Synchrony is a U.S. consumer financial services company that issues co-branded, private label, and general purpose credit cards primarily through partnerships with retailers, healthcare providers, and digital platforms. Synchrony's cards carry the partner's brand — think Lowe's, Amazon, or Sam's Club — and are used by consumers to finance purchases at those partners, often through promotional financing like deferred interest or no-interest periods. Synchrony acquires customers almost entirely through partner channels (in-store, app, and point-of-sale), with roughly 60% of applications submitted digitally. Synchrony owns all loan receivables and manages the credit risk, while partners receive a share of program economics through retailer share arrangements (RSAs). Synchrony organizes its business into five platforms: Digital, Home & Auto, Diversified & Value, Health & Wellness (anchored by the CareCredit brand, accepted at over 290,000 provider locations), and Lifestyle. The top five partners — Amazon, Lowe's, PayPal, Sam's Club, and TJX — account for 54% of interest and fees. Synchrony earns money primarily through interest and fees on revolving balances, merchant discount fees on promotional financing, and interchange on out-of-partner spend. Synchrony funds its receivables mostly through online retail deposits, which represent 84% of its funding base. RSA payments move countercyclically, shrinking when credit losses rise and increasing when losses fall, which partially insulates profitability during credit stress.