Customers of Dick's Sporting Goods will soon get instant credit from the same company that makes many of the flashlights and camping lanterns sold at the retailer. GE Money, a division of General Electric, reached an agreement to provide credit card services to customers of the Pittsburgh-based retail chain.
Under the deal, GE will offer two private label Dick's Sporting Goods
credit cards over the next seven years. A standard retail credit card will offer
customers instant financing on apparel, sporting equipment, and outdoor supplies
at any of the chain's 424 locations. The "Dick's Mastercard" works at any
retailer sporting the payment processor's logo, extending the partnership into
broader personal finance products.
A 2009 New York Times report indicated
that General Electric had tried to sell its private label credit card portfolio
after a wave of account charge-offs during the recession. After abandoning the
effort, GE Money's partnerships with companies like Dick's and Walmart has made
it the largest private label credit card issuer in the United States.