Synchrony Financial, sometimes called Synchrony Bank, was founded in 2003 originally as a finance division of General Electric. The original name of the company was GE Capital Retail Finance, which offered consumer financing, credit, and loyalty programs.
Synchrony is the largest provider of private label credit cards in the US. Companies that use Synchrony for their credit cards include Amazon, CheapoAir, Walmart, Lowe’s, and Discount Tire. CareCredit, which is used for elective health care procedures, is also through Synchrony Bank. The company went public on the NYSE in 2014 and is publicly traded under the ticker symbol SYF.
Synchrony Financial has $13.62 billion in revenue in 2015 and employs 12,000 persons. The company agreed to pay $225 million in 2014 for deceptive credit card practices, mostly stemming from add-on charges during telemarketing calls. These add-ons included items such as debt cancellation agreements, for which customers were charged, but were not told that these had been added onto their accounts.