topic Re: GE wants to unload Wal*Mart, Lowe's, etc. in Credit in the News

GE wants to unload Wal*Mart, Lowe's, etc.

pazuzu — Wed, 11 Feb 2009 19:20:00 GMT

Perhaps the best indication of the strains on the market is that the largest issuer of private label cards, General Electric, has indicated that it would like to quit the business altogether.

G.E., which has a $32 billion portfolio of cards for companies like Wal-Mart and Lowe’s, put its unit up for sale in December 2007 but abandoned the effort in September after it failed to find a buyer.

http://www.goupstate.com/article/20090210/ZNYT01/902103018/1086/NEWS07?Title=Losses_mount_on_credit_cards_for_retailers

Re: GE wants to unload Wal*Mart, Lowe's, etc.

haulingthescoreup — Thu, 12 Feb 2009 00:41:12 GMT

Oh, I would so be tempted to get a Lowe's card, if it were handled by a for-real bank!

--Well, no, being me, I probably wouldn't, but I'd put it on my list!

Re: GE wants to unload Wal*Mart, Lowe's, etc.

marty56 — Thu, 12 Feb 2009 10:26:03 GMT

2 of my 3 open CCs are GEMB prodcts. One of which is 25 years old. My luck it would go to BofA.

Re: GE wants to unload Wal*Mart, Lowe's, etc.

Anonymous — Fri, 13 Feb 2009 17:41:33 GMT

With my luck, it would go to Chase. They only cut my CL from $15k to $10k. That would certainly be cut further. After all, how often does a non-contractor spend more than a grand or two at Lowe's?