Close
GE Money


Embargoed: For immediate release: Monday, May 15, 2006

GE MONEY LAUNCHES NEW BRAND AND 'BEST BUYS' DIRECT TO UK CONSUMERS FOR FIRST TIME

MARKET LEADING GE MONEY PRODUCTS WILL TRANSFORM HOW CUSTOMERS USE CREDIT

Monday 15 May 2006. GE Money - one of the world's leading consumer finance companies which last year re-branded from GE Consumer Finance - today launches market-leading finance products in the UK, with cards and loans that are among the most competitive in the market place.

GE Money's unrivalled products which will help consumers transform their finances, will target their eight million existing active UK customers, as well as potential new customers aged 25-45.

The launch is supported by national press advertising and via the internet www.gemoney.co.uk and at the heart of the products is the promise to do more for customers, as well as help customers transform their finances through good deals and flexible payments.

The products are a result of face-to-face research among hundreds of people UK-wide, who said they want a company that understands their lifestyle, offers products that give value and rewards for customer loyalty. Results showed that grocery and fuel are top regular spends, which is why GE Money offers a 3% cashback on grocery shopping and on fuel. Transparency also came top of the 'want' list, which is why GE Money has cut out jargon and sets out product information clearly.

The new products:
  1. The GE Money Everyday Card with a typical APR of 12.9% offers 3% cashback on all grocery and fuel spending. Every year, the first £5,000 a customer spends on food and fuel will qualify for 3% cashback. Anything over £5,000 per annum will still receive a cashback at 0.5%. 5.9% for life on the balance transferred. There is no balance transfer fee.
  2. The GE Money Transformation Card offers 0% on purchases for 12 months (followed by a typical 12.9% APR) and 0% on balance transfers for 12 months, giving customers 12 months to transform their finances and making it the most competitive card currently available. The card carries a 2.5% balance transfer fee (to a maximum of £50).
  3. The GE Money Low Rate Loan with a typical low rate of 5.7% APR is one of the most competitive on the market and available for the duration of the loan, with repayment periods from 12 to 84 months.
  4. The GE Money Clear Loan, offers a single flat rate of 6.2% APR for the duration of the loan. This is the only personal loan of its kind available in the UK consumer finance market. Every customer approved for a Clear Loan is guaranteed to receive the rate of 6.2% APR, however much they borrow (5k to 25k).

In addition, all GE Money loan customers benefit from a free courier service, ensuring prompt and safe delivery of documents to their home address, throughout most of the UK. Where this is available through other lenders, they typically charge £40.

And because GE Money recognises that people often take out personal loans at key moments of lifestyle transformation - such as setting up home, getting married or starting a family - loan repayments are deferred for the first three months.

The launch is accompanied by a nationwide advertising campaign which starts this month; the key theme encourages customers to transform their finances and 'make the most of their folding stuff' using a series of innovative origami-from-money series of visuals - the butterfly will be a key symbol of the brand recognition.

Brad Cooper, UK Chief Executive of GE Money, said that although the GE Money name is new, the company already has 20 years' experience in the UK, providing finance for some of the country's leading retailers.

Said Brad: "These are innovative and highly competitive personal finance products. Our research demonstrated that people want a provider prepared to do more for them, which is why we have designed products that offer real long-term value, such as our GE Money Everyday Card. With grocery and fuel representing two of the major areas of regular spending for families, we will be offering our customers 3% cashback on all grocery shopping and spending on fuel."

"I believe that these ground-breaking products, and combined with the inherent strength of the GE brand, represent a winning combination for our existing and future customers across the country."

NOTES TO EDITORS
  1. GE Money was launched first in Germany two years ago and has since been introduced in a number of key European markets. The UK launch represents the 21st re-branding to take place in Europe and follows the launch of GE Money in Australia and Asia as part of GE Money's strategy to build a direct-to-consumer brand worldwide serving 110 million customers globally.
  2. Last year GE Money won the prestigious Retail Banker International Awards 2005 - a global award for 'Excellence in Credit Cards and Consumer Finance'. The award paid tribute to the cross-border success of the new brand and its extensive consumer finance product range.
  3. All customers can be sure of the GE Money Promise - the pledge to 'do more for customers'. The five cornerstones of the pledge commit to considering the customer personally, looking out for the customer's interests, telling it straight, recognising that customers have choice and respecting customer information.

Further information:
GE Money (UK) Media Relations:
Jennifer Weller: 020 7853 1670 Email: jennifer.weller@ge.com or
Duncan Hart: 020 7878 3128 Email duncan.hart@mslpr.co.uk

GE Money

GE Money is the new trading name of Consumer Finance (GECF), one of the world's leading consumer finance services to consumers, retailers and auto dealers. Headquartered in the US, GE Money operates in 48 countries around the world and has assets worth over $150 billion.

In the UK, GE Money offers credit cards, fixed-term retail credit, loans, mortgages and auto finance. GE Money also operates retail branded credit cards for fashion retailers, department stores and supermarkets. Further information about GE Money can be found at

www.gemoney.co.uk.



Member FDIC. Copyright General Electric Company 1997-2006