Synchrony Financial and Mattress Firm Partner on Consumer Credit Card Program
New financing program to be available April 2016 at approximately 2,200 stores in 40 states
STAMFORD, Conn.--(BUSINESS WIRE)-- Synchrony Financial (NYSE: SYF), a premier consumer financial services company with 80 years of retail heritage, and Mattress Firm, Inc., the nation’s largest specialty bedding retailer and a wholly owned subsidiary of Mattress Firm Holding Corp. (NASDAQ: MFRM), today announced a new, multi-year agreement to offer a private label credit card program for customers of Mattress Firm and its family of brands, including Sleep Train and Mattress Pro.
Expected to launch in April 2016, the new credit card program will be available for online and in-store purchases at approximately 2,200 Mattress Firm, Sleep Train and Mattress Pro stores in the United States, which carry a full range of traditional and specialty mattresses, bedding accessories and top-rated products from leading manufacturers such as Sealy, Tempur-Pedic, Serta, Simmons, Stearns & Foster, and Hampton & Rhodes. Qualifying cardholders* will enjoy special financing, online and mobile account management, savings and discount offers, and access to previews and events.
“Mattress Firm has earned a trusted reputation for expert service and broad product selection through its Comfort by Color Selling approach,” said Glenn Marino, executive vice president and CEO, Payment Solutions, Synchrony Financial. “We share their commitment to provide a great experience, and look forward to working with their family of brands to continue to grow their business and to offer financing programs that bring greater value to their customers.”
Bedding shoppers spend 135 days on average researching their purchase and the availability of financing, according to Synchrony Financial’s 2014 Third Annual Major Purchase Consumer Study**. Of cardholders surveyed in the bedding category, 75% said they always seek promotional financing when making a large purchase.
About Synchrony Financial
Synchrony Financial (NYSE: SYF), formerly GE Capital Retail Finance, is one of the nation’s premier consumer financial services companies. Our roots in consumer finance trace back to 1932, and today we are the largest provider of private label credit cards in the United States based on purchase volume and receivables. We provide a range of credit products through programs we have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers to help generate growth for our partners and offer financial flexibility to our customers. Through our partners’ over 300,000 locations across the United States and Canada, and their websites and mobile applications, we offer our customers a variety of credit products to finance the purchase of goods and services. Our offerings include private label and co-branded Dual Card credit cards, promotional financing and installment lending, loyalty programs and FDIC-insured savings products through Synchrony Bank. More information can be found at www.synchronyfinancial.com and twitter.com/SYFNews.
*Subject to terms and conditions.
**Synchrony Financial’s third annual 2014 Major Purchase Consumer Study, conducted by a third-party, reflects the average experience of consumers making purchases valued at $500+ in one of 12 categories, including Bedding.
©2015 Synchrony Bank/Synchrony Financial, All rights reserved.
For Synchrony Financial
Cristy Williams, (855) 791-8007
Source: Synchrony Financial
Released July 15, 2015