Financing options available through leading retailer of musical instruments
STAMFORD, Conn. and WESTLAKE VILLAGE, Calif. – Synchrony Financial (NYSE:SYF),
a premier consumer financial services company with 80 years of retail
heritage, today announced a new, multi-year agreement with Guitar Center
to provide a private label credit program for customers of the world’s
largest retailer of musical instruments and recording equipment.
Synchrony Financial will work with Guitar Center, Musician’s Friend and Woodwind & Brasswind
to offer special financing options* to customers for the purchase of
musical instruments, accessories and equipment through more than 260
stores across the U.S., catalogs and their online stores – one of the
top direct sales websites in the industry. The program is expected to
launch in third quarter 2015. Synchrony Bank will also acquire the
existing card program assets. Financial terms were not disclosed.
are excited to work with the professionals at Guitar Center to provide
options for their customers to purchase musical instruments and
equipment to fuel their passion,” said Glenn Marino, executive vice
president & CEO of Synchrony Financial’s Payment Solutions platform.
“The availability of financing plays an important role in the
purchasing of musical instruments and accessories, and we look forward
to bringing programs to shoppers of these brands that meet their needs
According to Synchrony Financial’s third annual Major Purchase Consumer Study,** 72 percent of music shoppers always seek promotional financing, and 77 percent of respondents said that the availability of financing is “very important”
when choosing a retailer. Musical instruments and gear also lead online
purchases across the 12 categories included in the study.
large and growing number of our customers’ purchases involve financing,
and having an integrated credit card program we can offer is important
for us,” said Susan Starnes, senior vice president of Services for
Guitar Center. “We look forward to working with Synchrony Financial’s
team to use their insights, tools and resources to help us enhance
customer loyalty and the shopping experience.”