Latest news with #BrianDoubles
Yahoo
10-06-2025
- Business
- Yahoo
Walmart's OnePay partners Synchrony for credit card programme
Walmart-backed consumer fintech firm OnePay has joined forces with Synchrony to exclusively launch a new credit card programme for Walmart. Scheduled for release in the upcoming fall, the programme will be accessible through the OnePay app and supported by Mastercard's payment network, targeting Walmart's US customers. This initiative, in partnership with Synchrony and Mastercard, will provide customers with a financial management tool, encompassing saving, spending, borrowing, and investing. The programme will feature two types of cards - a general-purpose card accepted wherever Mastercard is used, and a private label card exclusive to Walmart purchases. Both cards will be integrated into the OnePay app, enabling access to OnePay's financial services. OnePay CEO Omer Ismail said: "Our goal with this credit card programme is to deliver an experience for consumers that's transparent, rewarding, and easy to use. We're excited to be partnering with Synchrony to launch a programme at Walmart that checks each of those boxes and will help serve millions of people." Synchrony CEO and president Brian Doubles stated: "We are proud to be selected by OnePay to further our mission of helping people live better and build healthier financial futures with Walmart. Together, we aim to drive even greater innovation and new credit experiences to better serve customers while driving long-term, high-quality growth." This partnership signifies Walmart's return to Synchrony, which had previously issued Walmart-branded credit cards until 2018, before losing the contract to Capital One, as reported by Reuters. Walmart's decision to part ways with Capital One in 2024 was influenced by operational concerns, including delayed transaction updates and the prolonged issuance of replacement cards. In March, OnePay collaborated with Klarna to provide exclusive instalment loans to Walmart shoppers in the US. "Walmart's OnePay partners Synchrony for credit card programme " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
09-06-2025
- Business
- Yahoo
OnePay and Synchrony to Launch New Industry-Leading Credit Card Program With Walmart; Credit Card to Be Powered by Mastercard and Set to Go Live This Fall
Synchrony to become exclusive issuer of OnePay credit cards at Walmart, with the credit card experience embedded inside the OnePay app The program will add credit cards to OnePay's growing portfolio of financial services products, helping consumers save, spend, borrow, and grow their money — all in one place NEW YORK and STAMFORD, Conn., June 9, 2025 /PRNewswire/ -- OnePay, a leading consumer fintech, and Synchrony (NYSE: SYF), a premier consumer financial services company, today announced a strategic partnership to exclusively power a new industry-leading credit card program with Walmart (NYSE: WMT). The credit card program is expected to launch this fall, with the experience embedded inside the OnePay app and powered by Mastercard's global payments network, and will be made available to millions of Walmart customers and to consumers across the U.S. OnePay, the consumer fintech backed by Walmart and Ribbit Capital, today serves millions of customers nationwide and offers a suite of banking, credit, and payments products — including cashback debit, high-yield savings, installment loans, a digital wallet, and domestic and international peer-to-peer payments. In partnering with Synchrony and Mastercard, OnePay will add credit cards to its growing portfolio as part of its vision to help people save, spend, borrow, and grow their money with a simplified way to holistically manage their financial lives. As part of the program, OnePay and Synchrony will introduce both a general-purpose card, which will serve as the program's signature card and be available to use anywhere Mastercard is accepted, and a private label card, which will be exclusively for Walmart purchases. The credit card functionality will be embedded inside the OnePay app, offering millions of Walmart's U.S. customers a sleek, intuitive digital experience and the ability to access OnePay's suite of financial services products. "Our goal with this credit card program is to deliver an experience for consumers that's transparent, rewarding, and easy to use," said Omer Ismail, Chief Executive Officer, OnePay. "We're excited to be partnering with Synchrony to launch a program at Walmart that checks each of those boxes and will help serve millions of people." Synchrony will leverage its deep lending expertise and innovative digital capabilities to deliver financial flexibility through a seamless experience. Following the initial launch and reserve costs, the program is expected to drive loyalty and sales at attractive risk-adjusted returns and be accretive to the company's long-term financial performance. "We are proud to be selected by OnePay to further our mission of helping people live better and build healthier financial futures with Walmart," said Brian Doubles, President and Chief Executive Officer, Synchrony. "Together, we aim to drive even greater innovation and new credit experiences to better serve customers while driving long-term, high-quality growth." "Walmart is always seeking innovative ways to help customers save money and live better," said John David Rainey, Executive Vice President and Chief Financial Officer, Walmart Inc. "Today's announcement represents one more way we're serving our customers the way they want to be served, providing an upgraded digital financial services experience with even greater choice and value." "Consumers today expect financial products that are simple, secure, and built around how they live and shop," said Linda Kirkpatrick, President, Americas