HOUSTON -- Phillips 66, has forged a definitive, multi-year agreement with GE Capital Retail Bank for GE Capital to provide private-label credit-card programs for consumer and commercial customers nationwide. GE Capital, which provides consumer financing solutions to merchants to help grow their customer sales, will manage the Phillips 66 relationship and service the account.
The new Phillips 66 credit-card program and promotions launch Aug. 1, 2013, and include a private label credit card for consumers and a branded business revolving charge card for commercial customers. The branded consumer credit card program, which includes the Phillips 66 Personal Card, Conoco Personal Card and 76 Personal Card, will provide consumer cardholders with benefits and convenience, as well as the opportunity to earn rewards for qualifying fuel purchases made at any of the 8,000 independently owned Phillips 66, Conoco, 76 and Phillips 66 General Aviation locations nationwide.
The Phillips 66, Conoco and 76 business revolving charge program is nationally accepted and provides advanced account management, enabling commercial cardholders to track fuel expenses, auto repairs, vehicle washes, and convenience store purchases.
"We're pleased to work with GE Capital's strong and experienced team to bring our customers the convenience of a dedicated credit card to use for all of their purchases at our branded locations," said Andy Viens, president of global marketing at Phillips 66.
GE Capital's Retail Finance business works with oil and gas retailers to provide financial solutions to their end customers that help build business. As part of the agreement, GE Capital Retail Bank will acquire the existing card program assets from Citibank. Financial terms were not disclosed.
"We are excited to build this relationship with Phillips 66 and look forward to working with the 8,000-plus branded locations in their network to provide valuable financing solutions for their customers," said Margaret Keane, CEO and president of GE Capital Retail Finance, Stamford, Conn. "The transaction, which closed June 28, 2013, will grow GE Capital's significant presence in the oil and gas segment, with a respected provider of fuel products for over a century."
Houston-based Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. With more than 8,000 retail fuel sites and general aviation locations, its U.S. Marketing business supplies Top Tier Detergent Gasolines under the Phillips 66, 76 and Conoco brands. The Phillips 66 brand, with its distinctive shield icon, has been serving the needs of the motoring public since 1927. With its iconic red ball, the 76 brand provides Top Tier Detergent Gasolines that are sold at more than 1,900 retail fuel sites on the West Coast. For more than 100 years, the Conoco brand has been providing high-performance petroleum products to more than 2,400 retail fuel sites. Phillips 66 Aviation markets and distributes its aviation fuel under the Phillips 66 Wings logo.
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