Growth in Source receivables exceeds GE target
GE Money's Coles Myer Source credit card is experiencing a growth rate of 30 per cent a year. The Source card has exceeded one million in card-holder accounts and $1 billion in assets.
At 30 per cent annual growth, the Source card's growth rate compares with reported growth rates of 34 per cent for HBOS/BankWest, 21 per cent for ANZ, 20 per cent for HSBC and 13 per cent for Westpac. GE Money targets growth in receivables of twice the rate of industry growth (which is around 12 per cent).