at Mastercard. "Our partnership with OnePay and Synchrony brings together deep retail expertise, trusted credit capabilities, and the scale, security, and reliability of Mastercard's global payments network to deliver a seamless, rewarding experience for Walmart customers — whenever and wherever they choose to pay." About OnePayOnePay is a leading consumer fintech on a mission to help people achieve financial progress. The company is backed by Walmart and Ribbit Capital and partners with other financial institutions to offer digital financial services that empower consumers to save, spend, borrow, and grow their money — all in one place. OnePay is a financial technology company, not a bank. Banking services are provided by Coastal Community Bank and Lead Bank, Members FDIC and loans through OneProgress Services LLC. OnePay debit and credit cards are issued by partner banks pursuant to licensing by MastercardⓇ International. To learn more about OnePay, please visit About SynchronySynchrony (NYSE: SYF) is a leading consumer financing company at the heart of American commerce and opportunity. From health to home, auto to retail, our Synchrony products have been serving the needs of people and businesses for nearly 100 years. We provide responsible access to credit and banking products to support healthier financial lives for tens of millions of people, enabling them to access the things that matter to them. Additionally, through our innovative products and experiences, we support the growth and operations of some of the country's most respected brands, as well as more than 400,000 small and midsize businesses and health and wellness providers that Americans rely on. Synchrony is proud to be ranked as the country's #2 Best Company to Work For® by Fortune magazine and Great Place to Work®. For more information, visit Forward-Looking StatementsThis press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by words such as "will," "aim," "expect," or words of similar meaning. The forward-looking statements convey expectations related to the strategic partnership between Synchrony and OnePay, which are based on assumptions and subject to inherent uncertainties, risks and changes that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with Synchrony's public filings, including under the heading "Risk Factors Relating to Our Business" and "Risk Factors Relating to Regulation" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed on February 7, 2025. Any forward-looking statement speaks only as of the date on which it is made and we undertake no obligation to update any forward-looking statement, except as otherwise may be required by law. Media Contacts: SynchronyTyler OnePayKoji View original content to download multimedia: SOURCE Synchrony Financial Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
NBC News
07-05-2025
- Business
- NBC News
Banks are keeping credit card rates high even after the CFPB rule they blamed for high APRs was killed
Last year, banks quickly raised interest rates to record levels and added new monthly fees on credit cards when a Consumer Financial Protection Bureau rule threatened a key revenue source for the industry. Now, they're far more reluctant to reverse those steps, even after bank trade groups succeeded in killing the CFPB rule in federal court last month. Synchrony and Bread Financial, two of the biggest players in the business of issuing branded credit cards for the likes of Amazon, Lowe's and Wayfair, are keeping the higher rates in place, executives said in recent conference calls. 'We feel pretty comfortable that the rule has been vacated,' Synchrony CEO Brian Doubles said on April 22. 'With that said, we don't currently have plans to roll anything back in terms of the changes that we made.' His counterpart at Bread, CEO Ralph Andretta, echoed that sentiment, 'At this point, we're not intending to roll back those changes, and we've talked to the partners about that.' The CEOs celebrated the end of a proposed CFPB regulation that was meant to limit what Americans would pay in credit card late fees, an effort that the industry called a misguided and unlawful example of regulatory overreach. Under previous Director Rohit Chopra, the CFPB estimated that its rule would save families $10 billion annually. Instead, it inadvertently saddled borrowers with higher rates and fees for receiving paper statements as credit card companies sought to offset the expected revenue hit. Retail cards hit a record high average interest rate of 30.5% last year, according to a Bankrate survey, and rates have stayed close to those levels this year. 'The companies have made a windfall,' said David Silberman, a veteran banking attorney who lectures at Yale Law School. 'They didn't think they needed this revenue before except for [the CFPB rule], and they're now keeping it, which is coming directly out of the consumer's pocket.' Synchrony and Bread both easily topped expectations for first-quarter profit, and analysts covering the companies have raised estimates for what they will earn this year, despite concerns about a looming U.S. economic slowdown. Retailer lifeline While store cards occupy a relatively small corner of the overall credit card universe, Americans who are struggling financially are more likely to rely on them, and they are a crucial profit generator for popular American retailers. There were more than 160 million open retail card accounts last year, the CFPB said in a report from December that highlighted risks to users of the high-interest cards. More than half of the 100 biggest U.S. retailers offer store cards, and brands including Nordstrom and Macy's relied on them to generate roughly 8% of gross profits in recent years, the CFPB said. Banks may be taking advantage of the fact that some users of retail cards don't have the credit profiles to qualify for general-purpose cards from JPMorgan Chase or American Express, for example, said senior Bankrate analyst Ted Rossman. Nearly half of all retail card applications are submitted by people with subprime or no credit scores, and the card companies behind them approve applications at a higher rate than for general-purpose cards, the CFPB said. 