NEW YORK - GE Capital Corp. on Wednesday confirmed that its retailer financial services unit will test-market a credit card later this year.
The company, a division of General Electric Co., is already the nation's 15th largest issuer of MasterCard and Visa cards through its Monogram Bank unit. It is also the largest processor of private-label credit cards for retailers.
A report in Wednesday's Wall Street Journal speculated that GE is likely to spend $80 million to $100 million to advertise its new card in its first year. A spokesman for Stamford, Conn.-based GE Capital characterized that estimate as "ridiculous."
GE is expected to issue a cobranded MasterCard, sources said.