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GE Card Services teamed with the number-one U.S. home improvement warehouse to launch the Home Depot Home Improvement Loan. Its low, fixed APR, unsecured credit lines of up to $30,000 and quick application process made it a success with customers.
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Solid earnings, new retail partnerships and the drive to digitize our business helped GE Card Services surge to a record year in 2000. Our receivables grew to an all-time high of more than
$24 billion. Net income was up more than 100% over 1999. With 30% growth in our core private-label credit card assets, we're positioned for strong income growth again in 2001.
We began 2000 by celebrating the acquisition of J.C. Penney Company, Inc.'s private-label credit card program, with assets of $4 billion, and the start of a 10-year partnership with JCPenney to service its 20 million cardholders. In just 12 months, we grew credit volume to more than $8.2 billion, driven by the successful relaunch of the JCPenney card.
We added to our impressive portfolio of clients by signing long-term deals with Mobil Oil and clothing retailers Gap and Old Navy. These new deals are especially satisfying because they were shaped by our successful relationships with Exxon, which merged with Mobil early in 2000, and Banana Republic, a division of Gap Inc. These partnerships are a strong signal from the marketplace that our customer service, marketing and risk management capabilities continue to give us an edge over the competition. In addition, our co-branded private-label card with Wal-Mart continued to flourish. The portfolio tripled—to three million cardholders—by the end of 2000.
Card Services and its employees charged ahead in the drive to digitize our business in 2000. For our retail partners, we developed e-Business solutions for the growing number of consumers who shop online. Together, we provided a fast, convenient and private virtual shopping experience, including "apply and buy" initiatives to help boost annual online credit sales to nearly $300 million. With GE TwinPay accounts, a Card Services innovation, consumers will have access to a network of leading online merchants, plus the convenience of using debit or credit with just one account.
As more cardholders recognize the speed and simplicity of online service, we're poised to deliver the superior service they expect at lower costs.
www.ge.com/capital/cardservices
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