General Electric Company : GE Capital Retail Bank and Sam's Club Extend Member Credit Card Program
08/09/2012| 08:35am US/Eastern
Renewal extends 19-year relationship
GE Capital Retail Bank, a consumer lending unit of General Electric
Company (NYSE: GE), and Sam's Club, a division of Wal-Mart Stores, Inc.
(NYSE: WMT) and a leading membership warehouse club, today announced
their multi-year agreement to continue providing the Sam's Club credit
card program to their Advantage and Business Members. GE Capital's
Retail Finance business, the operating entity that provides financial
solutions to retailers to help grow their customer sales, will continue
to manage the Sam's Club relationship and service the account.
The financing program is available at more than 600 Sam's Club locations
across the United States and Puerto Rico and can be used at Wal-Mart
stores, as well as for online Sam's Club purchases and everywhere
Discover® is accepted. The Sam's Club private label credit
card and Discover card program enables both Advantage and Business
Member cardholders to enjoy a range of benefits, including, zero fraud
liability with photo protection, one-card membership and credit card
convenience, no fee in-Club cash access, special financing promotions,
itemized billing statements (for Business Members only) and advance
notice of savings opportunities and events.
"Our Members value having the convenience of a dedicated line of credit
to use for all their in-Club and online purchases, and we are pleased to
continue providing these payment options through the renewal of our
credit card program," said Alex Aguila, senior director, Financial
Services for Sam's Club. "GE Capital Retail Bank understands the needs
of our Members and has helped us create solutions over the last 19 years
that are versatile and build repeat business."
"We share Sam's Club's dedication to its Members, and we're pleased to
continue this relationship," said Steve Hacala, Vice President & General
Manager for Sam's Club Credit Services with GE Capital's Retail Finance
business. "Enhancing the Membership offerings has been an important
aspect of the financing program for nearly two decades and we look
forward to continuing to enable Advantage and Business Members to
purchase the products and services they need."
GE Capital Retail Bank began providing a net term credit program for
Business Members of Sam's Club in 1993; added revolving credit programs
in 1995; and currently offers the Sam's Club Member private label and
Discover credit cards for Advantage and Business Members.
About GE Capital's Retail Finance business
GE Capital's Retail Finance business is among the country's most
successful retail lenders, with more than 75 years of experience in
consumer financing. The business, which originates loans as a unit of GE
Capital Retail Bank, provides customized credit programs to retailers
and consumers in the United States and Canada that help drive sales.
This includes private label and bankcard credit programs to major
national, regional and independent retailers in the U.S., as well as
private label credit programs, promotional and installment lending,
bankcards and financial services for consumers through dealers;
contractors; manufacturers; healthcare practices; and service providers
across nearly 20 industries. We are not just bankers; we help clients
build better businesses. More information can be found at www.gogecapital.com
GE Capital is one of the world's largest providers of credit. For over
one million businesses, large and small, GE Capital provides financing
to purchase, lease and distribute equipment, as well as capital for real
estate and corporate acquisitions, refinancings and restructurings. For
our 100+ million consumer customers, GE Capital offers credit cards,
sales finance programs, home, car and personal loans and credit
insurance. For more information, visit www.gecapital.com
or follow company news via Twitter @GECapital.
GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
For GE Capital Retail Bank and Retail Finance:
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