Source: GE Consumer Finance
American Express and GE Consumer Finance today announced that GE Consumer Finance will issue American Express-branded credit cards in the United States.
The deal enables GE Consumer Finance to continue its growth strategy by offering more choices and flexibility to its retail partners and cardholders with credit cards from each of the four payment networks - American Express, Visa, MasterCard and Discover. The first product to be offered under the new agreement will be a Dillard's American Express card, with more American Express co-brand cards expected to follow.
The new cards will carry the American Express logo and be accepted on the American Express global merchant network. Under the terms of the agreement, GE Consumer Finance will be responsible for issuing the cards, managing the customer relationships and providing customer service, billing and credit management.
GE Consumer Finance is an innovative provider of integrated retail credit and loyalty programs, working with retailers to grow their market share and increase customer loyalty through branded private label cards, bankcards, and personal and home equity solutions.
"The combination of two recognizable and respected brands creates terrific opportunities for our retail partners and consumers," said Mark W. Begor, president and CEO, GE Consumer Finance-Americas. "We can now offer a new line of cards that offer rich rewards for loyal shoppers at their favorite stores and the flexibility to accelerate their reward earnings through purchases everywhere American Express is accepted for payment."
This alliance represents another significant step in American Express' strategy to open its network to financial institutions in the United States. GE Consumer Finance is the seventh U.S. partner for American Express.
"GE Consumer Finance is an ideal partner for American Express with their strong store-affiliated partners, commitment to rapid growth through innovative new products and programs, and devotion to excellent customer service," said Barry Rodrigues, executive vice president of American Express' Global Network Services. "We look forward to working closely with GE to deliver exceptional value to their retail partners and consumers."
Dillard's is among the nation's largest fashion apparel and home furnishings retailers with 330 stores in 29 states. In addition to receiving more value and rewards when shopping at Dillard's, cardholders will be able to use their Dillard's cards at the millions of American Express merchants around the world.
"Our customers expect the best, which makes the Dillard's American Express card issued by GE Consumer Finance the perfect choice for our company and our customers," said Dillard's CEO William Dillard, II. "Cardmembers will benefit from the creativity, expertise and commitment to premium value from these two outstanding companies."