Synchrony Financial is a consumer financial services company that provides a range of credit products and services, including private label credit cards, co-branded credit cards, installment loans, and other financing solutions. The company was originally part of General Electric (GE) Capital and was spun off as an independent entity on July 31, 2014.
The history of Synchrony Financial traces back to its roots as the General Electric Credit Corporation (GECC), which was founded in 1932. Over the years, GECC expanded its offerings and became one of the largest providers of consumer credit in the United States. In 2014, GE decided to focus on its industrial businesses and divested its financial services arm, leading to the creation of Synchrony Financial as a standalone company.
Synchrony Financial partners with various retailers, healthcare providers, and other businesses to offer credit and financing options to their customers. It operates a diverse portfolio of credit programs and has established relationships with numerous well-known brands, making it a significant player in the private label credit card market.
Synchrony Financial focuses on leveraging data analytics and technology to enhance its customer experience and provide innovative financial solutions. Through its digital platforms, customers can access and manage their accounts, view transaction history, make payments, and track rewards and benefits.
In addition to its core credit card business, Synchrony Financial also offers banking products and services through its online banking division. This includes high-yield savings accounts, certificates of deposit (CDs), and other banking products, providing customers with additional financial services beyond credit cards and loans.