JCPenney adds buy now, pay later financing option for jewelry
JCPenney is extending a long-standing financial services partnership to provide added flexibility in how customers make payments for jewelry purchases.
The department store retailer is rolling out Synchrony Pay Later, a buy now, pay later solution from financial services company Synchrony. This new joint offering builds on a nearly 25-year partnership between the two companies.
[READ MORE: J.C. Penney extends financial services partnership]
With the addition of Synchrony Pay Later at JCPenney, customers will be able to finance fine jewelry purchases of more than $300 in store or online offering six, 12-, or 24-month installment payments.
To apply for Synchrony Pay Later at checkout for jewelry purchases over $300, customers can scan a QR code in store to complete an application on their own device. If approved, customers select their preferred loan terms from the option provided, add a one-time use virtual card to their mobile wallet, and complete their purchase immediately.
"JCPenney has always found a valuable ally in Synchrony for innovation, with a variety of credit card financing options and now the Synchrony Pay Later option," said Keith Melker, CFO, JCPenney. "These offerings give our customers more choice and control over their purchasing," "Thanks to our continued partnership with Synchrony, customers who use JCPenney cards have become some of our most loyal shoppers, visiting us more often and spending more per trip than other customers do."
Synchrony also supports the recently upgraded JCPenney Rewards and Credit Program. In-store and online applications are reviewed instantly, and approved cardholders can use their account to make purchases right away.
JCPenney cardholders are automatically enrolled in JCPenney Rewards, where they can earn 1.5 JCPenney Rewards points for every $1 spent on a qualifying purchase at JCPenney stores or jcp.com. JCPenney Mastercard cardholders can also earn points when they spend anywhere Mastercard is accepted.
"Our goal is to help our partners build lifelong relationships with their customers that go beyond a single purchase," said Courtney Gentleman, executive VP & CEO, diversified and value at Synchrony. "This long-term renewal agreement as we celebrate nearly 25 years of partnership with JCPenney is a testament to Synchrony's commitment to our partners' growth, differentiation, and transformation as customer needs evolve."
JCPenney, which emerged from bankruptcy in late 2020 under new owners Brookfield Asset Management and Simon Property Group, currently operates 650-plus stores across the U.S. and Puerto Rico.
