BENTONVILLE, Ark. -- April 4, 2014 -- Sam's Club, a division of Wal-Mart Stores, Inc., has finalized a multi-year agreement with GE Capital Retail Bank to extend their existing relationship to provide Sam's Club-branded credit cards to club members in the U.S. and Puerto Rico.
As part of the extension, GE Capital's Retail Finance business will continue to manage and service the credit card programs for Sam's Club Savings, Business and Plus members. Under the agreement, the Sam's Club co-branded credit card programs will be converted to MasterCard later this year, providing members with a broader card acceptance network, as well as more robust features and benefits. Walmart has also extended their relationship with GE Capital Retail Bank and branded cards will transition to MasterCard later this year.
GE Capital's Retail Finance began its relationship with Sam's Club in 1993, providing credit programs for business members; adding revolving credit programs for Sam's Club consumer members in 1995; and currently offering Sam's Club private-label credit card programs and co-branded cards for Savings, Business and Plus members -- all of which double as membership cards. Member credit cardholders enjoy a range of benefits (subject to credit approval), including cash back on every day purchases for the co-branded card, in-club cash access, photo protection, online account management, one card convenience, special financing promotions, and savings opportunities and events.
About Sam's Club
Sam's Club®, a division of Wal-Mart Stores, Inc. (NYSE: WMT), is the nation's eighth largest retailer and a leading membership warehouse club offering superior products and services to more than 47 million members in clubs across the U.S., as well as in Brazil, China and Mexico. Members save an average of 34 percent over traditional retailers. To learn more about Savings Made Simple®, visit SamsClub.com, and look for Sam's Club on Twitter, Facebook, Pinterest and our Mobile and iPad® Apps.
About GE Capital's Retail Finance business
GE Capital's Retail Finance business is one of the country's leading retail lenders, with 80 years of experience in consumer financing. The business, with its lending entity GE Capital Retail Bank, provides customized credit programs for retailers and consumers in the United States. This includes private label and bankcard credit programs for major national, regional and independent retailers in the U.S., as well as private label credit card programs, special financing, and promotional and installment lending, bankcards and financial services for consumers through dealers; contractors; manufacturers; healthcare practices; and service providers across diverse industry segments. More information can be found at www.gogecapital.com and twitter.com/GoGECapital.
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 its 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.
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. We operate the world's fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard's products and solutions make everyday commerce activities -- such as shopping, traveling, running a business and managing finances -- easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
GE Capital Retail Finance