GE Capital Retail Bank Announces New Agreement with Phillips 66 to Provide Private Label Credit Card
GE Capital Retail Bank Announces New Agreement with Phillips 66 to Provide Private Label Credit Card Program
Consumer and Business Credit Programs to be accepted at 8,000+ U.S. Branded Locations
STAMFORD, Conn. & HOUSTON--(BUSINESS WIRE)-- GE Capital Retail Bank today announced a definitive, multi-year agreement with Phillips 66 (NYS: PSX) , an energy manufacturing and logistics company, to provide private label credit card programs for consumer and commercial customers nationwide. GE Capital Retail Finance, which provides consumer financing solutions to merchants to help grow their customer sales, will manage the Phillips 66 relationship and service the account.
The new Phillips 66 credit card program and promotions launch August 1, 2013, and include a private label credit card for consumers and a branded business revolving charge card for commercial customers. The branded consumer credit card program, which includes the Phillips 66® Personal Card, Conoco® Personal Card and 76® Personal Card, will provide consumer cardholders with benefits and convenience, as well as the opportunity to earn rewards for qualifying fuel purchases made at any of the 8,000 independently owned Phillips 66, Conoco, 76 and Phillips 66 General Aviation locations nationwide.
The Phillips 66, Conoco and 76 business revolving charge program is nationally accepted and provides advanced account management, enabling commercial cardholders to track fuel expenses, auto repairs, vehicle washes, and convenience store purchases.
"We're pleased to work with GE Capital's strong and experienced team to bring our customers the convenience of a dedicated credit card to use for all of their purchases at our branded locations," said Andy Viens, president of Global Marketing at Phillips 66.
GE Capital's Retail Finance business works with oil and gas retailers to provide financial solutions to their end customers that help build business. As part of the agreement, GE Capital Retail Bank will acquire the existing card program assets from Citibank. Financial terms were not disclosed.
"We are excited to build this relationship with Phillips 66 and look forward to working with the 8,000+ branded locations in their network to provide valuable financing solutions for their customers," said Margaret Keane, CEO and president of GE Capital Retail Finance. "The transaction, which closed June 28, 2013, will grow GE Capital's significant presence in the oil and gas segment, with a respected provider of fuel products for over a century."
About U.S. Marketing at Phillips 66
Built on more than 130 years of experience, Phillips 66 is a growing energy manufacturing and logistics company with high-performing Midstream, Chemicals, Refining, and Marketing and Specialties businesses. This diverse portfolio enables Phillips 66 to capture opportunities in a changing energy landscape. Headquartered in Houston, the company has 13,500 employees who are committed to operating excellence and safety. With more than 8,000 retail fuel sites and general aviation locations, its U.S. Marketing business supplies TOP TIER® Detergent Gasolines under the Phillips 66®, 76® and Conoco® brands. The Phillips 66 brand, with its distinctive shield icon, has been serving the needs of the motoring public since 1927. With its iconic red ball, the 76 brand provides TOP TIER Detergent Gasolines that are sold at more than 1,900 retail fuel sites on the West Coast. For more than 100 years, the Conoco brand has been providing high-performance petroleum products to more than 2,400 retail fuel sites. Phillips 66 Aviation markets and distributes its aviation fuel under the well-recognized Phillips 66® Wings logo. For more information, visit Phillips 66's U.S. Consumer Brands webpage.
About GE Capital's Retail Finance business
GE Capital's Retail Finance business is among the country's most successful retail lenders, with 80 years of experience in consumer financing. The business, with its lending entity, GE Capital Retail Bank, provides customized credit programs to retailers and consumers in the United States and Canada that help drive sales. This includes private label and bankcard credit programs to major national, regional and independent retailers in the U.S., as well as private label credit programs, promotional and installment lending, bankcards and financial services for consumers through dealers; contractors; manufacturers; healthcare practices; and service providers across nearly 20 industries. We are not just bankers; we help clients build better businesses. More information can be found at www.gogecapital.com and twitter.com/GoGECapital.
GE Capital is one of the world's largest providers of credit. For over one million businesses, large and small, GE Capital provides financing to purchase, lease and distribute equipment, as well as capital for real estate and corporate acquisitions, refinancings and restructurings. For our 100+ million consumer customers, GE Capital offers credit cards, sales finance programs, home, car and personal loans and credit insurance. For more information, visit www.gecapital.com or follow company news via Twitter @GECapital.
GE (NYS: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
©2013 General Electric Company, All rights reserved.
GE Capital Retail Finance
Dori Abel, 203-585-6702
Cristy Williams, 678-518-2596
Dennis Nuss (media), 832-765-1850
Mike O'Connor, 832-765-3395
KEYWORDS: United States North America Connecticut Texas
The article GE Capital Retail Bank Announces New Agreement with Phillips 66 to Provide Private Label Credit Card Program originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.