SAM'S CLUB And GE Consumer Finance Launch New Credit Cards
SAM’S CLUB DISCOVER Provides Business Owners and Consumers Convenience and Cash Back at Over 4 million Discover Network Locations
STAMFORD, CONN. -- March 15, 2005 -- Wal-Mart (NYSE:WMT) and GE Consumer Finance (NYSE:GE) are launching two new credit cards on the Discover® Network -- one for business members of SAM’S CLUB and one for consumers. The new SAM’S CLUB? DISCOVER? will be available in all 552 SAM’S CLUB locations in April. Both cards offer members even more ways to save, and are issued by GE Consumer Finance. The Business card is the first such card ever offered on the Discover Network.
“The new SAM’S CLUB DISCOVER allows our Plus Members the opportunity to earn up to 2 percent cash back on every purchase, everywhere Discover Network cards are accepted,” said Cara Kinzey, vice president of Membership, SAM’S CLUB. “With this offering, members do not have to revolve a balance or buy at specific locations to earn their cash back. We believe this revolutionary credit card is the best offering available in the marketplace and are very excited to give members more ways to save.”
The SAM’S CLUB DISCOVER is the most convenient way for businesses and consumers to take advantage of low prices at SAM’S CLUB, and also offers additional value to business members through competitive interest rates and flexible payment options. There are no credit card fees and item exclusions. The card also includes a $1 million spending cap.
The new SAM’S CLUB DISCOVER offers up to 2 percent cash back for Plus members every time and everywhere Discover Network cards are accepted (1 percent for Advantage and Business members). Consumers also can enjoy convenient no fee cash access at the register in amounts of $20, $40 or $60 when using their SAM’S CLUB DISCOVER at any of the 552 club locations across the U.S.
SAM’S CLUB and GE Consumer Finance also announced an extension of their retail card partnership in the United States.
“We’re thrilled to be extending our partnership with SAM’S CLUB and to expand
that relationship to include a credit card program that will bring more choices and more value to SAM’S CLUB members, plus help grow SAM’S CLUB sales,” said Mark W. Begor, president and chief executive officer, GE Consumer Finance-Americas.
In addition, the new SAM’S CLUB Discover offers extra value and convenience, including:
- No annual credit card fee
- No item exclusions and an annual $1 million spending cap
- One-card convenience: serves as a membership card and integrated credit card all-in-one
- Choice of payment due date -- members can choose to pay their balance at the beginning, middle or end of the month
- Everyday financing promotions
- Up to eight authorized buyers for Business Members per account (16 for SAM’S CLUB Plus Members)
- Multiple ways to pay, either in SAM’S CLUB or Wal-Mart stores nationwide, or online at www.samsclubcredit.com
- Itemized billing statements for purchases at SAM’S CLUB and Wal-Mart to allow business members to track expenses with purchase order details.
- A card that is secured with the member’s photo and $0 fraud liability
About SAM’S CLUB
SAM’S CLUB (www.samsclub.com ), a division of Wal-Mart Stores, Inc. is the nation’s largest warehouse chain in the United States serving small business owners and operators. The purchasing agent of choice, SAM’S CLUB provides every day low cost to more than 46 million entrepreneurs and consumers nationwide.
About GE Consumer Finance
With $150 billion in assets, GE Consumer Finance, a unit of General Electric Company, is a leading provider of credit services to customers, retailers and auto dealers in 41 countries around the world. GE Consumer Finance, based in Stamford, Conn. (USA), 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 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.