Paradise for Pets, Peace of Mind for Pet Parents: Synchrony's CareCredit Expands to Pet Paradise Resorts Nationwide

Rhea-AI Summary

Synchrony (NYSE: SYF) and Pet Paradise announced a partnership to expand CareCredit acceptance to all 60 Pet Paradise locations nationwide by year-end. The health and wellness credit card will cover services from dog training to extended boarding stays and day camp packages.

The partnership builds on Synchrony's existing relationship with NewDay Veterinary Care, which operates within select Pet Paradise resorts. CareCredit is currently accepted at over 25,000 veterinary clinics nationwide. The collaboration aims to provide pet parents with flexible financing options in the U.S. pet boarding market, estimated at $20 billion annually.

Pet owners can prequalify for CareCredit without impacting their credit score and receive instant decisions. The card offers various financing options based on purchase amounts, with an online calculator for estimating monthly payments.

Positive

• Expansion to 60 new locations nationwide increases market presence
• Strengthens position in $20 billion pet boarding market
• Builds upon existing relationship with NewDay Veterinary Care network
• Diversifies revenue streams through additional pet care services

Negative

• None.

CareCredit can be used to pay for services from dog training to vet care at Pet Paradise resorts.

STAMFORD, Conn., Jan. 15, 2025 /PRNewswire/ -- Synchrony (NYSE: SYF), a leading consumer financial services company, and Pet Paradise, a premium pet care provider, today announced a new partnership designed to make access to an assortment of care easier for pet parents.  By the end of year, the CareCredit health and wellness credit card will be available to be used at all 60 Pet Paradise locations nationwide to pay for services ranging from dog training to extended boarding stays and day camp packages. The partnership expands the opportunity for pet parents to use convenient financing options to manage their pet expenses over their pet's lifetime.

"Our partnership with Pet Paradise underscores Synchrony's commitment to the pet resort space and empowering pet parents with flexible financing options," said Jonathan Wainberg, SVP and General Manager, Pet and Co-Brand, Health and Wellness, Synchrony. "These options can be used for a wide range of services to help enhance the quality of life for pets. Our pets do so much for us, and it's important that pet parents have a way to manage their expenses so they can prioritize their pet's health and happiness."

As a leading financial solution in the veterinary space, accepted at more than 25,000 veterinarian clinics nationwide, this partnership builds upon Synchrony's long-standing relationship with NewDay Veterinary Care, a network of veterinary hospitals and clinics that is owned and operated within select Pet Paradise resorts.

"Partnering with Synchrony expands the options available to Pet Paradise customers to support their pet's wellbeing and care," said Alex Miller, CEO of Pet Paradise. "As pet parents ourselves, we know pets can sometimes bring unexpected expenses. Our collaboration with CareCredit allows us to provide a convenient financing option, helping ensure pet owners can access all the services they need for their pet to live their happiest, healthiest life."

The U.S. currently has the largest market share of the global pet boarding market, which is estimated to be $20 billion a year^[1]. Additionally, the industry is seeing increased spending in pet daycare and grooming, resulting in pet parents seeking financial options, like CareCredit, to pay for the diverse range of pet care services.

Pet parents looking for budget-friendly options to manage expenses can see if they prequalify for the CareCredit credit card in real time, with no impact to their credit score, and apply on any smart device at the provider location or apply over the phone. A credit decision is typically within a few seconds, and if approved, they can use their account to pay for their pet's care right away. CareCredit offers shorter-term and longer-term financing options based on purchase amount, and a user-friendly online calculator that makes it easy for pet parents to quickly estimate monthly payments.

About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally enabled product suites. Our experience, expertise and scale encompass a broad spectrum of industries including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers, which we refer to as our "partners." We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences. We offer the right financing products to the right customers in their channel of choice. For more information, visit www.synchrony.com.

About Pet Paradise and NewDay Veterinary Care
Pet Paradise has been a trusted provider of complete pet health care for more than 20 years. Conveniently located under one roof, Pet Paradise offers boarding, day camp, grooming, dog training and NewDay Veterinary Care, which emphasizes comprehensive, low-stress care. Headquartered in Jacksonville, Fla., Pet Paradise has 60 resorts, with 21 including NewDay clinics, across 11 states.

For more information about Pet Paradise visit petparadise.com or Facebook, Instagram, LinkedIn and YouTube. For more information about NewDay, visit newdayvetcare.com or Facebook, Instagram and LinkedIn.

Contacts:
Michelle Romero
michelle.romero@syf.com
(626) 250-1415

Kristen Majdanics
kmajdanics@petparadise.com
(904) 363-3330

^[1]  Jones, Oliver, Dogster, "17 Pet Daycare & Boarding Industry Statistics: 2024 Update," August 19, 2024, https://www.dogster.com/statistics/pet-daycare-dog-boarding-industry-statistics

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SOURCE Synchrony Financial

FAQ

When will CareCredit be available at all Pet Paradise locations for SYF customers?

CareCredit will be available at all 60 Pet Paradise locations nationwide by the end of 2025.

What services can pet owners finance with CareCredit at Pet Paradise?

Pet owners can finance dog training, extended boarding stays, day camp packages, and veterinary care through NewDay Veterinary Care clinics.

How many veterinary clinics currently accept Synchrony's CareCredit?

CareCredit is accepted at more than 25,000 veterinary clinics nationwide.

What is the size of the U.S. pet boarding market that SYF is targeting?

The U.S. pet boarding market is estimated to be $20 billion annually.

How can pet owners apply for CareCredit under the new Pet Paradise partnership?

Pet owners can prequalify and apply for CareCredit in real-time on any smart device at the provider location or over the phone, with instant decisions.