Synchrony Sets a New Standard in Consumer Credit Education with Fair Financing Principles

Rhea-AI Summary

Synchrony (NYSE: SYF) has launched Fair Financing Principles, setting a new standard for transparency in consumer credit education, particularly in Health & Wellness. The initiative includes the CareCredit Procedure Calculator, which estimates costs for over 700 medical procedures by zip code. This comes as studies show 52% of consumers struggle with medical expenses, and 53% delay treatments due to costs. The program features comprehensive resources including payment options, promotional financing explanations, and a payment calculator. CareCredit, accepted at over 280,000 providers nationwide, can be used for various medical expenses including Lasik surgery, dental care, and pet care. The initiative addresses a critical gap, as less than half of adults aged 18-49 report having fair knowledge about personal finances.

Positive

• Launch of Fair Financing Principles demonstrates leadership in financial transparency
• Extensive network of 280,000+ providers accepting CareCredit
• New procedure calculator tool helps consumers estimate costs for 700+ procedures
• Multiple payment options and educational resources available for consumers

Negative

• High consumer anxiety around healthcare financing indicates market challenges
• Statistics show majority of consumers struggle with medical expenses
• Less than half of adults aged 18-49 have adequate financial knowledge

Insights

Financial Services Product Strategist

Synchrony's new Fair Financing Principles establish industry transparency standards in healthcare financing while addressing growing consumer financial anxiety.

Synchrony has launched its Fair Financing Principles initiative, establishing a new transparency standard in consumer financing, initially focused on the healthcare sector through its CareCredit product. This strategic move addresses a significant market need, as studies show 52% of consumers struggle with out-of-pocket medical expenses and 53% delay treatments due to costs.

The centerpiece of this initiative is a comprehensive resource hub featuring a new Procedure Calculator that provides cost estimates for over 700 health procedures based on zip code. This tool directly addresses information asymmetry in healthcare financing – a persistent problem that has hindered consumer decision-making and contributed to financial distress.

From a business perspective, this initiative strengthens Synchrony's competitive positioning in the lucrative healthcare financing market. With CareCredit already accepted at 280,000+ providers nationwide and expanding into retail locations like Walmart and Walgreens, these enhanced tools can drive increased customer acquisition and retention while potentially reducing default rates through better-informed borrowers.

The timing is strategically sound, capitalizing on heightened consumer financial anxiety and healthcare affordability concerns. By standardizing and publishing their financing principles – which they claim to have operated by for 35 years – Synchrony is attempting to differentiate from competitors while positioning themselves as consumer advocates in a complex financing landscape.

This initiative represents an evolution of Synchrony's business model toward becoming not just a financing provider but an educational platform and consumer resource in healthcare financial planning – potentially expanding their addressable market while strengthening their ecosystem of products and services.

Resource hub combines the company's principles with new consumer tools in a bold move toward industry transparency in Health & Wellness

New procedure calculator provides estimates of the most-searched procedures in the U.S. by zip code

STAMFORD, Conn., June 16, 2025 /PRNewswire/ -- Synchrony (NYSE: SYF), a leading consumer finance company, has always believed that consumers need clear and understandable information to feel confident in their decision-making process when considering financing options. To further its mission to better serve Americans through financial education and transparency, Synchrony, and its leading health and wellness financial solution, CareCredit, today launched a new initiative: the Fair Financing Principles. The Fair Financing Principles establish a new standard for transparency and education for financing options.

While 54 percent of U.S. adults say they know at least a fair amount about personal finances, less than half of adults ages 18 to 49 say the same.¹ At the same time, healthcare costs continue to rise, so Synchrony is addressing a critical need for resources to help Americans better understand and manage the cost of care not covered by insurance. A recent study found 52 percent of consumers struggle to pay for out-of-pocket medical expenses, and 53 percent reported that they have delayed medical treatments due to out-of-pocket costs.² The real-world impact of delaying care is a driving force behind Synchrony's commitment toward ensuring consumers have the tools and information they need to ease the financial burden of accessing timely care.  

"We started our Fair Financing Principles with a focus on health and wellness, one of the most complex of the industries Synchrony serves, so our customers can be better informed of their financing choices," said Beto Casellas, executive vice president and chief executive officer of Health & Wellness at Synchrony. "We have lived by and trained our providers on these principles for more than 35 years. Our hope is that by making these principles public-facing we are setting a new standard for what consumers should expect from their providers and a financing company."

Synchrony continues to support financial transparency with its growing collection of online consumer financing tools. One example is the new CareCredit Procedure Calculator, which provides the estimated cost of more than 700 health, wellness and veterinary care procedures based on zip code, represented by the average cost from the top three cities within each state across the U.S.

