GE Consumer Finance, a unit of General Electric Company, announced a relationship with eBay Inc. and PayPal Inc. to launch the new PayPal Plus Credit Card, a MasterCard credit card featuring a new rewards program exclusive for PayPal users. Additionally, PayPal Plus customers receive extended purchase protection for purchases made via the PayPal Web site, access to special financing offers, and the convenience of integrated online account management and alerts.
The new Plus Card is an expansion of the relationship originally created in June 2004 for GE to offer PayPal Buyer Credit, a private label, revolving credit line available to registered PayPal customers. The PayPal Plus Credit Card is part of a new multi-year credit agreement in which GE Consumer Finance also plans to launch an eBay-branded credit card.
PayPal Plus customers will earn one Reward Point for every $1 spent in purchases. For every 2,500 points earned, customers will receive a coupon for $25 towards eBay.com purchases made with PayPal. Customers will also receive several additional benefits through MasterCard, including Platinum benefits for extra protection, cash access, and the option to link PayPal Plus to the PayPal Debit Card as a backup funding source.
Under the new agreement, eBay will provide promotional support of the new PayPal Plus Credit Card through the eBay Web site. GE Money Bank will be responsible for issuing the PayPal Plus Credit Card, and providing customer service, billing and credit management.
PayPal users can apply for the PayPal Plus Credit Card on the PayPal website.
