In a strategic move that promises to transform the retail landscape, JCPenney and Synchrony have announced a long-term extension of their nearly 25-year partnership. This expanded collaboration not only solidifies their commitment to customer-centric financing solutions but also introduces a game-changing buy now, pay later option that caters to the evolving needs of modern shoppers.

Unlocking New Possibilities in Retail Financing

Strengthening a Decades-Long Relationship

For over two decades, JCPenney and Synchrony have worked hand-in-hand to provide customers with a seamless and rewarding credit card experience. This long-standing partnership has now been further reinforced with a multi-year contract renewal, solidifying their shared vision of delivering innovative financing solutions that empower customers.

Introducing Synchrony Pay Later: Flexible Financing for Fine Jewelry

The partnership's latest evolution includes the integration of Synchrony Pay Later, a cutting-edge buy now, pay later (BNPL) option, into JCPenney's financing portfolio. This new offering will cater specifically to the retailer's fine jewelry business, allowing customers to finance purchases over $300 with flexible 6-, 12-, or 24-month installment plans. By simply scanning a QR code at checkout, customers can apply for and secure their preferred loan terms, completing their purchase immediately.

Enhancing the Customer Experience

The addition of Synchrony Pay Later to JCPenney's financing options is a strategic move aimed at meeting the evolving needs of modern shoppers. "JCPenney has always found a valuable ally in Synchrony for innovation, with a variety of credit card financing options and now the Synchrony Pay Later option," said Keith Melker, Chief Financial Officer at JCPenney. "These offerings give our customers more choice and control over their purchasing."

Fostering Loyalty and Engagement

The partnership's success is evident in the loyalty and engagement of JCPenney cardholders, who have become some of the retailer's most frequent and high-spending customers. "Thanks to our continued partnership with Synchrony, customers who use JCPenney cards have become some of our most loyal shoppers, visiting us more often and spending more per trip than other customers do," Melker added.

Synchrony's Commitment to Transformation

Synchrony's role in this partnership extends beyond simply providing financing solutions. The company's dedication to its partners' growth, differentiation, and transformation is a key driver of the long-term renewal agreement. "Our goal is to help our partners build lifelong relationships with their customers that go beyond a single purchase," said Courtney Gentleman, EVP & CEO of Diversified and Value at Synchrony.

Seamless Application and Enrollment

Customers interested in taking advantage of JCPenney's financing options can easily apply for a JCPenney Rewards credit card, with the ability to prequalify without impacting their credit score. Once approved, cardholders can immediately use their account to make purchases and are automatically enrolled in the JCPenney Rewards program, earning 1.5 points for every $1 spent at JCPenney stores or online.

Expanding the Financing Ecosystem

The partnership's evolution extends beyond the JCPenney Rewards credit card, as JCPenney Mastercard cardholders can also earn points when they use their card anywhere Mastercard is accepted. This diversified approach to financing options ensures that customers have a wide range of choices to meet their unique shopping needs.

Synchrony Pay Later: A Transformative Solution

Synchrony Pay Later, the new BNPL offering, represents a significant step forward in the partnership's commitment to innovation. By providing customers with flexible installment plans for fine jewelry purchases, JCPenney is empowering shoppers to make considered decisions and access the products they desire without the burden of upfront costs.