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February 5, 2019

Synchrony launches new credit card focused on home purchases

Synchrony has launched a new credit card to provide financing options for all types of home-related purchases, including furniture and decor.

Dubbed HOME Credit Card, the all-in-one card features zero annual fee and 2% cashback. Furthermore, it comes along with promotional financing for certain purchases.

Cardholders will get six-months financing on purchases of $299 and above, and 12-60-months for select purchases at participating Synchrony HOME stores across the US.

The card can be availed for both in-store and online shopping.

Synchrony CEO of payment solutions Neeraj Mehta said: “Synchrony HOME cardholders are looking for incredible value and different financing options when it comes to making their homes feel like their own.

“The Synchrony HOME Credit Card gives our customers more buying power and the cash back rewards they’re looking for to help meet their home desires.”

The new card will be issued and serviced by Synchrony Bank. The company has partnered with Discover Global Network to boost the acceptance of the card.

Discover vice-president of global business development Joby Orlowsky said: “Discover and Synchrony are ideally suited to give consumers value-focused card products that have wide acceptance where cardmembers want to make their purchases.

“This venture into a home-related card builds on the success both companies have had with Synchrony’s automotive card product.”

Last month, Synchrony partnered with online retailer Fanatics to introduce a new credit card targeted at licensed sports merchandise and apparel purchases.

This deal was followed by expansion of collaboration with Walmart subsidiary Sam’s Club for branded credit cards. The company also announced that Walmart agreed to drop the lawsuit filed against Synchrony Financial over the terms of a long-running credit card contract.

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