For a number of years we have had a good relationship with Synchrony Bank as a payment option for our kayaks and other outdoor gear. For any number of reasons you may not want to use your "regular" credit card or pay cash for a larger purpose, and that's where Synchrony comes in for us.
We have two standard arrangements through the bank that we offer - a 6-month deferred interest plan that let's you delay payments at no interest cost for several months; and a 24-month, no-money-down at a reasonable interest rate. There is no preset maximum or minimum purchase amount, so financing can be used for backpacks, rentals or more commonly, the kayaks we sell at our store.
The "deferred interest plan" is sometimes called "same as cash", but there is some nominal monthly payment required during the 6-month period followed by a balloon payment. It's a great option as long as the full principal amount is paid before the 6 months is up; otherwise the interest is applied from Day One and it's applied at a high rate. The 24-month option incurs interest from Day One, but is evenly distributed over the 24 month period, and you can prepay at any time without penalty. The current interest rate on that is a simple 9.99%, so less than most credit cards but higher than some car loans, for example. This 9.99% rate has been in effect for several years, but of course could be different by the time of your application; we'll always let you know so there are no surprises.
The application process is simple. If at our store, you fill out a 1/2 page app and we enter the info online and get an answer in about 2 seconds. That would suggest the approval is based mostly on credit score, but they won't let us know the exact cutoff or other criteria they use. You can also apply in private at your home, and then know in advance what financing you have available to you before making a final purchase decision. To apply on your own, follow the steps below. You will get an immediate answer that way as well. Note the bank may change their web site around, but the steps should be similar:
1) go to www.mysynchrony.com and click on the menu bar in the upper left
2) Under "Find a retailer and apply for financing", select "Sporting Goods". (Synchrony has several financing divisions; prior approval for a furniture transaction for example can't be used in a different retail line like we are)
At the next screen, select "Synchrony Sport" as the specific card of interest, as that is the program we are under. Yes, you are applying for a card, but we enter a special code at the time of transaction to get you on the special 6-month or 24-month plans we offer.
The short and easy application pops up and typically within a few seconds of completion, you will get a status update and if approved, for how much. Just bring in your card or account number information when you are ready to make a decision and we'll process it from there.