Synchrony has extended its strategic alliance to continue supporting retail firm Lowe’s credit card programmes.
The continued alliance will improve purchase options and benefits to customers.
Under the multi-year extension, Synchrony will manage and service consumer and commercial credit card programmes. The agreement covers Lowe’s Advantage Card, Business Account and Accounts Receivable credit cards.
The services are available at more than 1,740 of the retailer’s outlets in the US and its online store.
Overall, these card programmes are known to drive sales through various consumer offerings. One example is a 5% daily discount for all cardholders and other promotional offers.
Synchrony executive vice-president and CEO of Retail Card Tom Quindlen said: “Our continued partnership with Lowe’s demonstrates the power of Synchrony’s unique retail financial services capabilities.
“Lowe’s is a great partner that combines our expertise with their strengths, to grow sales and help them succeed.”
Synchrony’s collaboration with the retail company started in 1979. Initially, the partnership covered a store card and gradually expanded to several additional offerings.
Furthermore, Synchrony has been making strategic investments in the Lowe’s programme to enhance consumer experience via advancements in technological capabilities.
In addition, these advanced technologies include the Synchrony Plug-in (SyPI) for easy mobile in-app commerce and an in-store digital credit app that suggests financial options quickly.
Lowe’s vice-president of merchandising operations Margi Vagell said: “Over nearly 40 years, Synchrony and Lowe’s have evolved together in a dynamic market environment, and we look forward to continuing to improve our capabilities to even better serve customers in the future.”