Complete Auto Care and Fuel-Ups Available with New Synchrony Car Care™ Card

Accepted at over 25,000 automotive service, tire and repair locations
and for fuel purchases nationwide

STAMFORD, Conn.–(BUSINESS WIRE)–As the number of drivers and average age of vehicles1 on the
road continues to rise, so can auto-related maintenance and fuel costs.
The new Synchrony Car Care credit card launched by Synchrony Financial
(NYSE:SYF),
a premier consumer financial services company, offers motorists the
convenience of one card to pay for comprehensive auto care at thousands
of service and parts locations, as well as fuel at gas stations
nationwide.


The new Synchrony Car Care card replaces the CarCareONE®
card, leveraging the existing network that has helped millions of
consumers finance automotive aftermarket parts and services for more
than three decades. The new program expands utility and enhances
benefits, while building on the same core value proposition of special
financing for purchases of $199 or more.2 It is evolving to
meet the needs of drivers for a dedicated payment solution for everyday
gas purchases and an expanded acceptance network for both
planned and unexpected automotive expenses.

The Synchrony Car Care credit card is issued and serviced by Synchrony
Bank. As part of the launch, Synchrony has worked with Discover Global
Network®, the third largest payments network in the world, to
provide greater acceptance within the fuel segment. In addition to
acceptance at thousands of merchants in the Synchrony Car Care network,
the new card can be used for purchases at gas stations nationwide
everywhere Discover is accepted.

“The Synchrony Car Care card is an important financial resource for
drivers to maintain or improve their vehicles, and manage their family’s
auto spending needs with one convenient payment method,” said Glenn
Marino, executive vice president and CEO, Payment Solutions, for
Synchrony Financial. “Consumer and merchant input has been vital in
enhancing this market-leading program in ways that provide greater value
and flexibility to both car owners and service providers.”

“Discover offers innovative solutions that help businesses grow, and
we’re excited to be working with Synchrony Financial on expanding
acceptance for their new Synchrony Car Care card,” said Diane Offereins,
president of Payment Services at Discover.

Nearly three million existing cardholders nationwide will be able to use
Synchrony Car Care across a broader acceptance network to get gas
conveniently, and for all auto-related needs at their preferred service
providers and online retailers. From independent auto specialists to
full-service chains, businesses in the Synchrony Car Care network span
over 25,000 service and parts locations throughout the United States,
including Puerto Rico, and more than 185,000 fuel stations nationwide.
An updated mobile app enables users to locate nearby network partners,
track expenses, manage their account and access offers via their mobile
device. Detailed information, including a business locator and credit
application, is available at mysynchrony.com/carcare.

Research conducted with automotive (tire/wheels, service and parts)
cardholders for Synchrony Financial shows the importance of financing in
the automotive sector and in driving customer satisfaction:

  • Among automotive cardholders surveyed as part of Synchrony’s Major
    Purchase Consumer Study,3 one-third (33%) report they would
    not have made a major purchase (more than $500), or would have gone to
    another retailer if financing were not available. More than 70% of
    automotive cardholders say they “always” seek promotional financing
    when making a major purchase, and 88% said promotional financing made
    their large purchases more affordable.
  • Recent feedback4 from Synchrony automotive cardholders
    confirms 90% are satisfied with the card and 88% are satisfied with
    the in-store experience when using the card.

1IHS Markit – Average age and vehicles in operation based on
a snapshot of vehicles in operation on Jan. 1, 2016, the most recent
analysis from IHS Markit.
2 Subject to credit approval.
Gas station purchases are not eligible for promotional
financing. Minimum monthly payments required. See merchant or mysynchrony.com/carcare
for promotional financing details and merchant locations.
3Synchrony
Financial Fifth Annual Major Purchase Consumer Study, conducted
June-July 2016 by a third party, reflects the experience of shoppers
surveyed making or planning to make a purchase of $500+.
4Synchrony
Automotive Cardholder Satisfaction Study, February 2017.

About Synchrony Financial

Synchrony Financial (NYSE:SYF)
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 350,000 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. Synchrony Financial offers 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,
facebook.com/SynchronyFinancial,
www.linkedin.com/company/synchrony-financial
and twitter.com/SYFNews.

*Source: The Nilson Report (May 2016, Issue # 1087) – based on 2015 data.

©2017 Synchrony Bank/Synchrony Financial. All rights reserved.

Contacts

For Synchrony Financial:
Cristy Williams, 855-791-8007
media.relations@synchronyfinancial.com