'Companies like Bread or Synchrony, they rely a lot more on people who carry balances or who pay late fees,' Rossman said. Rates on retail cards have fallen by less than 1% on average since hitting their 2024 peak, and they are typically about 10 percentage points higher than the rates for general-purpose cards, Rossman said. That means it's unlikely that other large players in the retail card sector, including Citigroup and Barclays, have rolled back their rate increases in the wake of the CFPB rule's demise. The most recent published APR on the Macy's card, issued by Citigroup, is 33.49%, for instance. Citigroup and Barclays representatives declined to comment for this article. Debt spirals Synchrony's CEO gave some clues as to why banks aren't eager to roll back the hikes: borrowers either didn't seem to notice the higher rates, or didn't feel like they had a choice. Retail cards are typically advertised online or at the checkout of brick-and-mortar retailers, and often lure users with promotional discounts or rewards points. 'We didn't see a big reduction in accounts or spend related to the actions' they took last year, Doubles told analysts. 'We did a lot of test and control around that.' Synchrony will discuss future possible changes to its card program with its brand partners, according to a spokeswoman for the Stamford, Connecticut-based bank. That could include bumping up promotional offers at specific retailers, Doubles said during the April conference call. 'Our goal remains to provide access to financial solutions that provide flexibility, utility, and meaningful value to the diverse range of customers, partners, providers, and small and midsized businesses we serve,' Synchrony said in a statement. A Bread spokesperson declined to comment for this article. Alaina Fingal, a New Orleans-based financial coach, said she often advises people who've been trapped in a debt spiral from using retail credit cards. Some have to take on side gigs, like driving for Uber Eats, to work down the balances, she said. 'They do not understand the terms, and there are a lot of promotional offers that may have deferred interest clauses that are in there,' Fingal said. 'It's extremely predatory.'
CNBC
07-05-2025
- Business
- CNBC
Banks are keeping credit card rates high even after the CFPB rule they blamed for high APRs was killed
The New York Stock Exchange is seen during morning trading on July 31, 2024 in New York City. Last year, banks quickly raised interest rates to record levels and added new monthly fees on credit cards when a Consumer Financial Protection Bureau rule threatened a key revenue source for the industry. Now, they're far more reluctant to reverse those steps, even after bank trade groups succeeded in killing the CFPB rule in federal court last month. Synchrony and Bread Financial, two of the biggest players in the business of issuing branded credit cards for the likes of Amazon , Lowe's and Wayfair , are keeping the higher rates in place, executives said in recent conference calls. "We feel pretty comfortable that the rule has been vacated," Synchrony CEO Brian Doubles said on April 22. "With that said, we don't currently have plans to roll anything back in terms of the changes that we made." His counterpart at Bread, CEO Ralph Andretta, echoed that sentiment, "At this point, we're not intending to roll back those changes, and we've talked to the partners about that." The CEOs celebrated the end of a proposed CFPB regulation that was meant to limit what Americans would pay in credit card late fees, an effort that the industry called a misguided and unlawful example of regulatory overreach. Under previous Director Rohit Chopra, the CFPB estimated that its rule would save families $10 billion annually. Instead, it inadvertently saddled borrowers with higher rates and fees for receiving paper statements as credit card companies sought to offset the expected revenue hit. Retail cards hit a record high average interest rate of 30.5% last year, according to a Bankrate survey, and rates have stayed close to those levels this year. "The companies have made a windfall," said David Silberman, a veteran banking attorney who lectures at Yale Law School. "They didn't think they needed this revenue before except for [the CFPB rule], and they're now keeping it, which is coming directly out of the consumer's pocket." Synchrony and Bread both easily topped expectations for first-quarter profit, and analysts covering the companies have raised estimates for what they will earn this year, despite concerns about a looming U.S. economic slowdown. While store cards occupy a relatively small corner of the overall credit card universe, Americans who are struggling financially are more likely to rely on them, and they are a crucial profit generator for popular American retailers. There were more than 160 million open retail card accounts last year, the CFPB said in a report from December that highlighted risks to users of the high-interest cards. More than half of the 100 biggest U.S. retailers offer store cards, and brands including Nordstrom and Macy's relied on them to generate roughly 8% of gross profits in recent years, the CFPB said. Banks may be taking advantage of the fact that some users of retail cards don't have the credit profiles to qualify for general-purpose cards from JPMorgan Chase or American Express , for example, said