General Motors and Barclays Sign Long-Term Credit Card Partnership Agreement

Business Wire 14-Oct-2024 6:32 AM

North America's largest automaker is joining forces with Barclays to build loyalty and engagement with millions of GM customers

General Motors Co. (NYSE:GM) and Barclays US Consumer Bank today announced they have entered into a long-term partnership agreement for Barclays to be the exclusive issuer of the GM Rewards Mastercard and the GM Business Mastercard in the United States starting next summer.

GM has the largest customer base of any automaker in the United States, and it has led the industry in loyalty for nine consecutive years, according to S&P Global Mobility. These strengths have helped make the GM credit card portfolio, which launched in 1992, one of the nation's longest tenured cobrand credit card programs with millions of loyal customers.

GM Rewards cardmembers can earn and redeem high value GM rewards on new Chevrolet, Cadillac, Buick and GMC vehicles, including GM's exciting new electric vehicle lineup. GM Rewards cardmembers may also earn and use GM rewards to service and accessorize their vehicles. The new GM Card rewards program with Barclays will introduce unforgettable and exclusive cardmember opportunities that only GM can provide.

"Our goal is to make the GM Rewards Mastercard a card that consumers will love to use because of the reward value and unique experiences only GM can deliver. We look forward to partnering with Barclays and their expert credit card team as we prepare for the exciting relaunch of the product next year," said Paul Jacobson, GM Executive Vice President and Chief Financial Officer. "The opportunity ahead of us is especially exciting. We're bringing thousands of new customers to our family of brands every year, especially as we grow in electric vehicles, and we look forward to creating new opportunities to reward our most loyal customers."

"Barclays is thrilled to partner with General Motors, a truly iconic brand that has defined our country's love of the automobile for over a century," said Denny Nealon, CEO, Barclays US Consumer Bank. "As a leading and experienced player in the U.S. partner card market with a winning formula for growing partner programs, we look forward to helping GM create an industry-leading credit card product that unlocks new value for customers and drives successful business outcomes for GM."

The new partnership will serve to further scale Barclays' credit card portfolio in the U.S. and build upon its growth strategy announced last February which is centered on establishing partnerships with America's best brands.

As part of the partnership, Barclays will be acquiring the card program's receivables from the current issuer next year.

Current My GM Rewards cardmembers can continue to use their cards for everyday purchases and earn valuable rewards redeemable for GM products and services. Prior to the transition cardmembers will receive details and instructions on how to activate their new GM card issued by Barclays.

The GM credit card program will continue to be issued exclusively under the Mastercard brand, which provides a range of additional cardmember benefits.

General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at GM.com.

Barclays US Consumer Bank is a leading co-branded credit card issuer and financial services partner in the United States that creates highly customized programs to drive customer loyalty and engagement for some of the country's most successful travel, entertainment, retail and affinity institutions. The bank offers co-branded, small business and private label credit cards, installment loans, online savings accounts, and CDs. For more information, please visit www.BarclaysUS.com.

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