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.
About the Author
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science in Communications from Ithaca College.