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GE to Issue Amex Cards

The big card issuer becomes Amex's seventh U.S. partner.
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American Express (AXP) - Get American Express Company Report and GE (GE) - Get General Electric Company Report said GE Consumer Finance will issue American Express-branded credit cards in the U.S.

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 cobrand 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.

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"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."

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."