General Motors Co. (NYSE: GM) and Barclays US Consumer Bank have entered into a long-term agreement for Barclays to become the exclusive issuer of the GM Rewards Mastercard and GM Business Mastercard in the United States starting next summer.
“Barclays is excited to partner with General Motors, an iconic brand that has shaped America’s love for automobiles for over a century,” said Denny Nealon, CEO of Barclays US Consumer Bank.
GM, which boasts the largest customer base of any U.S. automaker and has led the industry in customer loyalty for nine consecutive years (according to S&P Global Mobility), launched its GM credit card portfolio in 1992. The portfolio has grown into one of the nation’s longest-running co-branded credit card programs, serving millions of loyal customers.
GM Rewards cardmembers can earn and redeem points on new Chevrolet, Cadillac, Buick, and GMC vehicles, including GM’s growing electric vehicle lineup. In addition, cardmembers can use their rewards for vehicle services and accessories. The new partnership with Barclays will bring exclusive opportunities that only GM can offer to cardholders.
“Our goal is to make the GM Rewards Mastercard a card consumers love to use, thanks to the high rewards value and unique experiences only GM can offer,” said Paul Jacobson, GM’s Executive Vice President and Chief Financial Officer. “We’re excited to partner with Barclays as we prepare for the relaunch of the product next year. This partnership will allow us to reward our loyal customers, especially as we continue to grow our electric vehicle lineup.”
Barclays, a key player in the U.S. partner card market, is focused on creating industry-leading credit card products that unlock value for customers and drive business success for partners. This new partnership with GM aligns with Barclays’ growth strategy to collaborate with top U.S. brands.
As part of the agreement, Barclays will acquire the GM card program’s receivables from the current issuer next year. Current My GM Rewards cardmembers can continue using their cards for everyday purchases and earning rewards toward GM products and services. They will receive details on how to activate their new Barclays-issued GM cards before the transition.
The GM credit card program will remain exclusively under the Mastercard brand, which provides additional cardholder benefits.
About General Motors:
GM is leading the future of transportation with advanced technology, building safer, smarter, and more eco-friendly vehicles. The company’s brands—Buick, Cadillac, Chevrolet, and GMC—offer a diverse portfolio of gasoline-powered and electric vehicles. For more information, visit GM.com.
About Barclays US Consumer Bank:
Barclays is a leading issuer of co-branded credit cards and financial services in the U.S., providing customized programs to enhance customer loyalty for top brands. Barclays offers credit cards, savings products, and more. Learn more at BarclaysUS.com.