GE Capital Retail Bank is renewing its private label credit card agreement with ShopNBC. In a press release, the companies announced a new multi-year deal for GE Capital to continue providing the TV and online-shopping portal's credit card. The two companies have had a relationship since 2006 when GE Capital first started producing the ShopNBC card.
The ShopNBC card has no annual fee, and new members can receive a $25 credit if they make a purchase within 30 days of the opening of their account. The credit will appear within the first two billing cycles after the purchase is made.
The ShopNBC card has a variable APR for purchases, currently 26.99 percent. Card holders are eligible for up to $250 in annual discounts when the cards are used during special promotional periods where perks such as free shipping or deferred interest and other special financing deals are offered via television and online offers.
A ShopNBC Platinum Rewards MasterCard is also available and can be used wherever MasterCard is accepted. The ShopNBC card is good only for ShopNBC purchases. The APR for the MasterCard is between 16.74 percent and 20.74 percent, depending on creditworthiness. There is no annual fee, but there is a monthly maintenance fee of $1.99 each month.
ShopNBC is a television shopping network and online retail portal that reaches about 80 million homes via cable and satellite. The press release notes that 45 percent of the company's business in the last 12 months was done via Internet and mobile devices, and that it made $590 million in net sales in the same time frame.
GE Capital's Retail Finance division offers many retail credit cards, both co-branded and private label. The company has 23 retail partners, including Stein Mart, IKEA, Sam's Club, The Gap, Dillard's, Banana Republic, The Mens Wearhouse, JC Penney, Old Navy, Amazon and Walmart.