GE Consumer Finance, a unit of General Electric, has teamed up with eBay to launch the PayPal Plus credit card in the US, a MasterCard credit card featuring a rewards program exclusive for PayPal users.
PayPal Plus customers receive extended purchase protection for purchases made via the PayPal website, access to special financing offers, and the convenience of integrated online account management and alerts.
The new 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.
Successful applicants for the Plus card via the PayPal website will receive for a limited time a special introductory rate of 0% interest on purchases and balance transfers until January 2007. Cardholders will also have exclusive access to ongoing special promotional financing offers from sellers on eBay, including deferred interest and no payments for a specific period of time, by simply paying with PayPal Plus.
PayPal Plus customers will benefit from a new rewards program, earning one reward point for every $1 spent in purchases. And PayPal Plus Reward Points are also earned with offline, everyday purchases wherever MasterCard is accepted.
The new PayPal Plus card is a natural extension of the partnership between three great worldwide companies offering rewards, security and convenience, claims Margaret Keane, president and CEO of GE Consumer Finance’s retail consumer finance unit. With PayPal Plus, shoppers can apply and buy with an instant online credit process. There’s no waiting for a card in the mail to make your PayPal purchases. Now, shoppers can also earn rewards by using their PayPal Plus credit cards anywhere MasterCard is accepted.