GE adds retail credit cards from home and fashion discounters

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GE retail and store credit cards

Furniture and fashion shoppers will soon get help with their bargain hunting from General Electric. As reported by Bloomberg on Jan. 19, GE's consumer finance division has reached an agreement to operate the retail credit card portfolio of TJX, the parent company of clothing, housewares and accessories shops such as TJ Maxx, Marshalls and HomeGoods. GE Capital paid an estimated $400 million to take over the retail credit card program from JP Morgan Chase.

In a similar move, GE Capital has acquired the retail credit portfolio of furniture chain Ashley HomeStores, as reported in Furniture Today. Company officials announced the imminent launch of their new branded store credit card in all 420 of Ashley's U.S. retail locations. Ashley's previous credit provider, Citi Retail Partner Cards, sold a $1.6 billion consumer portfolio to GE last fall. The Ashley program represents an additional $500 million in consumer credit cards shifted from Citi to GE in the past 12 months.

By relying exclusively on in-store application promotions and store loyalty programs, GE Capital has grown its consumer credit portfolio to more than $28 billion in assets while serving more than 40 million Americans, according to Bloomberg.

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