General Motors and Barclays Sign Long-Term Credit Card Partnership Agreement
October 14 2024 - 6:32AM
Business Wire
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241014617044/en/
Media Contacts: James Cain, GM james.cain@gm.com George
Caudill, Barclays gcaudill@barclaycardus.com
Barclays (NYSE:BCS)
Historical Stock Chart
From Nov 2024 to Dec 2024
Barclays (NYSE:BCS)
Historical Stock Chart
From Dec 2023 to Dec 2024