Synchrony Financial and Belk Extend Consumer Financing Program Agreement

Private label Belk Rewards credit card program to continue under
multi-year agreement

a premier consumer financial services company, and Belk, a private
department store company, today announced they have agreed to a
multi-year renewal of Synchrony Financial’s consumer financing program.

Belk operates department stores in 16 Southern states as well as
and offers a wide assortment of national brands and private label
fashion apparel, shoes, and accessories.

Synchrony Financial has provided a consumer financing program for Belk
through the Belk
program for more than a decade. Qualifying cardholders can
continue to access discounts, loyalty rewards, mobile account
management, receipt-free returns and other exclusive benefits* with a
Belk Rewards, Belk Premier or Belk Elite credit card for use in stores
and online.

Cardholders earn 1 point for every $1 spent on qualifying merchandise
purchases, and receive $10 in rewards certificates for every 400 points
earned. Elite members also receive free shipping, quarterly 20% off
personal sale days and a 20% off birthday coupon.

“The Belk Rewards credit program has been instrumental in increasing our
store and online traffic,” said Lisa Harper, CEO of Belk. “We value
Synchrony Financial’s industry expertise, commitment to innovation and
knowledgeable insights that provide added value to our customers.”

“We look forward to continue working with Belk to ensure that their
customers have the payment flexibility, loyalty rewards and superior
customer experience that they expect,” said Tom Quindlen, executive vice
president and CEO, Retail Card, Synchrony Financial. “Providing a
successful consumer financing program is critical to driving sales and
maintaining an edge in today’s competitive retail landscape and we’re
pleased to be able to continue our partnership with Belk.”

*Subject to terms and conditions.

About Synchrony Financial

Synchrony Financial (NYSE: SYF)
is one of the nation’s premier consumer financial services companies.
Our roots in consumer finance trace back to 1932, and today we are the
largest provider of private label credit cards in the United States
based on purchase volume and receivables.** We provide a
range of credit products through programs we have established with a
diverse group of national and regional retailers, local merchants,
manufacturers, buying groups, industry associations and healthcare
service providers to help generate growth for our partners and offer
financial flexibility to our customers. Through our partners’ over
350,000 locations across the United States and Canada, and their
websites and mobile applications, we offer our customers a variety of
credit products to finance the purchase of goods and services. Synchrony
Financial offers private label and co-branded Dual Card
credit cards, promotional financing and installment lending, loyalty
programs and FDIC-insured savings products through Synchrony Bank. More
information can be found at,,

**Source: The Nilson Report (May 2016, Issue # 1087) – based
on 2015 data.

About Belk, Inc.

Belk, Inc., a private department store company based in Charlotte, N.C.,
is the home of Modern. Southern. Style. with stores located in 16
Southern states and has a rapidly growing digital presence. Belk is a
portfolio company of Sycamore Partners, a private equity firm based in
New York. Belk and
offer a wide assortment of national brands and private label fashion
apparel, shoes and accessories for the entire family along with top name
cosmetics, a wedding registry and a large selection of quality
merchandise for the home.

Belk offers
many ways to connect
via digital and social media, including
Facebook, Pinterest, Twitter, Instagram, YouTube and Google Plus, and
provides exclusive offers, fashion updates, sales notifications and
coupons via email or mobile phone text messages. Customers can also download
the latest Belk mobile apps
for the iPad, iPhone or Android.

©2017 Synchrony Bank/Synchrony Financial, All rights reserved.


For Synchrony Financial
Jessica Graham, 704-426-8333