coles myer news

  1. blt
    164 Posts.
    MELBOURNE, Oct 24 AAP - Australia was one of General Electric's
    fastest growing consumer finance businesses, global chairman Jeff
    Immelt said today.
    In Melbourne to launch the Coles Myer Source MasterCard, Mr
    Immelt said GE's consumer finance business in Australia had been
    "It's probably one of the fastest growing consumer finance
    businesses that we've got anywhere in the world," he said.
    He said the launch of the MasterCard would further expand the
    company's business locally.
    "So I think these innovations, which we consider to be
    pro-consumer, and with key partners like Coles Myer I think will
    only accelerate that growth in the future," he said.
    "I think really that entire suite of products from loans to
    mortgage to auto-financing will all be available in Australia and
    we continue this to be a very attractive market."
    The Coles Myer card is a product known as a dual card, which is
    being introduced by GE Capital internationally.
    The new card can be attached to the company's revamped FlyBuys
    program and lets customers earn up to seven Fly Buys points for
    every $5 spent in Coles Myer stores.
    Coles Myer Source cardholders will also earn one Fly Buys point
    for every $1 spent wherever MasterCard is accepted.
    Coles Myer chief executive John Fletcher said he hoped the
    company's discount card holders would transfer across to the new
    "Some people probably don't realise that the Coles Myer red
    store cards that we've still got, we've actually got 1.7 million
    card holders," he said.
    "I think the real potential that both GE and MasterCard can see
    in that is a successful conversion of 1.7 million Coles Myer credit
    card holders across to a MasterCard puts this card up as the
    biggest in the country.
    "I think it's a real opportunity for us as a brand, and
    certainly GE as a credit provider."
    Mr Fletcher said shareholders were aware the company was moving
    away from a shareholder discount to a MasterCard available to all
    its customers.
    "For shareholders this will be a great outcome because the
    company will be better, the company will be stronger and every
    customer gets rewarded for spending in store," he said.
    "I think we start to get back to shareholders being rewarded for
    why they decided to be shareholders, which is for capital growth
    and dividends, which I think will come because of these."
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