HHGregg Synchrony Financial: A Credit Card Program in Transition

HHGregg Synchrony Financial was a credit card program designed for HHGregg customers, allowing them to make purchases and earn rewards points.

The program was offered in partnership with Synchrony Bank, a leading provider of consumer financing solutions.

HHGregg Synchrony Financial offered a range of benefits, including special financing promotions and rewards points that could be redeemed for discounts on future purchases.

These rewards points could be earned by making purchases with the HHGregg credit card, and customers could redeem them for discounts on a wide range of products sold by HHGregg.

The hhgregg credit card program has been a key component of the company's customer experience, offering flexible and convenient payment options.

Qualifying cardholders can access special financing offers, in-store and online deals, online bill pay, and other exclusive benefits.

hhgregg has a long-standing partnership with Synchrony Financial, which has provided the consumer financing program for over 17 years.

A recent study conducted by Synchrony Financial found that 82% of cardholders always seek promotional financing options when making a major appliance purchase, and 92% believe promotional financing makes large appliance purchases more affordable.

Synchrony Financial is one of the nation's premier consumer financial services companies, with a range of credit products through programs with national and regional retailers.

The company offers private label and co-branded credit cards, promotional financing, and installment lending, among other services.

If this caught your attention, see: Financial Services Audit

The hhgregg credit card program has been a key component of the company's customer experience, offering flexible and convenient payment options.

Qualifying cardholders can access special financing offers, in-store and online deals, and exclusive benefits with an hhgregg credit card for use in 220 stores across 19 states and online at hhgregg.com.

Synchrony Financial has provided the consumer financing program for hhgregg for over 17 years.

Eighty-two percent of Synchrony Bank cardholders surveyed said they always seek promotional financing options when making a major appliance purchase.

A recent study highlights the importance of financing when making large purchases, with 92% of cardholders surveyed saying promotional financing makes their large appliance purchases more affordable.

Synchrony Financial is one of the nation's premier consumer financial services companies, with a range of credit products through programs with national and regional retailers.

Synchrony Financial offers private label and co-branded Dual Card credit cards, promotional financing, and installment lending through its partners' over 350,000 locations across the United States and Canada.

Financing options benefit both businesses and consumers, with 71% of Synchrony cardholders feeling that customer financing options make large purchases more affordable.

If this caught your attention, see: Is Synchrony a Good Credit Card

Credit cards might be on their way out, thanks to new technology being developed by Synchrony Financial in Kettering. The company is working on making purchases smoother and more secure with innovations like bio-metric identification.

The innovation station in Kettering is where new technology is being developed and tested, with 45 employees working there currently. This is in addition to the 1,900 employees already at the Kettering Business Park.

Synchrony Financial oversees private label credit cards for over 300,000 merchant and retail businesses in 400,000 locations. This includes companies like H.H. Gregg, Walmart, and Amazon.

A technology being tested in Kettering reads the hands of shoppers to identify them through bio-metric markers. It's not too far from the day when pulling out plastic will be considered quaint.

With technology like this, businesses are getting a better look at consumer spending habits. Smartphones have made it possible to collect data from various sensors, giving a bigger picture of what people are purchasing.

Synchrony Financial's third-quarter results show a strong performance with an 8% growth in purchase volume compared to the year-ago period.

The company's loan receivables grew at a rate of 11% year over year, indicating a significant increase in interest-earning balances.

Synchrony Financial's diluted earnings per share increased by 6% compared to the year-ago period.

The company's efficiency ratio declined to 30.6%, down from 34.2% during the year-ago period, suggesting that Synchrony is capturing economies of scale.

Here's a summary of Synchrony's third-quarter results:

Synchrony Financial's efforts to attract low-cost bank deposits are paying off, with deposits growing 23.1% over the year-ago period and now making up 71% of its funding.