GE Money and PeachDirect Make Luxury Affordable with Consumer Credit Program

Business Wire, Sept 25, 2006

New PD Platinum Card Available Nationwide

KETTERING, Ohio -- American consumers are upgrading their technology to high-end electronic merchandise such as big screen televisions, digital cameras, video camcorders and laptop computers. Now, GE Money and PeachDirect have made it easier to make those purchases and other luxury items affordable thanks to a new private label financing program available this month.

GE Money's Retail Sales Finance unit today announced an agreement with direct-to-consumer retailer PeachDirect to offer a new consumer credit program called the PD Platinum Card. The new card is now available to consumers nationwide through the company's Web site at www.peachdirect.com.

PeachDirect, headquartered in Los Angeles, sells name brand consumer electronics and luxury goods such as jewelry, fragrances, and fashion accessories direct to consumers.

"A strong consumer financing program backed by a trusted financial provider like GE will be a valuable marketing tool for us," said Ron Drori of PeachDirect. "We already provide an easy shopping experience. Offering flexible financing options that are simple and convenient will appeal to our customers."

Consumers in the United States have shown increasing interest in new electronic technologies, especially flat-screen televisions. According to research by the Consumer Electronics Association, nearly half of all consumers say their next TV purchase will be one of the flat-screen technologies. On average, consumers paid less than $800 for their current primary TV, while flat-screen TVs typically cost $1,000 and up.

"PeachDirect has an innovative Web site and business model, and the timing for them to introduce a new financing program is very good for their customers," said Paul Schell, Consumer Electronics Industry leader for GE Money's Retail Sales Finance unit. "There is a great deal of consumer spending in the electronics category. An effective financing program will help PeachDirect turn that interest into sales growth."

ABOUT PEACHDIRECT

Headquartered in Los Angeles, PeachDirect is a direct-to-consumer retail company offering brand-name consumer products. It provides competitive pricing and affordable financing options with low monthly payments. For more information, visit www.peachdirect.com.

ABOUT RETAIL SALES FINANCE AND GE MONEY

Retail Sales Finance, based in Kettering, Ohio, is part of GE Money, formerly GE Consumer Finance, and provides private label credit card programs, marketing, installment lending and financial services for national and regional retailers in key industries: consumer electronics and appliances, home improvement, powersports, outdoor power equipment, automotive, recreational vehicles, marine, furniture, floor covering, jewelry, music and health care. With $163 billion in assets, GE Money, a unit of General Electric Company (NYSE:GE), is a leading provider of credit services to consumers, retailers and auto dealers in approximately 50 countries around the world. GE Money, based in Stamford, Connecticut (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at www.gemoney.com.

GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.

[c] 2006 General Electric Company, All rights reserved.