Gap Launches New Credit Card; Old Navy and Banana Republic Included

GE Money, the consumer lending unit of General Electric, and Gap Inc. today announced that they will offer a Visa credit card to customers of Gap, Banana Republic, and Old Navy. GE Money also will continue to provide private label credit card programs for Gap Inc. through 2013.

"We’re pleased to introduce a new co-brand card with GE Money and Visa," said Toby Lenk, President of Gap Inc. Direct. "To date, our private label credit cards have been very successful and we’re excited to offer even more benefits and value to our cardholders through this new partnership. Our customers are our top priority and through this new card offering, we are focusing on ways they can benefit by shopping at all Gap Inc. stores and beyond."

The Visa card will be issued by GE Money Bank and marketed to existing Gap Inc. customers. The Visa card also will be offered at more than 2,600 Gap, Banana Republic and Old Navy stores across the United States. The Visa card will allow cardholders to earn rewards at all Gap, Banana Republic and Old Navy locations and everywhere Visa is accepted worldwide. In addition to earning rewards, customers can receive additional benefits such as special cardholder offers, advance notice of sale events, and exclusive online shipping.

“We’re excited about offering a Visa card to customers of the great brands that make up the Gap Inc. family of retailers,” said Margaret Keane, president and CEO of GE Money’s Retail Consumer Finance unit. “The card will provide great rewards, special benefits and convenience to cardholders.”

“We believe this product will deliver greater flexibility and compelling rewards, while building even stronger loyalty among Gap’s broad customer base,” said Jim McCarthy, senior vice president, consumer credit product, Visa USA. “We are excited to be part of this partnership with Gap and GE Money as we seek to further migrate consumer spending from paper to plastic.”

GE Money has been providing credit programs to Gap Inc. since 1998 and currently offers Gap, Banana Republic and Old Navy private label credit cards.