in a dynamic market environment, and we look
forward to continuing to improve our capabilities to even better
serve customers in the future.”
“Our continued partnership with Lowe’s demonstrates the power of
Synchrony’s unique retail financial services capabilities. Lowe’s
is a great partner that combines our expertise with their
strengths, to grow sales and help them succeed,” said Tom Quindlen,
executive vice president and CEO, Retail Card, at Synchrony.
Synchrony backs three credit cards available through Lowe’s: the
Lowe’s Advantage Card, the Lowe’s Business Account and Lowe’s
Accounts Receivable.
About Lowe’s
Lowe's Companies, Inc. (LOW) is a FORTUNE® 50 home improvement
company serving more than 18 million customers a week in the United
States, Canada and Mexico. With fiscal year 2017 sales of $68.6
billion, Lowe's and its related businesses operate or service more
than 2,390 home improvement and hardware stores and employ over
310,000 people. Founded in 1946 and based in Mooresville, N.C.,
Lowe's supports the communities it serves through programs that
focus on K-12 public education and community improvement projects.
For more information, visit Lowes.com.
About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services
company delivering customized financing programs across key
industries including retail, health, auto, travel and home, along
with award-winning consumer banking products. With more than $130
billion in sales financed and 74.5 million active accounts,
Synchrony brings deep industry expertise, actionable data insights,
innovative solutions and differentiated digital experiences to
improve the success of every business we serve and the quality of
each life we touch. More information can be found at
www.synchrony.com and through Twitter: @Synchrony.
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version on businesswire.com: https://www.businesswire.com/news/home/20180813005661/en/
Lowe’sJaclyn Pardini Hartzell,
704-758-4317Jaclyn.Pardini@lowes.comorSynchronySue
Bishop, 203-703-8269susan.bishopmangino@syf.com
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