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Synchrony Financial (SYF) to Issue PayPal's New Credit Card
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Synchrony Financial (SYF - Free Report) recently joined forces with the leading technology platform PayPal Holdings, Inc. (PYPL - Free Report) for issuing the newly launched PayPal Cashback credit card. Specific customers can get hold of the new credit card either by applying through the PayPal app or via the official website of PYPL.
A notable feature of the card is that it gives customers an opportunity to earn unlimited cash back of 3% if they choose PayPal at the time of checkout for conducting either online, mobile or in-store purchases. Meanwhile, on other purchases across Mastercard (MA - Free Report) -accepting locations, unlimited cash back of 2% can be earned.
In addition to earning more rewards in the form of cash back when one decides to shop with PayPal, the credit card offers the advantage of a new user interface within the PayPal app and on the web to customers, eases the accessing of rewards, and paves way for seamless managing of purchases and making payments. Equipped to get easily integrated within a customer’s PayPal wallet, the PayPal Cashback credit card is devoid of any annual fee or category restrictions. Meanwhile, new card customers can earn a one-time cash-back bonus on their first purchase of $500, which is valid for a limited time.
Initiatives similar to the latest one substantiate the trust that renowned companies like PayPal, Walgreens and Mastercard have in Synchrony Financial as a card issuing company. SYF, via its sales platforms, offers private-label credit cards, Dual Cards and general purpose co-branded credit cards. Synchrony Financial possesses the much-needed omni-channel (in-store, online and mobile) technology and marketing prowess, which empowers the consumer financial services company to speedily extend credit products to customers across multiple channels.
For nearly two decades, Synchrony Financial has been working closely with PYPL to extend PayPal-branded consumer credit card options to consumers. Synchrony Financial was also chosen last year to issue credit cards (powered by the Mastercard network) for Walgreens.
The recent partnership on the part of Synchrony Financial came at an opportune time, considering the evolution that is being witnessed in the shopping behavior of consumers. The COVID-19 pandemic is somewhat responsible for the long-lasting trend of digitization around the globe. Thereby, people continue to conduct both online and in-store purchases, that too across diversified spend categories. With the constantly changing consumer behavior, the demand for enhanced debit or credit cards and other forms of digital payment methods offering flexible payment options and increased rewards has been fueled. Thereby, most companies look for enhanced payment offerings, which make Synchrony Financial well poised to capitalize on.
Synchrony Financial has solid digital capabilities in place, courtesy of a series of acquisitions and renewal of alliances with several payment solutions partners coupled with significant investments. SYF has been successful in establishing a sound digital arm for benefiting its partners and customers, as is evident from the fact that roughly 55% of the company’s consumer revolving applications were processed through a digital channel last year.
Shares of Synchrony Financial have lost 17% in the past year against the industry’s 5.4% growth. SYF currently carries a Zacks Rank #3 (Hold).
Virtu Financial’s earnings surpassed estimates in three of the last four quarters and missed once, with the average surprise being 24.76%. The Zacks Consensus Estimate for VIRT’s 2022 earnings has moved 11.2% north in the past seven days. Virtu Financial has a VGM Score of B.
Shares of Virtu Financial have gained 19.5% in the past year.
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Synchrony Financial (SYF) to Issue PayPal's New Credit Card
Synchrony Financial (SYF - Free Report) recently joined forces with the leading technology platform PayPal Holdings, Inc. (PYPL - Free Report) for issuing the newly launched PayPal Cashback credit card. Specific customers can get hold of the new credit card either by applying through the PayPal app or via the official website of PYPL.
A notable feature of the card is that it gives customers an opportunity to earn unlimited cash back of 3% if they choose PayPal at the time of checkout for conducting either online, mobile or in-store purchases. Meanwhile, on other purchases across Mastercard (MA - Free Report) -accepting locations, unlimited cash back of 2% can be earned.
In addition to earning more rewards in the form of cash back when one decides to shop with PayPal, the credit card offers the advantage of a new user interface within the PayPal app and on the web to customers, eases the accessing of rewards, and paves way for seamless managing of purchases and making payments. Equipped to get easily integrated within a customer’s PayPal wallet, the PayPal Cashback credit card is devoid of any annual fee or category restrictions. Meanwhile, new card customers can earn a one-time cash-back bonus on their first purchase of $500, which is valid for a limited time.
Initiatives similar to the latest one substantiate the trust that renowned companies like PayPal, Walgreens and Mastercard have in Synchrony Financial as a card issuing company. SYF, via its sales platforms, offers private-label credit cards, Dual Cards and general purpose co-branded credit cards. Synchrony Financial possesses the much-needed omni-channel (in-store, online and mobile) technology and marketing prowess, which empowers the consumer financial services company to speedily extend credit products to customers across multiple channels.
For nearly two decades, Synchrony Financial has been working closely with PYPL to extend PayPal-branded consumer credit card options to consumers. Synchrony Financial was also chosen last year to issue credit cards (powered by the Mastercard network) for Walgreens.
The recent partnership on the part of Synchrony Financial came at an opportune time, considering the evolution that is being witnessed in the shopping behavior of consumers. The COVID-19 pandemic is somewhat responsible for the long-lasting trend of digitization around the globe. Thereby, people continue to conduct both online and in-store purchases, that too across diversified spend categories. With the constantly changing consumer behavior, the demand for enhanced debit or credit cards and other forms of digital payment methods offering flexible payment options and increased rewards has been fueled. Thereby, most companies look for enhanced payment offerings, which make Synchrony Financial well poised to capitalize on.
Synchrony Financial has solid digital capabilities in place, courtesy of a series of acquisitions and renewal of alliances with several payment solutions partners coupled with significant investments. SYF has been successful in establishing a sound digital arm for benefiting its partners and customers, as is evident from the fact that roughly 55% of the company’s consumer revolving applications were processed through a digital channel last year.
Shares of Synchrony Financial have lost 17% in the past year against the industry’s 5.4% growth. SYF currently carries a Zacks Rank #3 (Hold).
Image Source: Zacks Investment Research
Stock to Consider
A better-ranked stock in the finance space is Virtu Financial, Inc. (VIRT - Free Report) , sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Virtu Financial’s earnings surpassed estimates in three of the last four quarters and missed once, with the average surprise being 24.76%. The Zacks Consensus Estimate for VIRT’s 2022 earnings has moved 11.2% north in the past seven days. Virtu Financial has a VGM Score of B.
Shares of Virtu Financial have gained 19.5% in the past year.