Decade-long relationship with leading national retailer extended for four years
Program provides credit, convenience, security and value to millions of consumers in communities throughout the United States
STAMFORD, Conn. --- November 6, 2009 --- GE Capital Retail Consumer Finance, a consumer lending unit of General Electric Company (NYSE:GE), today announced a four year renewal of its private label credit card program with leading national retailer J.C. Penney Company, Inc. (NYSE:JCP).
The program provides vital credit to millions of consumers who shop at more than 1,100 JCPenney stores in communities across the United States and Puerto Rico as well as through its catalog, and on jcp.com.
"GE Money Bank has made credit available for millions of JCPenney customers during these tough economic times, and we look forward to continuing to work together to provide value and service for our customers," said Thomas Clerkin, senior vice president of finance for JCPenney.
The JCPenney consumer card program provides cardholders with added-value, convenience and security, including:
- Exclusive savings events and financing offers
- Added member benefits in the JCPenney Rewards Program
- Low monthly payments
- Access to account information and ability to make payments online
- Ability to make payment on account in any JCPenney store and online for no charge
- Fraud protection with zero fraud liability for unauthorized use
- No annual fee
"We are excited to extend what has been a very successful 10-year relationship with JCPenney for an additional four years and continue to provide credit and valuable benefits to consumers. We look forward to working with the entire JCPenney team to help serve millions of customers across America," said Margaret Keane, president and CEO of GE Capital Retail Consumer Finance.
GE Capital Retail Consumer Finance
GE Capital Retail Consumer Finance (RCF) is one of the most successful retail credit providers with more than $30 billion in assets and over 40 million account holders. The business unit provides private label credit card programs, bankcards, and financial services for consumers -- retail-branded through its retail partners. It is part of General Electric Company's GE Capital division, which has more than $550 billion in assets and over 130 million customers in 55 countries. Since the start of 2008 through June 30 of this year, GE Capital has extended more than $127 billion of credit to some 50 million consumers in the United States. For more information, visit www.gecapital.com and follow us on twitter.com/GECapitalNews.
GE (NYSE:GE - News) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
JCPenney
JCPenney is one of America's leading retailers, operating 1,109 department stores throughout the United States and Puerto Rico, as well as one of the largest apparel and home furnishing sites on the Internet, jcp.com, and the nation's largest general merchandise catalog business. Through these integrated channels, JCPenney offers a wide array of national, private and exclusive brands which reflect the Company's commitment to providing customers with style and quality at a smart price. Traded as "JCP" on the New York Stock Exchange, the Company posted revenue of $18.5 billion in 2008 and is executing its strategic plan to be the growth leader in the retail industry. Key to this strategy is JCPenney's "Every Day Matters" brand positioning, intended to generate deeper, more emotionally driven relationships with customers by fully engaging the Company's approximately 150,000 Associates to offer encouragement, provide ideas and inspire customers every time they shop with JCPenney.
Dori Abel
GE Capital Retail Finance
[email protected]
203-585-6702