Synchrony Financial has announced that it take over the Lowe’s portfolio from American Express, including purchasing the backbook. Terms of the deal have not been disclosed but Synchrony will record a reserve of up to $50M during Q3 2025 in conjunction with the deal. The deal is expected to close in the first half of 2026.
Hat tip to reader HH_Cash
this makes sense. if u look over the years, amex has been dumping co-brand partnerships that were not “elite” enough. but always thought they wouldve fought harder for costco and picked up amazon.
paymentsdive.com/news/amex-ceo-steve-squeri-apple-credit-card-partner-goldman/701656
Best Buy is going out of business. The one near me closed a few years ago, as well as some other locations. Retail electronics is just not that successful as it used to be in the 2000’s or early/mid 10’s.
Mine was converted to the Synchrony Premier 2% card back in May. It came with a 10% back on home improvement purchases up to $1000 promo. But when I inquired about not receiving the bonus, customer service said they didn’t have a record of the promotion. They asked me to send them a paper copy. Waiting to here back…
I’m curious – Synchrony Financial(SYF), American Express Co(AXP) and Lowe’s Companies Inc(LOW) are all publicly traded companies, how is “Terms of the deal have not been disclosed” even allowed. We should have to right to this information.
Synchrony filed an SEC Form 8K about a month ago about the transaction. The transaction will be completed in about a year. The sale price will be determined based on the book value as of a future date and it will be released AT THAT TIME.
Should I close my rarely used AMEX Lowe’s card now/later?
It’s taking up one of your 5 AMEX CC slots if it’s not being used.
I sometimes buy large appliances at Lowes. The card gives me an instant 5% off. I buy via portals and pay with a different card based on my needs/wants/desires at that time. If I’m gonna lose the instant discount and/or flexibility on how I pay, the card is going adios. The Amex slot it occupies is not important to me.
If you’re not in a rush for another Amex card, I’d keep the card active (buy something, anything) and watch for the conversion to the new Synchrony offer. If it stays as an Amex, but is then issued by Synchrony, it frees up one of the Amex card slots.
There are incentives for the other Lowe’s private-label cards, and you can have multiple versions. (e.g. personal, business, commercial)
Is that a limit for personal and business?
Move your credit limit to another card prior to closure.
Makes sense as Synchrony does lots of store-brand card programs and Lowe’s didn’t really connect with the rest of Amex’s portfolio.
The Amazon portfolio is all over the place as well. But I’d imagine that one is more lucrative. Lowe’s had several variations of consumer/business/commercial cards floating around.
Amazon makes sense though at least from a consumer side. Regular CC for prime-ish rate customers, and a store card for those who don’t qualify or can’t use Chase. They don’t want to push away clients, especially since Synchrony offers a secured card that can graduate. Chase would never.
Technically it was just a split portfolio. They’re just buying the business CC book.