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News

Stein Mart and GE retail consumer finance announce co-brand credit card agreement

AZDEL : 18 August, 2007  (Company News)
Stein Mart, Inc. and GE Retail Consumer Finance, the consumer lending unit of General Electric Company, today announced an exclusive, multi-year agreement to launch a Stein Mart co-brand credit program. The new Stein Mart Platinum Rewards MasterCard will offer its cardholders a points-based rewards program plus the benefits of the Stein Mart Preferred Customer Program. The companies are launching the new card this month.
“We are pleased to offer our loyal customers another benefit of shopping with us, and we look forward to the opportunity for enhanced communication with them through this credit card program,” said Michael D. Fisher, president and chief executive officer of Stein Mart, Inc. “Providing fashion apparel, accessories and home merchandise at a great price has always been our hallmark, and as our customer accumulates points on the new Platinum Rewards Card, her Stein Mart purchases will become an even more attractive value.”

The new Stein Mart credit card will offer cardholders a broad range of benefits including a cardholder rewards program, no annual fee and $0 fraud liability, plus all the perks of Stein Mart’s Preferred Customer Benefits program and a Platinum Rewards MasterCard. Shoppers can apply for the new card four ways, including instant credit in-store or online at www.steinmart.com.

“We are proud to partner with Stein Mart, and we are committed to helping this unique retailer grow its business and enhance the shopping experience for its customers,” said Margaret Keane, president and CEO of GE’s Retail Consumer Finance unit. “GE’s Retail Consumer Finance credit programs are proven to increase store sales with specialized methods for driving customer loyalty. As we continue our expansion into new and specialty retail sectors, this start-up program with Stein Mart showcases the choice and flexibility we provide to our retail partners.”

The new co-brand credit program is part of a multi-year exclusive agreement between Stein Mart and GE Retail Consumer Finance, and it marks the debut of the Stein Mart branded credit product for its shoppers across over 260 stores nationwide.

Under the new agreement, Stein Mart will integrate and promote the new Stein Mart credit card in its internal and external marketing activities. GE Retail Consumer Finance will be responsible for managing the Stein Mart card program, providing customer service, billing, database management and analytics support, and credit management.

“MasterCard is committed to working with its customer financial institutions to develop payment solutions that best meet the needs of retailers and consumers alike,” said Gary Flood, president, Global Key Accounts, MasterCard Worldwide. “We’re delighted to be working with GE Retail Consumer Finance and Stein Mart to provide a card that will create long-lasting customer relationships by delivering a robust mix of cardholder benefits and rewards that other forms of payment simply cannot match.”
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