Synchrony becomes issuer of new Lowe's pro credit card with Amex network

Synchrony (NYSE: SYF) announced it will issue the new MyLowe's Pro Rewards American Express Card as part of an expanded partnership with Lowe's (NYSE: LOW). The card becomes available today for professional customers to apply in stores or online.

The new card complements the existing MyLowe's Pro Rewards Credit Card, which can only be used at Lowe's stores. The American Express-branded version can be used anywhere American Express (NYSE: AXP) is accepted, extending purchasing power beyond Lowe's locations.

The card offers MyLowe's Pro rewards points on eligible purchases and carries no annual fee. American Express will continue serving as the payment network for the program.

"Bringing the Lowe's commercial co-brand credit card under our umbrella with Synchrony allows us to deliver a truly seamless experience – simpler applications, smarter digital servicing and flexible financing to help meet the needs of Lowe's professional customers," said Curtis Howse, EVP and CEO, Home & Auto, Synchrony.

Brandon J. Sink, Lowe's CFO, said the expanded relationship with Synchrony and use of the American Express Network aims to strengthen offerings for small-to-medium professionals while providing flexible financing for project needs.

Will Stredwick, EVP and GM of Global Network Services for North America at American Express, said the card will offer professionals rewards earning opportunities backed by American Express Network security and benefits.

Professional customers can apply for the card by calling 866-796-1609. Points are awarded on qualifying purchases up to $1.5 million in annual qualifying spend per year, according to the company statement.

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