By Keri Algar
SYDNEY, NSW: The interest-free promotions Harvey Norman uses to entice consumers in the door are likely to continue as the electrical retailer has renewed its relationship with its finance provider GE Money, Fairfax Media has reported.
The five-year extension was signed last week and will be critical to the retailer in the lead up to Christmas, especially after the flat financial results reported so far this year.
According to Fairfax Media, GE Money has supplied 1.5 million Harvey Norman customers with more than $5 billion of interest-free packages since 2004.
In 2008 Harvey Norman feared GE would rein in its lending agreement after the financial corporation warned it would tighten its lending standards in an attempt to reduce risks amid the Global Financial Crisis credit crunch.