DETROIT -- General Motors Corp. said it opened its millionth GM MasterCard account on Oct. 7, four weeks after its launch on Sept. 9.
Ronald Zebeck, managing director of the auto maker's credit card operations, said the company and its card issuer, a unit of Household International Inc., reached the million mark "faster than any other credit card in history."
The AT&T Universal card, after an aggressive launch in March 1990, opened its millionth account after 78 days. In the middle of last month, American Telephone and Telegraph co. reported 10 million accounts and 15 million cards.
General Motors also said that on Oct. 7 its first credit card rebate had been applied t the purchase of a Buick Park Avenue in Jacksonville, Fla.
The company provides a 5% or 10% rebate on card purchases; the rebate can accumulate for as long as seven years and be applied to purchase or lease of a GM vehicle.
The card's interest rate is 16.4%, with no annual fee.