STAMFORD, Conn.--(BUSINESS WIRE)--May 30, 2006--GE Consumer Finance, a unit of General Electric Company (NYSE:GE), today announced a relationship with eBay Inc. and PayPal Inc. to launch the new PayPal(R) Plus Credit Card, a MasterCard credit card featuring an exciting new rewards program exclusive for PayPal users. Additionally, PayPal Plus customers receive extended purchase protection for purchases made via the PayPal Web site, access to special financing offers, and the convenience of integrated online account management and alerts. The new Plus Card is an expansion of the relationship originally created in June 2004 for GE to offer PayPal Buyer Credit, a private label, revolving credit line available to registered PayPal customers. The PayPal Plus Credit Card is part of a new multi-year credit agreement in which GE Consumer Finance also plans to launch an eBay branded credit card.
PayPal users can apply for the PayPal Plus Credit Card at https://www.paypal.com, and successful applicants will receive for a limited time a special introductory rate of zero percent interest on purchases and balance transfers until January 2007. Cardholders will also have exclusive access to ongoing special promotional financing offers from sellers on eBay, including deferred interest and no payments for a specific period of time, by simply paying with PayPal Plus.
PayPal Plus customers will benefit from a new rewards program, earning one Reward Point for every $1 spent in purchases. And PayPal Plus Reward Points are also earned with offline, everyday purchases wherever MasterCard is accepted. For every 2,500 points earned, customers will receive a coupon for $25 towards eBay.com purchases made with PayPal. Customers will also receive several additional benefits through MasterCard, including Platinum benefits for extra protection, cash access, and the option to link PayPal Plus to the PayPal Debit Card as a backup funding source.
Under the new agreement, eBay will provide promotional support of the new PayPal Plus Credit Card through the eBay Web site.
GE Money Bank will be responsible for issuing the PayPal Plus Credit Card, and providing customer service, billing and credit management.
"The new PayPal Plus Credit Card is a natural extension of the partnership between three great worldwide companies offering rewards, security and convenience," said Margaret Keane, president and CEO of GE Consumer Finance's Retail Consumer Finance unit. "With PayPal Plus, shoppers can apply and buy with an instant online credit process. There's no waiting for a card in the mail to make your PayPal purchases. Now, shoppers can also earn rewards by using their PayPal Plus Credit Cards anywhere MasterCard is accepted."
"We believe PayPal users will enjoy the benefits of the PayPal Plus Card, including the extensive rewards program, special promotional financing, as well as the safety and security customers have come to expect from PayPal," said Chris George, senior director of financial products for PayPal. "We are very excited to extend our relationship with GE, and continue to provide the best credit offering to our customers."
About GE Consumer Finance
With $163 billion in assets, GE Consumer Finance, a unit of General Electric Company (NYSE:GE), is a leading provider of credit services to consumers, retailers and auto dealers in 50 countries around the world. GE Consumer Finance, based in Stamford, Conn., offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information can be found online at www.geconsumerfinance.com.
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, 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.
Contacts GE Consumer Finance:
Mike Ettlemyer, 203-585-6791
OR
PayPal:
Amanda Pires, 408-967-1005
Cristy Williams
[email protected]
678.518.2596