New Card Program Enhances Consumer Purchasing Power Beyond In-Store Card Program
GE Consumer Finance, a leading issuer of private label credit cards in North America, and Meijer Stores, a grocer and general merchandise retailer and one of the fastest growing privately-owned companies in the United States, today announced they are extending their retail credit card agreement through 2009 and launching the new Meijer Platinum MasterCard(R)card.
The new Meijer MasterCard card combines the features and benefits of the Meijer private label store card with the worldwide acceptance of a MasterCard card. The card launches this week in Chicago and will soon be available in all 162 Meijer retail supercenters throughout the Midwest. Initially, consumers will be able to apply for the card exclusively in Meijer stores.
"We're excited about expanding our relationship with Meijer and being a part of a great retail growth story," said Margaret Keane, president and chief executive officer of the Retail Consumer Finance unit of GE Consumer Finance-Americas. "The Meijer MasterCard card will help increase sales, enhance brand loyalty and put more benefits and buying power in the hands of Meijer customers."
The new card has all the privileges of an in-store card - including access to exclusive sales and promotions and loyalty rewards - plus all the benefits of a traditional bankcard: worldwide acceptance, lower APRs and rewards on out-of-store spending.
"Since launching the Meijer card in February 2003, our partnership with GE has provided a competitive, quality program that is enhancing our sales growth and adding value for our customers," said Michael Ross, director of marketing strategy and customer relationship management for Meijer. "The new Meijer MasterCard(R) offers an excellent package of benefits for cardholders that will improve their shopping experience and bring them back into our stores."
Customers who use the card at Meijer earn points towards Meijer Bucks, which can be redeemed for merchandise. Cardholders accrue two points for each dollar spent in-store and one point for each dollar spent elsewhere. Cardholders can earn additional points through special seasonal offers and fuel purchases.
In addition, Meijer MasterCard(R) cardholders also receive 10 percent off their first in-store purchase when using the card; access to special financing promotions and exclusive cardholder sale days with up to 15 percent off their purchase; and premium dollars towards a contribution to the Meijer Community Rewards(SM) program.
"The new Meijer MasterCard(R) card provides customers the best of both worlds," said Fred P. Gore, senior vice president, North America Acceptance, MasterCard International.
"Cardholders can stay connected with Meijer and continue receiving the benefits from the store card program - including Meijer Community Rewards - and now enjoy the flexibility, convenience, security and global acceptance that come from carrying a MasterCard(R) card."
The Meijer MasterCard(R) card includes extended warranty coverage for purchases made with the card, MasterRental(R) Insurance Coverage; Master RoadAssist(R); Purchase Assurance(R); Travel Accident Insurance; and Travel Assistance Services.
About Meijer
Meijer, celebrating 70 years, is a family-owned and -operated grocery and general merchandise retailer operating 162 stores throughout Illinois, Indiana, Kentucky, Michigan and Ohio. Additional information regarding Meijer can be found at www.meijer.com.
About GE and GE Consumer Finance
GE Consumer Finance, a unit of General Electric Company, with $122 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 41 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 about GE Consumer Finance can be found online at www.geconsumerfinance.com. GE (NYSE: GE) is a diversified technology, media and financial services company dedicated to creating products that make life better. For more information, visit the company's Web site at www.ge.com.
About MasterCard International
MasterCard International is a leading global payments solutions company that provides a broad variety of innovative services in support of our global members' credit, deposit access, electronic cash, business-to-business and related payment programs. MasterCard International manages a family of well-known, widely accepted payment card brands including MasterCard(R), Maestro(R) and Cirrus(R) and serves financial institutions, consumers and businesses in over 210 countries and territories. The MasterCard award-winning Priceless(R) advertising campaign is now seen in 97 countries and in 47 languages, giving the MasterCard brand a truly global reach and scope. For more information go to www.mastercardinternational.com.
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CONTACT:
GE Consumer Finance
Peter Tosches, (203) 585-6701 (office)
(203) 249-7487 (cell)
or
Meijer
John Zimmerman, (616) 791-5267
or
MasterCard(R) International
Barbara Coleman, (914) 966-7903
Jeff Wilson
GE Capital Corporate Finance
[email protected]
1-203-749-6340