Page 57 - Synchrony US Hispanic Market Playbook

Credit cards and financing options are generally left for bigger purchases.

Store credit cards are not necessarily the payment method of choice, generally
because of weak awareness and, in the case of customers who were aware, the
perception that store credit cards had higher interest rates than “general” cards.

 Participants who had obtained an auto parts store card did so for the initial
discounts or interest rates offered, but in time opted to use other cards because
of the higher interest rates in these cards and a lack of awareness of added

benefits for these cards over their bank or network-issued credit cards.

 For a card to be appealing, it would have to offer benefits that are superior to
those offered by general credit cards, be it in terms of the interest rates or

rewards offered, otherwise there is no additional perceived benefit over their
other credit cards.

Service and location, not cultural connection, are the main reasons for visiting a

particular store.

 While the idea of culture within auto parts stores was difficult for participants to
visualize, language, particularly in the context of store service, seemed to gain

greater importance for Hispanics who are Spanish dominant or had family
members who were. As with discussing financial matters, customers often find
themselves translating to family members, so for Spanish to be available
throughout the purchase and credit journeys would relieve some and empower

others, thus presenting an opportunity.

 Offering auto DIY and financial education workshops to the community is
appealing for not only the emotional connection it could build towards the

brand, but primarily because of the empowerment they would provide.
However, these efforts must feel genuine and be provided by trustworthy
organizations, both in relation to finances and to auto repairs.

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