GE MONEY AND GAP INC. TO OFFER VISA CARD, EXTEND CREDIT PARTNERSHIP THROUGH 2013
GE Money is exclusive credit partner for Gap Inc. and all its retail brands
STAMFORD, Conn. – July 2, 2007 – Furthering its growth strategy, GE Money, the consumer lending unit of General Electric Company (NYSE:GE), and Gap Inc. today announced that they will offer a Visa credit card to customers of Gap, Banana Republic, and Old Navy. GE Money also will continue to provide private label credit card programs for Gap Inc. through 2013.
"We're pleased to introduce a new co-brand card with GE Money and Visa," said Toby Lenk, President of Gap Inc. Direct. "To date, our private label credit cards have been very successful and we're excited to offer even more benefits and value to our cardholders through this new partnership. Our customers are our top priority and through this new card offering, we are focusing on ways they can benefit by shopping at all Gap Inc. stores and beyond."
The Visa card will be issued by GE Money Bank and marketed to existing Gap Inc. customers. The Visa card also will be offered at more than 2,600 Gap, Banana Republic and Old Navy stores across the United States. The Visa card will allow cardholders to earn rewards at all Gap, Banana Republic and Old Navy locations and everywhere Visa is accepted worldwide. In addition to earning rewards, customers can receive additional benefits such as special cardholder offers, advance notice of sale events, and exclusive online shipping.
“We’re excited about offering a Visa card to customers of the great brands that make up the Gap Inc. family of retailers,” said Margaret Keane, president and CEO of GE Money’s Retail Consumer Finance unit. “The card will provide great rewards, special benefits and convenience to cardholders.”
“We believe this product will deliver greater flexibility and compelling rewards, while building even stronger loyalty among Gap’s broad customer base,” said Jim McCarthy, senior vice president, consumer credit product, Visa USA. “We are excited to be part of this partnership with Gap and GE Money as we seek to further migrate consumer spending from paper to plastic.”
GE Money has been providing credit programs to Gap Inc. since 1998 and currently offers Gap, Banana Republic and Old Navy private label credit cards.
About Gap Inc.
Gap Inc. is a leading international specialty retailer offering clothing, accessories and personal care products for men, women, children and babies under the Gap, Banana Republic, Old Navy, and Piperlime brand names. Fiscal 2006 sales were $15.9 billion. Gap Inc. operates more than 3,100 stores in the United States, the United Kingdom, Canada, France, Ireland and Japan. In addition, Gap Inc. is expanding its international presence with franchise agreements for Gap and Banana Republic in Asia and the Middle East. For more information, please visit gapinc.com.
About GE Money
With $190 billion in assets, GE Money, a unit of General Electric Company (NYSE:GE), is a leading provider of credit services to consumers, retailers and auto dealers in 55 countries around the world. GE Money, 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.gemoney.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.