Synchrony Financial operates an online bank and is the largest provider of private label credit cards in the United States.
Synchrony operates via three sales platforms: Retail Card, Payment Solutions and CareCredit. Retail Card is a leading provider of private label credit cards, and also provides Dual Cards and small- and medium-sized business credit products. Payment Solutions is a leading provider of promotional financing for major consumer purchases, offering primarily private label credit cards and installment loans. CareCredit is a leading provider of promotional financing to consumers for elective healthcare procedures or services, such as dental, veterinary, cosmetic, vision and audiology.
The Synchrony Bank offers online savings and money-market accounts along with CDs and IRAs via the Optimizer brand. The company offers some of the highest rates for online savings accounts currently at 1.05%.
During 2014, the company financed $103.1 billion of purchase volume, and at the end of 2014 had $61.3 billion of loan receivables and 64.3 million active accounts. Synchrony's partners include some of the nation’s leading retailers and manufacturers with well-known consumer brands, such as Lowe’s, Walmart, Amazon and Ethan Allen.
Synchrony Financial went public on July 31, 2014 and was previously known as GE Capital Retail Finance. GE owns 84.6% of the company's stock.
In 2014, the company reported revenues of $12.7 billion and net income of $2.1 billion.
Synchrony Financial is built from GE heritage, tracing its roots to 1932 when GE first offered financing for new appliances.
Updated July 17, 2015