GE Money Transformation credit card available

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GE Money Transformation credit card available

Tue 9th May 2006

A GE Money Transformation credit card has been unveiled today, with the primary aim of benefiting customers looking to make balance transfers.

With the lowest and longest discount rate currently on the UK market, the credit card offers consumers zero per cent interest on balance transfers and purchases for 12 months.

Head of credit cards at moneysupermarket.com, Robert Kenley, said: "The new GE Money Transformation card is a great 'double act' offering and really lays down the gauntlet for other card providers to follow suit."

Mr Kenley has also commented that the probable reason for the offer on the new card is the fact that GE Money is entering a new product into the market and will be keen to acquire as many new customers as possible.

"I can see no built-in retention mechanism in the GE Money new credit card offer so there is a risk for them of losing customers once the offer comes to an end," Mr Kenley warned.

The GE Money Transformation credit card, which has a two per cent handling fee for balance transfers, also has a typical 12.9 per cent APR once the zero interest offer ends.

GE Money, which originally began as part of Thomas Edison's General Electric company, is the new trading name for GE Consumer Finance and GE Capital Bank.