GE Money’s Luxury credit card was developed as a financing vehicle for luxury items such as jewelry, china, stemware, collectibles, fragrances and fashion. It is the first card issued under the GE Money brand in the United Sates and first GE credit card created specifically for the purchase of luxury lifestyle goods through retailers.

“The Luxury card will be a powerful business-building tool for retailers who sell luxury items,” said Glenn Marino, president and CEO of GE Money’s Retail Sales Finance unit. “We saw a convergence in the market of retailers offering jewelry as well as other high-end merchandise. The Luxury card bridges these product lines, conveys exclusivity and sophistication, and backs the retailer’s reputation with trusted and reputable financing.”

The Luxury credit card program has a number of benefits specifically for jewelry dealers. Retailers receive 100 percent funding within approximately 48 hours, an important cash-flow consideration in the jewelry business. There is no set-up fee, the transaction charge is less than those of traditional bankcards, and dealers get free, in-store promotional materials.

In addition, the name of the retailer appears on the card, further enhancing the store’s brand awareness. Luxury card retailers also receive several partner benefits such as discounts on computers and health insurance, savings on certain legal services, and much more.

Consumers also will enjoy significant Luxury card privileges, including interest free financing, generous credit lines up to $100,000, special extended financing offers with minimum monthly payments, no annual fee and no down payment.

“A gift of jewelry or a luxury item often commemorates a special occasion or milestone,” said Michael Friguletto, Luxury Market leader for GE’s Retail Sales Finance unit. “Or it may be an aspirational purchase for someone who has set a goal. Flexible financing makes it possible for someone who appreciates taste and elegance to attain their dream.”

GE Money covers a number of consumer financing services under a single brand name. Like other GE consumer credit products, the new Luxury card is backed by GE’s renowned service. Credit applications are simple and credit decisions typically take less than 15 minutes.

“The products and services under the GE Money name were created to help build retail business,” explained Marino. “We work with independent jewelers and family-owned businesses, as well as larger chains, and financing helps all compete more equally. Customers feel comfortable when they see our name, and that is part of the benefit package we bring to our retail partners, as well as the resources and capabilities of GE.”

GE’s Jewelry Express and Jewelry Accents credit programs will remain for those retailers who now offer it. However, retailers who carry those programs will be encouraged to switch to the new GE Luxury card.

About Retail Sales Finance And GE Money

Retail Sales Finance, based in Kettering, Ohio, is part of GE Money and provides private label credit card programs, marketing, installment lending and financial services for national and regional retailers in key industries: jewelry, powersports, home improvement, outdoor equipment, automotive/recreational vehicles, consumer electronics and appliances, furniture, floor covering, music, and health care. With $163 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 50 countries around the world. GE Money, based in Stamford, Connecticut (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 at www.gemoney.com.

About GE

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 www.ge.com.