Wal-Mart, GE Consumer Finance Plan New Discover Network Credit Card

"It's a great card for Wal-Mart customers shopping in our store and on walmart.com," said Jane Thompson, president, Wal-Mart Financial Services. "It has no annual fee, can be used both inside and outside of Wal-Mart stores and offers our customers up to 1 percent back from GE on all purchases. The customer benefits are a direct result of our commitment to be the low cost leader."

"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 chief executive officer, 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 chief executive officer, Discover Financial Services, Inc. "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."