GE Capital Retail Bank, an operating unit of the General Electric Company (GE - Analyst Report), recently signed a multi-year renewal contract to extend its private label credit card program with J. C. Penney Company, Inc. (JCP - Analyst Report). The extension entails J. C. Penny customers to avail credit facilities at over 1,100 stores across the U.S. and Puerto Rico.
J. C. Penny has a long-standing business association with GE Capital Retail Bank, spanning more than a decade, whereby its customers could avail credit facilities and get discounts at retail stores and online purchases. The extension of the existing contract strengthens the mutual relationship and reinforces GE Capital Retail Bank as the premier consumer lending provider for varied customers.
Over the years, GE Capital Retail Bank has provided a plethora of customized credit programs to the retail consumers of J. C. Penny to augment sales. The credit card also offer a 20% discount to new cardholders on the first day of shopping and thereafter, provide an opportunity to earn up to ten $10 rewards certificates each month, which could be redeemed for a later purchase.
General Electric is one of the largest and the most diversified technology and financial services corporations in the world. 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 industrial products, the company serves over 100 million customers worldwide.
Its segments include Energy Infrastructure, Aviation, Healthcare, Transportation, Home & Business Solutions and GE Capital, Healthcare Financial Services. With 80 years of experience in consumer financing, GE Capital’s Retail Finance business is one of the most successful retail lenders in the U.S. It offers private label and bankcard credit programs to leading national, regional and independent retailers in the U.S., as well as private label credit programs, promotional and installment lending, bankcards and financial services for consumers through dealers; contractors; manufacturers; healthcare practices; and service providers.
General Electric currently has a Zacks Rank #4 (Sell). Other companies in the industry worth mentioning are Tyco International Ltd. (TYC - Analyst Report) and Jardine Strategic Holdings Ltd. , each carrying a Zacks Rank #1 (Strong Buy).