senior Bankrate analyst Ted Rossman. Nearly half of all retail card applications are submitted by people with subprime or no credit scores, and the card companies behind them approve applications at a higher rate than for general-purpose cards, the CFPB said. "Companies like Bread or Synchrony, they rely a lot more on people who carry balances or who pay late fees," Rossman said. Rates on retail cards have fallen by less than 1% on average since hitting their 2024 peak, and they are typically about 10 percentage points higher than the rates for general-purpose cards, Rossman said. That means it's unlikely that other large players in the retail card sector, including Citigroup and Barclays , have rolled back their rate increases in the wake of the CFPB rule's demise. The most recent published APR on the Macy's card, issued by Citigroup, is 33.49%, for instance. Citigroup and Barclays representatives declined to comment for this article. Synchrony's CEO gave some clues as to why banks aren't eager to roll back the hikes: borrowers either didn't seem to notice the higher rates, or didn't feel like they had a choice. Retail cards are typically advertised online or at the checkout of brick-and-mortar retailers, and often lure users with promotional discounts or rewards points. "We didn't see a big reduction in accounts or spend related to the actions" they took last year, Doubles told analysts. "We did a lot of test and control around that." Synchrony will discuss future possible changes to its card program with its brand partners, according to a spokeswoman for the Stamford, Connecticut-based bank. That could include bumping up promotional offers at specific retailers, Doubles said during the April conference call. Brian Doubles, Synchrony President "Our goal remains to provide access to financial solutions that provide flexibility, utility, and meaningful value to the diverse range of customers, partners, providers, and small and midsized businesses we serve," Synchrony said in a statement. A Bread spokesperson declined to comment for this article. Alaina Fingal, a New Orleans-based financial coach, said she often advises people who've been trapped in a debt spiral from using retail credit cards. Some have to take on side gigs, like driving for Uber Eats, to work down the balances, she said. "They do not understand the terms, and there are a lot of promotional offers that may have deferred interest clauses that are in there," Fingal said. "It's extremely predatory."
CNBC
28-04-2025
- Business
- CNBC
Wealthy consumers upped their spending last quarter, while the rest of America is cutting back
America, at the start of 2025, is a tale of two consumers. Lower-income earners are reining in their transactions to focus on essentials, while the wealthy continue to spend freely on perks including dining out and luxury travel, according to first-quarter results from U.S. credit card lenders. As anxiety from the opening salvos of President Donald Trump's trade policies rippled through the country in recent months, investors and economists have wondered whether declines in consumer sentiment would spill into the real economy. There are some early signs of stress among those who are already more economically vulnerable. For instance, at Synchrony, which provides store cards for retail brands including Lowe's and T.J. Maxx, spending fell 4% in the first three months of the year, the company said last week. That compares to a 6% spending jump at American Express and a similar rise at JPMorgan Chase, both of which cater to wealthier users with higher credit scores than Synchrony. AmEx said its customers spent 7% more on dining and 11% more on first class and business class airfare than a year earlier. While the "consumer is still in pretty good shape" overall, they are "being selective around how they spend," Synchrony CEO Brian Doubles told analysts on April 22. Lower-income card users in particular "started tapering their spend about a year ago," pulling back on discretionary and big ticket expenses as inflation ate into their buying power, Doubles said. More Americans were already falling into debt while using their credit cards in the fourth quarter. The share of credit card users making only minimum monthly payments rose to 11.1%, the highest level in 12 years, according Federal Reserve Bank of Philadelphia data released this month. But so far, credit card lenders catering to wealthier customers have been insulated from concerns about how tariffs, inflation and a possible recession later this year could impact consumer spending. "It's fair to say that the high end has held up better, and the low end has pulled back more," Brian Foran, a Truist analyst covering banks, said in an email. "It's been a common theme both speaking to credit card companies, and hearing from most of my colleagues covering consumer and retail." The split was also visible at Citigroup, a major player in the credit industry. While spending in the division that provides cards for retailers fell 5% in the quarter, plastic that carries the bank's own brand — a cohort with higher credit scores — saw spending rise 3%. Both Citigroup and Bread Financial, another provider of store and co-branded cards like Synchrony, said that consumer behavior shifted toward essentials and away from travel and entertainment on concern that tariffs would raise prices for some goods. The dynamic boosts spending now, but it could mean weaker demand in the future. "Consumers are buying more electronics, home furnishing, auto parts," Bread CFO Perry Beberman said last week. People are "trying to figure out, are they still going to buy that big TV or are they going to make some other choices if inflation comes through at some of the rates they could," Beberman said. "That's the real wildcard here."
