Banking & Finance

Reeds Jewelers Turns To Synchrony For Private-label Credit Card

By Jenny Callison, posted Oct 10, 2014
Wilmington-based Reeds Jewelers is switching credit card providers, according to a news release Thursday evening.
Synchrony Financial, formerly the North American consumer finance division of GE Capital, has signed a multi-year agreement with the jewelry company to provide a private-label credit card program for consumer purchases, its release stated.

The Reeds Jewelers Card launches March 1, 2015. It will provide “a dedicated line of credit and special financing options for the purchase of diamonds, bridal jewelry, Swiss timepieces, customized family jewelry  and much more,” according to the release.
Currently, Reeds’ credit card is provided by Columbus, Ohio-based Comenity Bank.
Reeds officials could not be reached for comment by press time Friday.
Because fine jewelry is often a major purchase, financing plays an important role for jewelry shoppers, the release stated, citing the third annual Major Purchase Consumer Study commissioned by Synchrony Financial.
The study indicated that more than 80 percent of fine jewelry shoppers begin their research online, reviewing product styles as well as promotions and payment options, and spend 45 days on average before making a major jewelry purchase, according to the release. Study findings also confirmed that 75 percent of credit card holders always seek promotional financing options when making a jewelry purchase and nearly half would choose not to make a purchase or go elsewhere if retail financing were not available.
Reeds Jewelers was founded in 1946 in downtown Wilmington by Bill and Roberta Zimmer, and the company remains in the Zimmer family, with the founding couple’s son Alan as current CEO. The Reeds network has grown to include 59 retail stores in 13 states as well as an online shop. The company announced recently that it would begin accepting bitcoin for purchases.
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