Synchrony Financial and Belk Extend Consumer Financing Program Agreement
January 25 2017 - 9:00AM
Business Wire
Private label Belk Rewards credit card program
to continue under multi-year agreement
Synchrony Financial (NYSE:SYF), a premier consumer financial
services company, and Belk, a private department store company,
today announced they have agreed to a multi-year renewal of
Synchrony Financial’s consumer financing program.
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Synchrony Financial and retailer Belk
have reached a multi-year agreement to continue the Belk Rewards
private label credit card program (Graphic: Business Wire)
Belk operates department stores in 16 Southern states as well as
belk.com and offers a wide assortment of national brands and
private label fashion apparel, shoes, and accessories.
Synchrony Financial has provided a consumer financing program
for Belk through the Belk Rewards program for more than a decade.
Qualifying cardholders can continue to access discounts, loyalty
rewards, mobile account management, receipt-free returns and other
exclusive benefits* with a Belk Rewards, Belk Premier or Belk Elite
credit card for use in stores and online.
Cardholders earn 1 point for every $1 spent on qualifying
merchandise purchases, and receive $10 in rewards certificates for
every 400 points earned. Elite members also receive free shipping,
quarterly 20% off personal sale days and a 20% off birthday
coupon.
“The Belk Rewards credit program has been instrumental in
increasing our store and online traffic,” said Lisa Harper, CEO of
Belk. “We value Synchrony Financial’s industry expertise,
commitment to innovation and knowledgeable insights that provide
added value to our customers.”
“We look forward to continue working with Belk to ensure that
their customers have the payment flexibility, loyalty rewards and
superior customer experience that they expect,” said Tom Quindlen,
executive vice president and CEO, Retail Card, Synchrony Financial.
“Providing a successful consumer financing program is critical to
driving sales and maintaining an edge in today’s competitive retail
landscape and we’re pleased to be able to continue our partnership
with Belk.”
*Subject to terms and conditions.
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 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,
www.linkedin.com/company/synchrony-financial and
twitter.com/SYFNews.
**Source: The Nilson Report (May 2016, Issue # 1087) – based on
2015 data.
About Belk, Inc.
Belk, Inc., a private department store company based in
Charlotte, N.C., is the home of Modern. Southern. Style. with
stores located in 16 Southern states and has a rapidly growing
digital presence. Belk is a portfolio company of Sycamore Partners,
a private equity firm based in New York. Belk and www.belk.com
offer a wide assortment of national brands and private label
fashion apparel, shoes and accessories for the entire family along
with top name cosmetics, a wedding registry and a large selection
of quality merchandise for the home.
Belk offers many ways to connect via digital and social media,
including Facebook, Pinterest, Twitter, Instagram, YouTube and
Google Plus, and provides exclusive offers, fashion updates, sales
notifications and coupons via email or mobile phone text messages.
Customers can also download the latest Belk mobile apps for the
iPad, iPhone or Android.
©2017 Synchrony Bank/Synchrony Financial, All rights
reserved.
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version on businesswire.com: http://www.businesswire.com/news/home/20170125005230/en/
For Synchrony
Financial855-791-8007media.relations@synchronyfinancial.comorFor
BelkJessica Graham, 704-426-8333Jessica_graham@belk.com
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