In its second-largest acquisition, Amazon buys the company for $970 million.
EBay Inc. and PayPal Inc. are launching a co-branded MasterCard featuring a rewards program exclusive to PayPal users. The new PayPal Plus card will be issued through GE Consumer Finance, a unit of General Electric Co.
EBay Inc. and PayPal Inc. are launching a co-branded MasterCard featuring a rewards program exclusive to PayPal users. The new PayPal Plus card will be issued through GE Consumer Finance, a unit of General Electric Co., under a multi-year agreement. GE also plans to launch an eBay branded credit card.
Financial terms of the deal were not disclosed.
The card will feature a 0% introductory rate on purchases and balance transfers until January 2007. Cardholders will have exclusive access to ongoing special promotional financing offers from eBay sellers, including deferred interest and no payments for a specific period of time when they pay with the PayPal Plus card.
Under the new rewards program, PayPal Plus cardholders will earn one rewards point for every $1 charged to the card for all purchases, including offline purchases. For every 2,500 points, customers will receive a coupon for $25 towards eBay.com purchases made with PayPal.
Through MasterCard, customers will qualify for benefits including extra purchase protection, cash access, and the option to link PayPal Plus to the PayPal debit card as a back-up funding source. Consumers can apply for the card at the PayPal site.
Under the agreement, eBay will promote the card through its web site. GE Money Bank will issue the card and provide customer service, billing and credit management.
The Plus Card is an expansion of a relationship created in June 2004 in which GE offers PayPal Buyer Credit, a private-label revolving credit line available to registered PayPal customer.