PYMNTS-MonitorEdge-May-2024

Lowe’s Credit Card Payment Partnership

Lowe’s

To help Lowe’s Companies bring new benefits and purchasing options to its customers, it’s extending its agreement with Synchrony. The agreement gives Lowe’s access to infrastructure related to in-app payments, along with an in-store credit app, Chain Store Age reported.

“We are focused on exceeding customers’ expectations wherever they need us, including providing the best value in the marketplace, and our work with Synchrony is critical to that goal,” Lowe’s VP of merchandising operations, Margi Vagell, said. “Over nearly 40 years, Synchrony and Lowe’s have evolved together in a dynamic market environment, and we look forward to continuing to improve our capabilities to even better serve customers in the future.”

With the deal, Synchrony will run the retailer’s credit card programs for consumers and businesses, which can be used at 1,740 brick-and-mortar locations and online and gives users a 5 percent discount on purchases, along with other promotional deals.

In April, Crate and Barrel announced a partnership with Synchrony to offer options that will reward customers for loyalty and provide them with flexible financing. Through the arrangement, Crate and Barrel will pair with Synchrony on a private label credit card as well as a new dual-branded card, the companies said in the announcement.

In the announcement, Crate and Barrel CFO Kevin Sierks said, “With quality products and expert tips for inspired living, Crate and Barrel is passionate about helping people love how they live in moments that matter, and Synchrony’s offerings will make it easier for our customers to achieve those moments.”

The partnership will offer financing options in nearly 100 Crate and Barrel brick-and-mortar stores as well as through the company’s digital channels. The new Synchrony-backed credit cards are expected to be released later in the year.

PYMNTS-MonitorEdge-May-2024