GE Capital Retail Bank today announced a definitive, multi-year agreement with Phillips 66 (NYSE:PSX), an energy manufacturing and logistics company, to provide private label credit card programs for consumer and commercial customers nationwide. GE Capital Retail Finance, which provides consumer financing solutions to merchants to help grow their customer sales, will manage the Phillips 66 relationship and service the account.
The new Phillips 66 credit card program and promotions launch August 1, 2013, and include a private label credit card for consumers and a branded business revolving charge card for commercial customers. The branded consumer credit card program, which includes the Phillips 66 ® Personal Card, Conoco ® Personal Card and 76 ® Personal Card, will provide consumer cardholders with benefits and convenience, as well as the opportunity to earn rewards for qualifying fuel purchases made at any of the 8,000 independently owned Phillips 66, Conoco, 76 and Phillips 66 General Aviation locations nationwide.
The Phillips 66, Conoco and 76 business revolving charge program is nationally accepted and provides advanced account management, enabling commercial cardholders to track fuel expenses, auto repairs, vehicle washes, and convenience store purchases.
“We’re pleased to work with GE Capital’s strong and experienced team to bring our customers the convenience of a dedicated credit card to use for all of their purchases at our branded locations,” said Andy Viens, president of Global Marketing at Phillips 66.GE Capital’s Retail Finance business works with oil and gas retailers to provide financial solutions to their end customers that help build business. As part of the agreement, GE Capital Retail Bank will acquire the existing card program assets from Citibank. Financial terms were not disclosed. “We are excited to build this relationship with Phillips 66 and look forward to working with the 8,000+ branded locations in their network to provide valuable financing solutions for their customers,” said Margaret Keane, CEO and president of GE Capital Retail Finance. “The transaction, which closed June 28, 2013, will grow GE Capital’s significant presence in the oil and gas segment, with a respected provider of fuel products for over a century.”