A multi-year agreement between GE Capital Retail Bank and American Signature, Inc. will provide credit card services to customers at the furniture chain’s 126 retail locations. Comenity Bank has previously issued American Signature store branded credit cards.
The private-label offerings include cards for:
– American Signature Furniture
– Value City Furniture
The credit card can only be used to finance furniture from these stores. It cannot be used to make purchases elsewhere. The APR and terms and conditions of the new American Signature cards issued by GE have not yet been disclosed.
Cardholders will have access to members-only sales, extended financing, and online account access. American Signature plans to expand opportunities for customer rewards and financing through this new partnership.
American Signature, Inc. is the parent company of American Signature Furniture and Value City Furniture. The retail chains sell home and office furnishings. Cardholders can finance living rooms, dining rooms, and home offices.
GE Capital Retail Bank will service and manage the credit card program. The GE subsidiary has a long history of providing financing for the home furnishing industry.
Generally furniture store cards offer a period during which the interest is deferred. Once the introductory period is over, if the balance has not been paid off in full within a set number of months, the interest rate will be applied to the entire purchase price. Rates can be as high as 25.99%.
Consumers who want to make large purchases, such as new furniture, can also choose to finance it with a card that gives 0% APR financing for the first year or even longer. Some cards offer up to 18 months, and if there is still a balance from the purchase after the introductory period has ended, then the cardholder pays interest only on the amount that is outstanding.