Synchrony Financial, a consumer financial services company, has announced a new, multi-year agreement with Guitar Center to provide a private label credit program for customers. 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 the company’s online stores. The program is expected to launch in the third quarter of this year. Synchrony Bank will also acquire the existing card program assets. Financial terms were remain undisclosed.
“We 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 and 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 and wants.”
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 led online purchases across the 12 categories included in the study.
“A 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.”