|
|
|
GE Capital Bank
GE Capital bank isn't a bank in the traditional sense, although you may well use their services without knowing it. It's the capital management arm of General Electric, the vast US manufacturing conglomerate; a wing of the company originally created to manage investment into GE through bond issues; but now expanded to become not only a bond issuer but a fully diversified financial services company.
Ordinarily we wouldn't bother with that introduction, but recently, GE announced that it will be splitting into four constituent arms, covering leasing, business services and consumer services. The consumer banking side will no doubt achieve its own momentum in due course.
What you need to know about GE Capital Bank is this: whilst you may not bank with them day-to-day, if you have credit arrangements, you may well be dealing with them unawares. GE specialise in store cards, loyalty cards, credit cards, loans and car leasing; so for example the Harrods' private label credit card and the Kwik-Fit motoring chargecard are both operated ultimately by GECB.
It is also fair to say that the company (along with others) has sustained severe criticism for exceptionally high interest rates, particularly in storecard partnerships, and before signing a credit agreement you should ensure you are aware of the interest rate you will ultimately be paying.
|
|
|
|
