JCPenney and Synchrony Extend Partnership: Buy Now, Pay Later Joins Financing Options
In a move that strengthens an already long-standing relationship, JCPenney and Synchrony have announced a multi-year extension of their partnership. This extended agreement goes beyond managing and servicing JCPenney credit cards, adding a new dimension of financial flexibility for customers.
The partnership, which began nearly 25 years ago, has been a cornerstone for JCPenney, offering customers rewards-rich credit cards at over 650 stores across the US and Puerto Rico, as well as online. This expansion aims to address evolving customer needs by introducing Synchrony Pay Later, a popular buy now, pay later financing option, to JCPenney’s offerings.
More Choice and Flexibility for Customers
With Synchrony Pay Later now available at JCPenney, shoppers can now choose to finance their fine jewelry purchases over $300 in installments, offering options for 6, 12, or 24-month payment plans. This new financing option provides customers with greater control over their budget and allows them to spread out the cost of their purchases.
The integration of Synchrony Pay Later is seamless. Customers can apply for this financing option at checkout in-store or online. To apply in-store, customers simply scan a QR code with their mobile device to complete an application. Once approved, they can select their preferred payment plan and instantly complete their purchase using a one-time virtual card added to their mobile wallet.
Positive Impact on Customer Loyalty
JCPenney has recognized the positive impact of their partnership with Synchrony, with customers who utilize JCPenney cards becoming some of their most loyal patrons. These cardholders visit JCPenney more frequently and spend more per visit than other customers, underscoring the success of the existing financial offerings.
A Commitment to Customer Relationships
Synchrony emphasizes their dedication to helping their partners cultivate lasting relationships with their customers, extending beyond a single purchase. This extended partnership with JCPenney signifies their commitment to supporting partners as customer needs evolve, enabling them to grow, differentiate, and transform their offerings.
JCPenney Credit Cards: More Than Just Rewards
JCPenney offers a variety of credit card options for customers, including their JCPenney Rewards credit card. Customers can prequalify for this card with no impact on their credit score and apply online or in-store. Approved cardholders can immediately start making purchases, and are automatically enrolled in the JCPenney Rewards program, allowing them to earn points for every qualifying purchase.
Expanding Access to Financing
The addition of Synchrony Pay Later to JCPenney’s financing options demonstrates a commitment to offering more accessible and flexible financial solutions to their customers. This move aligns with the growing popularity of buy now, pay later options, catering to customer preferences for managing their spending and making larger purchases more attainable.
