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All About Private Label Credit Cards

Let’s say you need a new dishwasher or a diamond ring or a new set of golf clubs or some other big item. How would you pay for it? You could pull out your bank credit card and make the purchase, providing you have the available credit. Or, you could put that card away and apply for a private label credit card with a special financing offer. This type of credit card may have the name of the retailer where you are shopping on it, but typically, it is issued by a bank, like Synchrony Bank.

What is a store credit card?

Unlike conventional credit cards that include Visa & MC access, you can apply for a private label credit card while in the store or online through the issuing bank.A private label credit card enables you to finance major purchases.

Usually, private label credit cards - also known as store credit cards - can only be used at certain businesses, and in some cases, that business' website. Although a big ticket purchase may be the reason you apply for a store credit card, you can use the credit card again for future purchases from the same business, with or without a special financing offer as long as you have available credit on the account.

Does an application for a private label credit card require a consumer credit report?

Synchrony Bank will request a report from a consumer reporting agency to evaluate your credit card application. It’s quick and efficient—you could receive a response in just minutes, while you’re in the store. If you are approved, you can use your private label credit card again and again to make purchases and take advantage of future special offers from the same merchant.