"Consumer anxiety around finances is on the rise these days. They want clarity and the ability to make intentional, informed choices. CareCredit's Fair Financing Principles fill that need and raise the bar for the industry with their extensive online consumer resources," said Bobbi Rebell, financial wellness expert, author and CFP® Professional. "The Fair Financing Principles explain not only how CareCredit works, but provide thoughtful and clear information for consumers, no matter what financial product they choose."

The new CareCredit Fair Financing Principles and Procedure Calculator are housed on a webpage with a variety of resources for consumers, including:

• Payment Options: An explanation of options to pay for health and wellness expenses not covered by insurance, including how CareCredit works, use of flexible or healthcare spending accounts, and ensuring consumers know if they qualify for financial assistance or subsidized care by state or federal programs.
• Promotional Financing Overview: Easy to understand explanations of different promotional financing options, as well as an overview of how deferred interest and reduced/fixed APR work.
• Payment Calculator: Estimates a patient's monthly payments based on the amount financed and the promotional financing option selected.
• A Sample CareCredit Billing Statement: Offers guidance on how to read and find important information on monthly statements, such as the amount owed if a balance remains at the end of the promotional period when the promotional period expires.
• Provider Tips: Health and wellness providers share how they ensure patients understand their financing options, as well as questions patients should ask their providers about paying for care.
• Cardholder Testimonials: Existing cardholders share their experiences with CareCredit.

"The Fair Financing Principles page mirrors my same commitment to clarity and transparency and what I want my patients to know before financing their care," said Brian Harris, DDS, Harris Dental. "As a small business owner, Synchrony's CareCredit credit card is an essential part of my practice and having resources available to my patients, like the new Fair Financing Principles and Procedure Calculator, helps them make informed decisions about how to pay for the dental care they want and need."

The mission of Synchrony's Health & Wellness business is to help people pay for the costs of care they want and need, and the CareCredit Fair Financing Principles are grounded in the company's commitment to providing clear and transparent information about its payment solutions. To read the Fair Financing Principles and additional educational information, please visit https://www.carecredit.com/fair-financing-principles/.

CareCredit is a credit card that people can use to pay for out-of-pocket costs not covered by insurance, including Lasik eye surgery, audiology, cosmetic care, dental care and even pet care. It is accepted at more than 280,000 providers across the U.S., including at select retail locations such as Albertsons, Sam's Club, Walmart and Walgreens, where you can use the card for health and wellness products. To learn more about CareCredit, visit https://www.carecredit.com.

About Synchrony

Synchrony (NYSE: SYF) is a leading consumer financing company at the heart of American commerce and opportunity. From health to home, auto to retail, our Synchrony products have been serving the needs of people and businesses for nearly 100 years. We provide responsible access to credit and banking products to support healthier financial lives for tens of millions of people, enabling them to access the things that matter to them. Additionally, through our innovative products and experiences, we support the growth and operations of some of the country's most respected brands, as well as more than 400,000 small and midsize businesses and health and wellness providers that Americans rely on. Synchrony is proud to be ranked as the country's #2 Best Company to Work For^® by Fortune magazine and Great Place to Work^®. For more information, visit www.synchrony.com.

Media Contact:
Michelle Blaya Romero
Synchrony
Michelle.Romero@syf.com

References:

1. Pew Research Center Survey of U.S. adults conducted September 2023.

2. Consumer Healthcare Journey Research. Synchrony. September 2023.

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SOURCE Synchrony

FAQ

What are Synchrony's Fair Financing Principles for healthcare?

Synchrony's Fair Financing Principles are a new initiative providing transparent financing education and tools, including a procedure calculator for 700+ procedures, payment options explanations, and promotional financing overviews.

How many providers accept Synchrony's CareCredit card?

CareCredit is accepted at more than 280,000 providers across the United States, including retail locations like Walmart, Walgreens, Sam's Club, and Albertsons.

What can CareCredit be used for?

CareCredit can be used for out-of-pocket costs not covered by insurance, including Lasik eye surgery, audiology, cosmetic care, dental care, pet care, and health and wellness products at select retail locations.

What tools does Synchrony (SYF) offer for healthcare cost estimation?

Synchrony offers the CareCredit Procedure Calculator, which provides estimated costs for over 700 health, wellness, and veterinary procedures based on zip code, using average costs from top cities in each state.

How does Synchrony address healthcare affordability challenges?

Synchrony addresses affordability through CareCredit financing options, educational resources, payment calculators, and transparent information about promotional financing, helping consumers make informed decisions about healthcare expenses.