Synchrony Financial (SYF) and J.C. Penney Co. (JCP) signed a multi-year extension of their consumer credit card strategic partnership.
Synchrony will continue to manage and service payment cards for J.C. Penney customers at the retailer's stores in the U.S. and Puerto Rico, as well as JCPenney.com.
J.C. Penney will receive on-going payments based on purchases made on J.C. Penney credit cards issued under the program, as well as the overall performance of the credit card portfolio. J.C. Penney will also receive from Synchrony one-time payments of $30 million in fiscal 2018 and $20 million in fiscal 2019.
Synchrony and J.C. Penney have worked together for nearly two decades to offer a private label credit card program and a J.C. Penney MasterCard Dual Card. The companies also have used data analytics for customer insights. Synchrony also has helped J.C. Penney integrate credit payments into its mobile app using Synchrony plug-in SyPi. This agreement extends the term of the program until January 2027.
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