Synchrony Financial and Stein Mart Extend Consumer Credit Card Program Agreement (2024)

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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.

This Smart News Release features multimedia. View the full release here:http://www.businesswire.com/news/home/20160301005463/en/

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

Synchrony Financial and Stein Mart Extend Consumer Credit Card Program Agreement (2024)

FAQs

Is Synchrony Bank owned by Chase? ›

More about Synchrony: Synchrony Bank is owned by Synchrony Financial, a Stamford, Connecticut-based consumer financial services company.

Does Synchrony Bank sue for credit card debt? ›

Synchrony Bank does sue for credit card debt. If you have opened a line of credit and defaulted on your payments with any business that has affiliation with Synchrony Bank there is a good chance that Synchrony Bank collections will start contacting you.

Is Synchrony Bank financially stable? ›

Synchrony Financial has the Financial Strength Rank of 4.

GuruFocus Financial Strength Rank measures how strong a company's financial situation is.

Can you have 2 credit cards with Synchrony Bank? ›

If you have more than one Synchrony credit card account, you will have the opportunity to include any or all of those accounts in this one-time registration.

What is the controversy with Synchrony Bank? ›

In 2023, the bank was ordered to pay a settlement of $2.6 million; the lawsuit claimed that Synchrony called people about bank accounts they did not own. In 2021, Synchrony paid $3.5 million in a settlement when California residents said the bank was making an unreasonable number of phone calls to people who owed debt.

What is the difference between Synchrony Bank and 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.

Can I negotiate with Synchrony Bank? ›

You can negotiate with them to get the lowest settlement amount possible. Keep in mind that Synchrony may not agree to a settlement, but it's worth a try.

What happens if I don't pay my Synchrony credit card? ›

Does Synchrony Bank Sue for Credit Card Debt? Synchrony Bank does sue for defaulted credit card debt. If it cannot collect payments from consumers that use Synchrony-branded or store credit cards, it may file debt collection lawsuits to try to get the money.

Can Synchrony Bank be trusted? ›

We give Synchrony Bank 4.4 out of 5 stars after evaluating factors including its branch availability, account fees, interest rates and customer support. The bank scores highest for its CDs, savings account and overall experience and access. *Ratings are determined by our editorial review team.

What are the disadvantages of a Synchrony Bank? ›

Cons
  • Synchrony has no branches.
  • Checking accounts aren't offered.
  • Synchrony Bank's money market account doesn't earn as high of a yield as its savings account.

Is my money safe in Synchrony Bank? ›

Your deposit accounts are insured up to $250,000.00 per ownership category. To learn more about FDIC coverage, please visit the FDIC website at FDIC: Deposit Insurance At A Glance.

What is the future of Synchrony Financial? ›

SYF Stock 12 Month Forecast

Based on 16 Wall Street analysts offering 12 month price targets for Synchrony Financial in the last 3 months. The average price target is $51.63 with a high forecast of $62.00 and a low forecast of $37.00.

Can you have 2 of the same credit cards from the same bank? ›

Yes, you can have more than one credit card from the same company. It's not only possible, but it can be a great way to deepen your relationship with one specific bank and take advantage of their card rewards and benefits.

Does having two credit cards hurt your credit? ›

How multiple credit cards affect your credit score. Having multiple credit cards can indirectly impact your credit scores by lowering your debt to credit ratio—also known as your credit utilization rate. Your credit utilization rate is the amount of credit you use compared to the total credit available to you.

Is it better to have two credit cards from the same company? ›

If you have multiple cards with the same issuer, you can maximize your rewards by using different cards for different purchases -- then combine for redemptions. You might be able to transfer credit limits, and having multiple cards with one issuer will make it much easier to manage your bills.

What bank is Synchrony associated with? ›

*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.

What banks are connected to Chase? ›

  • Chase Manhattan Corp.
  • Bank One Corp.
  • The Bear Stearns Companies Inc.
  • Washington Mutual Bank.
  • Cazenove Group.
  • InstaMed.
  • WePay.
  • FAQs.
May 10, 2024

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.

What bank did Chase merge with? ›

In 1955, the Bank of the Manhattan Company merged with Chase National Bank, the third largest in the United States, to form Chase Manhattan Bank. And in 2000, Chase Manhattan merged with JPMorgan & Co, to form today's JPMorgan Chase.

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