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GE CAPITAL LAUNCHES UNIQUE "GE REWARDS" CREDIT CARD

 GE CAPITAL LAUNCHES UNIQUE "GE REWARDS" CREDIT CARD
 STAMFORD, Conn., Sept. 2 /PRNewswire/ -- GE Capital today launched


the "GE Rewards MasterCard" -- the first credit card to give consumers unprecedented savings through a unique partnership with a broad range of the nation's leading retailers.
 The card has all the features and benefits of MasterCard, including worldwide acceptance at over ten million locations. What differentiates it from the conventional bank card is its unique set of benefits. The GE Rewards card can provide a cardholder with a $1,000 or more a year in real savings. Each consumer receives all of the following benefits:
 -- $10 in GE Rewards Checks for every $500 of purchases
 -- $10 in savings certificates from each retailer every three months
 -- a variety of high-value rebate certificates
 GE Capital's partners include such leading U.S. retail and service companies as Kmart, Toys 'R' Us, Macy's, Kids 'R' Us, Kinney Shoe, Foot Locker, Builders Square, Waldenbooks, Hyatt Hotels & Resorts, Northwest Airlines, Bullock's, Lady Foot Locker, Kids Foot Locker, Going to the Game!, Hertz, HBO, Cinemax, Sprint, Athletic X-Press, Circuit City, Champs Sports, GE Appliances and authorized dealers, OfficeMax, and The Sports Authority.
 Cardholders receive $10 for every $500 of purchases in the form of GE Rewards Checks from GE Capital. These GE Rewards Checks, payable to retail partners, can be used like cash for the purchase of any item in all of the partners' retail stores and for such services as air travel, hotel accommodations and car rentals. Additionally, every three months, participating companies will offer savings certificates good for a $10 discount, or other special offers. Cardholders who sign up for Sprint, HBO, Cinemax or who buy GE appliances, will receive rebates. The checks and the savings certificates will be sent to consumers in a special quarterly mailing.
 In total, consumers can earn as much as $800 a year in savings certificates plus hundreds of dollars a year in rewards checks. In effect, GE Capital and its retail and service partners will be putting cash back into the pockets of their customers.
 "This card cuts the cost of living by addressing the consumer shift from 'conspicuous consumption' to 'prudent purchasing'" said Gary C. Wendt, chairman and chief executive officer of GE Capital. "This is a win-win situation for everyone involved. The customers win, our business partners win, and the incentives can help stimulate retail sales."
 "We anticipate that consumers all over the country will quickly realize that the GE Rewards MasterCard offers more in real value than any other credit card," said David R. Nissen, chairman, GE Capital Consumer Financial Services. "It will have strong appeal to the value- conscious consumer of the '90s and will stimulate sales for the coming holiday season and throughout the year. The GE Rewards card 'rewards' consumers with real value back on the purchases they make anyway every day."
 The GE Rewards card will be marketed both through direct mail and telemarketing. In addition, a special phone number has been set up -- 1-800-GE-REWARD -- for consumers to request an application.
 The GE Rewards card has an annual fee of $25 and carries a competitive 18.4 percent annual percentage rate, with a rate as low as 14.9 percent for select customers.
 GE Capital has been a leader in the credit card business for decades and handles more than 65 million cardholder accounts.
 GE Capital, headquartered in Stamford, a wholly owned subsidiary of General Electric Company (NYSE: GE), is a diversified financial services company with assets exceeding $80 billion. GE Capital's financing activities include equipment management, equipment financing, corporate financing, consumer/retail financial services, commercial real estate financing and specialty insurance. GE is a diversified manufacturing, technology and services company with operations worldwide.
 -0- 9/2/92
 /CONTACT: Anthony B. Zehnder of GE Capital, 203-357-4728, or (home), 203-657-3824/
 (GE) CO: GE Capital Corp. ST: Connecticut IN: FIN REA SU: PDT


TS -- NY028 -- 5850 09/02/92 10:48 EDT
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Sep 2, 1992
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