Synchrony Bank is owned by Synchrony Financial, a publicly traded company, and issues credit cards for hundreds of retailers and brands
Synchrony Bank does not operate as an independent bank you walk into or call directly. Instead, it works behind the scenes as the card issuer for store credit cards, co-branded cards, and private label cards. When you apply for a Target RedCard, a Home Depot card, or a Best Buy card, Synchrony Bank is the company actually issuing and managing that card. Synchrony Financial, the parent company, is traded on the New York Stock Exchange under the ticker SYF.
The bank also issues cards under its own Synchrony brand — these are personal loans and credit cards marketed directly to consumers, separate from retail partnerships. But the bulk of Synchrony's business comes from retail relationships where the store or brand handles the customer-facing marketing and Synchrony handles the backend: underwriting, servicing, fraud monitoring, and payment processing.
Key Takeaways
- Synchrony Bank issues credit cards for major retailers including Target, Home Depot, Best Buy, Amazon, Lowe's, and Wayfair, among many others.
- When you apply for a store credit card, you are applying to Synchrony Bank even though the card carries the retailer's name and logo.
- Synchrony also issues cards under its own brand name for personal loans and credit products sold directly to consumers.
- Synchrony Financial, the parent company, is a separate publicly traded corporation that owns Synchrony Bank and other financial subsidiaries.
Major Retailers That Use Synchrony as Their Card Issuer
Synchrony issues cards for some of the largest retailers in the United States. These include Target (RedCard), Home Depot, Best Buy, Amazon (store card, separate from the Amazon Visa), Lowe's, Wayfair, Rooms to Go, Ashley Furniture, and Hhgregg. The list also includes smaller or regional chains depending on the product category — appliances, furniture, jewelry, and automotive retailers often partner with Synchrony.
Each of these cards is branded with the retailer's name and logo, but the card itself is issued by Synchrony Bank. When you make a payment, dispute a charge, or check your balance, you are dealing with Synchrony's systems and customer service, even though the card says Target or Home Depot. The retailer handles the rewards program, the promotional financing offers, and the marketing — Synchrony handles the credit decision and the account management.
The exact list of Synchrony partners changes over time as retailers sign new agreements or end existing ones. If you want to know whether a specific store card is issued by Synchrony, check the fine print on the card itself or the retailer's website — it will name the issuer.
How Synchrony's Relationship With Retailers Works
When a retailer partners with Synchrony, the retailer gets a branded credit card that encourages customers to spend more and return more often. Synchrony earns money from interest charges, annual fees (if any), and a percentage of each transaction. The retailer benefits from increased sales and customer loyalty, and also from the data about what customers buy.
This arrangement is called a private label card or co-branded card depending on whether the card can only be used at that retailer or can be used anywhere. A Target RedCard works only at Target and Target.com. A Home Depot card works only at Home Depot and HomeDepot.com. These are private label cards. Some Synchrony cards, like certain furniture store cards, may also work at partner locations or online marketplaces, making them closer to co-branded products.
The retailer sets the terms of the rewards program, the promotional financing periods (like "12 months no interest"), and the credit limits. Synchrony decides whether to approve an application based on credit score, income, and other underwriting factors, and Synchrony bears the risk if a customer defaults.
Synchrony's Direct-to-Consumer Products
Beyond retail partnerships, Synchrony Bank also offers credit products under its own name. These include personal loans, personal lines of credit, and credit cards marketed directly to consumers through Synchrony.com and through direct mail. These products are not tied to any retailer and can be used anywhere.
Synchrony's direct personal loans typically range from $1,000 to $35,000, though the exact range varies. Personal lines of credit work more like a credit card — you have a credit limit and draw from it as needed. Interest rates and terms depend on your credit profile and the current market rate environment.
These direct products are less well-known than the retail cards because Synchrony does not have the same marketing reach as Target or Home Depot. Most consumers encounter Synchrony through a retail partnership first, then may discover the direct products later.
Synchrony Financial and Its Other Subsidiaries
Synchrony Financial is the parent holding company. It owns Synchrony Bank, which is the actual bank charter and the entity that holds deposits and issues credit. Synchrony Financial also owns other subsidiaries and business units, including CareCredit (a healthcare financing card), Oportun (a consumer finance company focused on near-prime lending), and PayPal Credit (which Synchrony acquired from PayPal).
Synchrony Financial is a publicly traded company, meaning anyone can buy shares of stock in it. The company reports earnings quarterly and is subject to regulation by the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB). Synchrony Bank itself is a federally chartered bank, so customer deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account.
How to Identify a Synchrony-Issued Card
If you have a store credit card and want to know whether Synchrony issued it, look at the back of the card or the terms and conditions. The issuer's name will be printed there. You can also call the customer service number on the back of the card — the representative will tell you the issuer. Alternatively, visit the retailer's website and search for "credit card issuer" or "card terms" — most retailers disclose this information.
Synchrony cards typically have a customer service number that routes to Synchrony's call centers. The website for account management will be Synchrony's site or a co-branded portal, not the retailer's main website. For example, Target RedCard holders log into their account at target.com/redcard, but the backend processing and customer service is Synchrony.
Frequently Asked Questions
Is Synchrony Bank a real bank?
Yes. Synchrony Bank is a federally chartered bank with FDIC insurance on deposits. It is owned by Synchrony Financial, a publicly traded company. The bank issues credit cards and personal loans, and also accepts deposits through savings accounts and money market accounts, though these products are less commonly marketed than the credit cards.
Can I use a Synchrony store card anywhere, or only at that store?
Most Synchrony store cards work only at that retailer and its website. A Target RedCard works at Target. A Home Depot card works at Home Depot. Some Synchrony cards may work at partner locations or online marketplaces, but the card's terms will specify where it can be used. Check your card's terms or call the number on the back to confirm.
What happens to my account if the retailer stops using Synchrony?
If a retailer ends its partnership with Synchrony, your existing account typically transfers to a new issuer or closes. Synchrony will notify you of the change and explain what happens to your balance and rewards. You may be issued a new card from the new issuer, or your account may be closed and you'll be asked to pay off the balance. The retailer and Synchrony will coordinate the transition.
Does Synchrony report to credit bureaus?
Yes. Synchrony reports account activity, payment history, and credit limits to the three major credit bureaus — Equifax, Experian, and TransUnion. Payment history and credit utilization from a Synchrony card will affect your credit score the same way any other credit card does.
Can I open a Synchrony account without a retail card?
Yes. You can open a Synchrony personal loan, personal line of credit, or credit card directly through Synchrony.com without any retail partnership. These products are available to consumers nationwide and do not require you to shop at a specific store.