Lord & Taylor, GE Money launch credit card

STAMFORD, Conn. GE Money, the consumer lending unit of General Electric Co., today announced a multi-year agreement to with Lord & Taylor offer the Lord & Taylor Credit Card through the company's 47 stores located in the Northeastern United States and on its Web site.

"Partnering with GE Money on our private label credit program will enable us to continue to focus on innovation, customer service and being at the forefront of fashion as we continue to position the store for the 21st century," said Jane Elfers, Lord & Taylor's president and ceo.

The newly designed Lord & Taylor Credit Card will be issued by GE Money Bank to the store's existing 1.5 million cardholders, as well as marketed to new customers. According to the companies, the no-annual-fee card, with its exclusive cardholder benefits, will enable new cardholders to receive 15% off their entire first-day purchases made with the card, as well as offering advanced notice of events, valuable savings and on-line account services. A rewards program is expected to be introduced in 2008. Lord & Taylor worked with Auriemma Consulting Group to evaluate providers to service its credit portfolio.