JCPenney and Synchrony Extend Long-Term Financing Partnership with Multi-Year Contract Renewal

Core Insights - Synchrony has extended its nearly 25-year partnership with JCPenney to include new financing options, specifically the Synchrony Pay Later program, enhancing customer purchasing flexibility [1][2][4] Financing Options - The new Synchrony Pay Later option allows customers to finance fine jewelry purchases over $300 with installment payments of 6, 12, or 24 months, available both in-store and online [2][3] - Customers can apply for Synchrony Pay Later by scanning a QR code at checkout, completing the application on their device, and if approved, selecting their loan terms and using a virtual card for immediate purchase [3] Customer Engagement - JCPenney's CFO highlighted that the partnership with Synchrony has fostered customer loyalty, with cardholders visiting more frequently and spending more per trip compared to other customers [4] - Synchrony aims to help partners like JCPenney build long-term customer relationships that extend beyond single purchases, reflecting their commitment to partner growth and transformation [4] Company Background - JCPenney serves diverse working families in the U.S. and Puerto Rico, offering a wide range of products including fashion, home goods, and jewelry, supported by over 50,000 associates [6] - The company celebrated its 120th anniversary in 2022, emphasizing its legacy of customer connection through shopping and community engagement [7] Synchrony Overview - Synchrony is a leading consumer financial services company, providing a comprehensive suite of digitally enabled products across various industries, including retail and healthcare [8][9]