October 2, 2014, 12:00 PM EDT
Synchrony Financial Renews Consumer Financing Program with Select Comfort
Multi-year agreement extends Sleep Number® Credit Card
Public Company Information:
STAMFORD, Conn.--(BUSINESS WIRE)--Synchrony Financial (NYSE:SYF), a premier consumer financial services company with 80 years of retail heritage, has signed a multi-year agreement with Select Comfort Corporation (NYSE:SCSS), a sleep innovation leader whose mission is to improve lives by individualizing sleep experiences, to continue providing consumer financing programs through Select Comfort's 450 Sleep Number stores, online at SleepNumber.com, and via phone at (800) Sleep Number or (800) 753-3768.
“We are dedicated to our customers and delivering an unparalleled sleep experience for them,” said Andy Carlin, chief sales officer, Sleep Number. “The Sleep Number Card from Synchrony Financial is another way in which our customers benefit from a value-added experience.”
Introduced in 1999, the Sleep Number Card provides special financing options* and offers on the purchase of Sleep Number® beds, bedding and services, including the award-winning Sleep Number® x12 bed and the proprietary Sleep Number SleepIQ™ technology, which is now available on all Sleep Number® beds. SleepIQ technology is the world’s first sleep innovation that provides consumers with knowledge about their sleep and the ability to improve their sleep quality using simple and intuitive sleep tracking. There’s nothing to wear or turn on – all you have to do is sleep. Customers can apply for the Card in store, online or by phone.
“We are pleased to continue working with Select Comfort to offer financing solutions for customers to purchase the sleep products they need and want in-store, online or by phone, as well as the ability to manage their account anytime and anywhere," said Paul Boeckman, a vice president of sales for Synchrony Financial. “Our research** shows bedding shoppers spend 135 days on average researching and that the availability of financing is a key factor in their purchase decision.”
About Select Comfort Corporation
SLEEP NUMBER, a sleep innovation leader, delivers unparalleled sleep experiences by offering high-quality, innovative sleep products and services. The company is the exclusive designer, manufacturer, marketer, retailer and servicer of a complete line of Sleep Number® beds. Only the Sleep Number® bed offers SleepIQ™ technology – proprietary sensor technology that works directly with the bed’s DualAir™ feature to track and monitor each individual’s sleep. SleepIQ™ technology communicates how you slept and what adjustments you can make to optimize your sleep and improve your daily life. Sleep Number also offers a full line of exclusive sleep products including FlexFit™ adjustable bases and Sleep Number® pillows, sheets and other bedding products. Consumers also benefit from a unique, value-added retail experience at one of the more than 450 Sleep Number® stores across the country, online at SleepNumber.com or via phone at (800) Sleep Number or (800) 753-3768.
About Synchrony Financial
Formerly GE Capital Retail Finance, Synchrony Financial (NYSE:SYF) 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 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.
Note: On June 2, 2014, GE Capital Retail Bank changed its name to Synchrony Bank and is part of the Synchrony Financial business (formerly GE Capital Retail Finance). The name change is in process.
*Subject to terms and conditions.
**Synchrony Financial’s Third-annual 2014 Major Purchase Consumer Study reflects the average experience of consumers making purchases valued at $500+ in one of 12 categories, including mattresses.
***The Nilson Report (April 2014, Issue #1039)
©2014 Synchrony Bank/Synchrony Financial, All rights reserved.