OPERATIONS

J.C. Penney extends financial services partnership

BY Deena M. Amato-McCoy

J.C. Penney has no intention of breaking up its nearly two-decade-old relationship with Synchrony.

The department store retailer announced a multi-year extension of their strategic partnership with financial services provider Synchrony, a deal that will enable J.C. Penney to continue offering customers financing options and using data analytics to deliver more personalized customer experiences. Through the agreement, Synchrony will also continue to manage and service payment cards for J.C. Penney customers at the retailer’s over 860 stores in the U.S. and Puerto Rico, as well as online.

Throughout the partners’ nearly 20-year relationship, J.C. Penney has launched a private label credit card program and a J.C. Penney Mastercard Dual Card. Synchrony has also helped the retailer integrate credit payments into the J.C. Penney mobile app using SyPi, a Synchrony plug-in. The companies also leveraged data analytics to uncover new customer insights, further personalizing customer experience.

All J.C. Penney cardholders are also automatically enrolled in J.C. Penney Rewards, which enables them to earn points two times for store purchases. J.C. Penney Mastercard cardholders can also earn points when they use the card anywhere else Mastercard is accepted. (Points are converted into $10 in rewards for future purchases at J.C. Penney.)

“The J.C. Penney credit card is an integral component of our loyalty program, serving as a powerful savings tool for our customers to get access to enticing benefits only available to cardholders,” said James Ward, VP of credit at J.C. Penney. “We are pleased to renew our agreement with Synchrony, helping us deliver flexible financing options and valuable benefits to our best customers.”

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