General Motors (GM) and Barclays US Consumer Bank have announced a long-term partnership, making Barclays the exclusive issuer of the GM Rewards Mastercard and GM Business Mastercard in the US starting next summer.
Cardholders can earn and redeem GM rewards on new Chevrolet, Cadillac, Buick, and GMC vehicles, including GM’s electric vehicle lineup. In addition to vehicle purchases, cardmembers can use rewards for vehicle servicing and accessories.
In collaboration with Barclays, the new GM Card rewards programme will offer exclusive opportunities tailored specifically for GM customers.
GM executive vice president and CFO Paul Jacobson said: “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.
“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 US Consumer Bank CEO Denny Nealon said: “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.
“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 partnership between General Motors and Barclays will help expand Barclays’ credit card portfolio in the US, building on its growth strategy announced last February, which focuses on forming partnerships with prominent American brands.
As part of the agreement, Barclays will acquire the GM card programme’s receivables from the current issuer next year. Current GM Rewards cardholders can continue using their cards to make everyday purchases and earn rewards that can be redeemed for GM products and services.
Before the transition, cardmembers will receive details and instructions on how to activate their new GM card, which will be issued by Barclays. The GM credit card programme will remain exclusively under the Mastercard brand, offering additional benefits to cardholders.
In February this year, UK-based Barclays agreed to buy the retail banking business of the British supermarket chain Tesco for £600m.
