Synchrony and JCPenney Extend Strategic Partnership with New Multi-Year Agreement
October 10 2018 - 9:00AM
Business Wire
- Agreement builds on nearly two-decade
credit card partnership
- Strategic partnership to strengthen the
intersection of digital and in-store customer experience with
mobile technologies
Synchrony (NYSE: SYF) and JCPenney (NYSE: JCP) today announced a
multi-year extension of their strategic partnership bringing
together data analytics and consumer financial services expertise
to continue to offer JCPenney customers financing options and
personalized customer experiences.
Synchrony and JCPenney have partnered for nearly two decades to
offer a private label credit card program and a JCPenney Mastercard
Dual Card. Working together, the companies have also leveraged data
analytics to uncover new customer insights, further personalizing
customer experience. Synchrony has also helped JCPenney integrate
credit payments into the JCPenney mobile app using SyPi, a
Synchrony plug-in.
As part of the extension, Synchrony will continue to manage and
service payment cards for JCPenney customers at the retailer’s over
860 stores in the U.S. and Puerto Rico, as well as
JCPenney.com.
“The JCPenney credit card is an integral component of our
loyalty program, serving as a powerful savings tool for our
customers to get access to enticing benefits only available to
cardholders,” said James Ward, vice president of credit at
JCPenney. “We are pleased to renew our agreement with Synchrony,
helping us deliver flexible financing options and valuable benefits
to our best customers.”
“The deep collaboration between Synchrony and JCPenney has
already proven to benefit customers across all shopping channels,"
said Tom Quindlen, EVP and CEO, Retail Card at Synchrony. “We work
every day to help JCPenney deliver sales growth, differentiated
technology and a great customer experience.”
JCPenney cardholders are automatically enrolled in JCPenney
Rewards, where they can earn points two times faster to receive a
$10 reward for future purchases. JCPenney Mastercard cardholders
can also earn points when they spend anywhere Mastercard is
accepted. JCPenney cardholders are some of the retailer’s best
customers, shopping more frequently and spending over 2.5 times as
much as other customers.
About JCPenney
J. C. Penney Company, Inc. (NYSE: JCP), one of the nation's
largest apparel and home retailers, combines an expansive footprint
of over 860 stores across the United States and Puerto Rico with a
powerful e-commerce site, jcp.com, to deliver style and value
for all hard-working American families. At every touchpoint,
customers will discover stylish merchandise at incredible value
from an extensive portfolio of private, exclusive and national
brands. Reinforcing this shopping experience is the customer
service and warrior spirit of approximately 98,000 associates
across the globe, all driving toward the Company's mission to help
customers find what they love for less time, money and effort. For
additional information, please visit jcp.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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follow us @jcpnewsorSynchrony:Nicole WardNicole.ward@SYF.com(p)
203.585.2933@NWardsays
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