Wal-Mart to Unveil New Discover Card

Wal-Mart is teaming up with GE Consumer Finance and Discover Financial Services to launch a new "Wal-Mart Discover" credit card which will have no annual fee, can be used in Wal-Mart stores, its Website and elsewhere, and provides customers with up to 1% back from GE on all purchases.

In what is being hailed as a "milestone" agreement, the new card will be issued by GE Consumer Finance and be available to customer by March 2005, according to a Business Wire report.

"The customer benefits are a direct result of our commitment to be the low cost leader," said Jane Thompson, president, Wal-Mart Financial Services.

"We're excited about this new opportunity and the ability to reach more Wal-Mart customers through an expanded credit card program," said Mark W. Begor, president and ceo, GE Consumer Finance-Americas. "This expands our important partnership with Wal-Mart and allows us to offer multiple credit products to Wal-Mart customers, including the Wal-Mart card and now, the new Wal-Mart Discover, that will offer more choices to Wal-Mart shoppers and help grow Wal-Mart sales."

"GE Consumer Finance, with more than 100 million credit cards issued through hundreds of retail partners, is one of the top issuers of credit cards in the United States," said David W. Nelms, chairman and ceo, Discover Financial Services, a unit of Morgan Stanley. "This partnership is an example of the possibilities that can be offered to customers in an open and competitive market. Our agreement with GE Consumer Finance is a significant development in our efforts to form partnerships that expand and diversify the Discover Network."

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