Synchrony Financial And Midas Extend Auto Care Consumer Financing Agreement

Synchrony Financial And Midas Extend Auto Care Consumer Financing Agreement

The Midas Credit Card Program has helped motorists care for their cars and trucks for more than a decade.

For more than a decade, Synchrony Financial has provided the Midas Credit Card, allowing motorists to maintain and repair their cars and trucks for both planned and unexpected automotive expenses. Today, Synchrony Financial has announced a multi-year extension of its agreement to continue providing a private label credit card program for Midas.

Through a network of more than 1,200 independent franchised locations throughout the United States, Midas has offered complete auto care services for more than 60 years, including oil changes, brakes, tires and tire repairs, mufflers and exhaust, belts, hoses and other services.

Qualified cardholders enjoy special financing for purchases of $199 or more. In addition, as part of the Synchrony Car Care network, cardholders can take advantage of additional benefits, including using their Midas Credit Card for convenient fill-ups at more than 185,000 gas stations nationwide.

“We’re pleased to renew this valuable program with Midas and continue providing payment options for motorists who trust their auto care to this iconic repair and service brand,” said Glenn Marino, executive vice president and CEO, Synchrony Financial Payment Solutions platform. “The Synchrony Car Care program also adds more flexibility for motorists, allowing them to fuel up their vehicles near home, work or while traveling.”

Research conducted with automotive (tires/wheels, service and parts) cardholders for Synchrony Financial shows the importance of financing in the automotive sector and in driving customer satisfaction.

  • Among automotive cardholders surveyed as part of Synchrony’s Major Purchase Consumer Study, one-third (33 percent) report they would not have made a major purchase (more than $500), or would have gone to another retailer if financing were not available. More than 70 percent of automotive cardholders say they “always” seek promotional financing when making a major purchase, and 88 percent said promotional financing made their large purchases more affordable.
  • Recent feedback from Synchrony automotive cardholders confirms 90 percent are satisfied with the card and 88 percent are satisfied with the in-store experience when using the card, the company says.

“Offering financing options to our customers is vital to growing our business with both new and repeat customers,” said Ron Seagle, executive vice president and general manager, Midas. “Synchrony Financial is a valued partner in our ability to help motorists take care of their vehicles by delivering the Midas Touch every day.”

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