General Motors Co. and Barclays U.S. Consumer Bank have announced a new long-term partnership, which will see Barclays become the exclusive issuer of the GM Rewards Mastercard and GM Business Mastercard in the United States starting next summer.
General Motors has maintained a strong customer base in the U.S., being an industry leader in loyalty for nine consecutive years according to S&P Global Mobility. This robust customer loyalty has supported GM's credit card portfolio, initiated in 1992, making it one of the longest-standing cobranded credit card programs with millions of loyal users.
GM Rewards cardmembers are able to earn and redeem rewards on Chevrolet, Cadillac, Buick, and GMC vehicles, including GM's electric vehicle lineup. The new program with Barclays is set to introduce unique opportunities exclusive to GM cardmembers.
Paul Jacobson, GM Executive Vice President and Chief Financial Officer, stated: "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." He added that as they grow their electric vehicle offerings, they aim to create new opportunities for rewarding loyal customers.
Denny Nealon, CEO of Barclays US Consumer Bank expressed enthusiasm about the collaboration: “Barclays is thrilled to partner with General Motors...we look forward to helping GM create an industry-leading credit card product that unlocks new value for customers.”
This partnership aligns with Barclays' strategy announced last February focused on partnerships with leading American brands. As part of this agreement, Barclays will acquire receivables from the current issuer next year.
Current My GM Rewards cardholders can continue using their cards for purchases and earning rewards until receiving instructions on transitioning to their new cards issued by Barclays. The program remains under Mastercard’s branding.
General Motors continues its focus on transportation innovation through advanced technology aimed at building safer vehicles while moving towards an all-electric future. More information can be found at GM.com.
Barclays US Consumer Bank provides customized financial services solutions driving customer loyalty across various sectors such as travel and retail. Further details are available at www.BarclaysUS.com.