A new credit program specifically for luxury purchases made its debut June 5 at The JCK Show in Las Vegas. It will be available for transactions by the end of June.
The GE Money’s Luxury credit card is the first created specifically for the purchase of luxury lifestyle goods through retailers, especially jewelers. It was developed by GE Consumer Finance as a financing vehicle for luxury items like jewelry, china, collectibles, and fashion.
“The Luxury card will be a powerful business-building tool for retailers who sell luxury items,” said Glenn Marino, president and chief executive officer of Consumer Finance’s Retail Sales Finance unit. “We saw a convergence in the market of retailers offering jewelry, as well as other high-end merchandise. The Luxury card bridges those product lines, conveys exclusivity and sophistication and backs the retailer’s reputation with trusted, reputable financing.”
The Luxury card has a number of benefits for jewelry retailers, he noted. Thos include 100 percent finding within about 48 hours, no set-up fee, a lower transaction charge than traditional bankcards and free, in-store promotional materials,.
In addition, the name of the retailer appears on the card, enhancing the store’s brand awareness. Luxury card retailers also receive special benefits on computers, health insurance, some legal services, and discounts on retail and gift cards.
Features of the card include interest-free financing, up to $100,000 in credit, extended financial offers with minimum monthly payments, no annual fee and no down payment.
“We work with independent jewelers and family-owned businesses, as well as larger chains, and financing helps all compete more equally,” said Marino. Customers feel moiré comfortable when they see our name and that’s part of the benefit package we bring to our retail partners, as well as GE’s resources and capabilities.”
GE Consumer Finance’s Jewelry Express and Jewelry Accents credit programs will remain for those retailers whop now offer them. However, say GE officials, they will be encouraged to switch to the new GE Money Luxury card.