Really thorough analysis of Synchrony as a consumer credit bellwether. Your comparison with Capital One was particularly valueable since COF has grown into such a major diversified player while keeping credit cards at the core. The point about SYF having more granular disclosure than the big banks is spot on and makes them a better proxy for tracking consumer helth. What struck me was how both companies are now easing credit standards again after being defensive for a while. The charge-off trends being down to 5.16% from over 6% tells a more bullish consumer story than the headlines sugest. Excellent breakdown of the platform strategy and partner mix!
Really thorough analysis of Synchrony as a consumer credit bellwether. Your comparison with Capital One was particularly valueable since COF has grown into such a major diversified player while keeping credit cards at the core. The point about SYF having more granular disclosure than the big banks is spot on and makes them a better proxy for tracking consumer helth. What struck me was how both companies are now easing credit standards again after being defensive for a while. The charge-off trends being down to 5.16% from over 6% tells a more bullish consumer story than the headlines sugest. Excellent breakdown of the platform strategy and partner mix!