STAMFORD, Conn., Jan. 23, 2019 /PRNewswire/ -- Synchrony
(NYSE: SYF) today announced an extension of its strategic
partnership with Sam's Club, a segment of Walmart, Inc. (NYSE:
WMT), to continue offering Club members enhanced financing options
through the Sam's Club-branded credit cards. As part of the
extension, Synchrony will continue to manage and service the credit
card programs for Sam's Club members across the retailer's nearly
600 clubs.
Synchrony also announced it has reached agreement on the sale of
the Walmart loan portfolio currently serviced by Synchrony. The
portfolio is expected to transfer late in the third quarter or
early in the fourth quarter of 2019.
In addition, Walmart has agreed to dismiss its lawsuit against
Synchrony.
"We are very pleased to have reached these agreements. Obtaining
certainty around the Walmart portfolio and a renewal on Sam's Club
is a great outcome for the company," said Margaret Keane, president and chief executive
officer of Synchrony. "Sam's Club is a valued and longstanding
partner. We look forward to continuing to deliver innovative
products and excellent customer service to Sam's Club members."
Ms. Keane continued, "This extension is the latest in a series
of renewals and key customer initiatives which highlight the
strength of our best-in-class marketing and technology
capabilities. We continue to build momentum as we provide credit
and payment solutions that deliver value to our partners and pursue
opportunities that enhance value for Synchrony."
The Synchrony and Sam's Club partner relationship began in 1993,
providing credit programs for business members; adding revolving
credit programs for Sam's Club consumer members in 1995; and
currently offers Sam's Club co-branded and private-label credit
card programs for Club and Plus members – all of which double as
membership cards.
Member credit cardholders enjoy a range of benefits, including a
very comprehensive cash back rewards program (5% on gas, 3% on
dining and travel, 1% everywhere else) for the co-branded card, no
annual fee, in-club cash access, online account management, one
card convenience, mobile payment capabilities, special financing
promotions and savings opportunities.
Synchrony is integrated in all of Sam's Club channels,
accelerating digital capabilities, such as their innovative
Scan & Go program, to increase speed, reduce friction and
drive positive member experiences.
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 $140 billion
in sales financed and 80.3 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.
Contacts
Investor Relations:
Greg Ketron, 203-585-6291
InvestorRelations@syf.com
or
Jennifer Church, 203-585-6508
or
Media Relations:
Sue
Bishop, 203-585-2802
susan.bishopmangino@syf.com
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SOURCE Synchrony