Multi-purpose plastic from ge money

The new card will enable its customers to access cash loans, finance purchases on instalment plans and even use it as a conventional credit card.

Later this month, holders of GE Money's Quick Cash cash cards will be invited to merge their privileges with those of the company's instalment-financing - or First Choice - cardholders. In September, the cards will receive a full credit-card capacity and be renamed the First Choice Visa Card.

Chief marketing officer Philip Tan said company research had found 75 per cent of Quik Cash cash-card customers wanted to be able to access instalment-finance services with the same card they used to obtain cash loans. So GE Money developed the concept: one card to fit all needs, serving customers looking for multiple financial services with one card under one single account.

When qualified Quick Cash customers are transferred to First Choice, they will be able to access cash at more than 20,000 ATMs nationwide and pay on a revolving-credit basis with minimum payments of 5 per cent. Promotions organised by GE Money with business partners will also be offered.

Those Quick Cash customers who do not want the additional services of First Choice will still be able to use their cards at all distribution outlets, although these will be renovated and named First Choice.

When First Choice cards become First Choice Visa cards and offer full credit-card privileges in September, the cards will offer all three services, although the existing credit line for cash loans will be separated from that of the credit card.

At present, there are 1.4 million First Choice customers, 44 per cent of whom have incomes exceeding Bt15,000 a month. This group will be the first to be offered the three-in-one card, because their income meets the minimum required by Bank of Thailand regulations.

GE Money is also planning many promotions next month, including 30-minute approval for cash loans at 200 First Choice counters. New First Choice customers will be entitled to a free petrol coupon worth Bt500 at PTT stations when they spend more than Bt15,000 in the first two months after approval.

They will also be eligible for zero interest over 24 months when buying liquid-crystal-display or plasma television sets on instalment plans and receive to 50-per-cent cash back on their next transaction.