March 31, 2015, 11:38 AM EDT
Synchrony Financial Partners with My Home Renovator to Offer Financing Options for Home Improvement Products and Services
STAMFORD, Conn. and HICKORY, N.C.
Public Company Information:
STAMFORD, Conn. and HICKORY, N.C.--(BUSINESS WIRE)--Synchrony Financial (NYSE:SYF), a premier consumer financial services company with 80 years of retail heritage, today announced a new, multi-year agreement to offer a private label credit card program for consumers to finance a wide range of home improvement products and services through My Home Renovator locations.
My Home Renovator’s network of retail locations inside Walmart stores nationwide allows shoppers with home improvement projects to easily connect with qualified renovators and products. Consumers will be able to discuss their projects directly with certified renovators and access special financing options only available through Synchrony’s Home Design Card.*
“The My Home Renovator program includes special financing options for customers to budget and pay for their planned renovation project or unplanned home repair,” said Bruce Christensen, general manager of Home Improvement for Synchrony Financial. “Our research shows that homeowners carefully research and plan their projects and My Home Renovator helps simplify this process by certifying renovators and products.”
Synchrony Financial’s third annual Major Purchase Consumer Study** found that home improvement shoppers conduct extensive research when considering purchases over $500, spending an average of 95 days, compared to the 80-day average when making other major purchase decisions.
“Combining our expertise locating the right renovator, and Synchrony Financial’s expertise in providing the right financing makes for a convenient and seamless shopping experience that will greatly benefit our customers,” said Doug Ritzel, president of My Home Renovator. “We’re excited to add a financing component to our services.”
About My Home Renovator
Launched in 2012, My Home Renovator is a retail marketplace connecting consumers seeking home improvement projects with the right products, renovators and contractors. Our goal is to help save people from the time and energy it takes to find the right products. In order to give homeowners the results of doing hundreds of hours of research without having to do any of the work, we first came up with a fairly simple idea: Take the steps that the homeowner would take ourselves. Our retail spaces can be found inside select Walmart stores throughout the nation. More information can be found at www.myhomerenovator.com or www.facebook.com/myhomerenovator.
About Synchrony Financial
Synchrony Financial (NYSE: SYF), formerly GE Capital Retail Finance, is one of the premier consumer financial services companies in the United States. 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’ more than 300,000 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. Our offerings include private label and co-branded Dual Card credit cards, promotional financing and installment lending, loyalty programs and Optimizer+plus branded FDIC-insured savings products through Synchrony Bank. More information can be found at www.synchronyfinancial.com and twitter.com/SYFNews.
*Subject to terms and conditions
**The Synchrony Financial 2014 Major Purchase Consumer Study was the third annual survey, conducted by a third party, exploring the path to purchase with shoppers who spent $500+ on a single purchase in one of 14 categories in the preceding six months.
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