- Barclays US Consumer Bank has signed a long-term deal with General Motors (GM) to become the exclusive issuer of the GM Rewards Mastercard and GM Business Mastercard in the US starting summer 2025.
- Barclays will replace Goldman Sachs, which previously took over GM’s credit card business from Capital One in 2020 for a reported $2.5 billion.
- The deal strengthens Barclays’ US credit card portfolio as part of its growth strategy.
- Barclays will acquire the card programme’s receivables from Goldman Sachs next year.
- Current cardholders can continue using their cards, and instructions for the transition will be provided before the switch to Barclays.
- Goldman Sachs has been scaling back retail banking operations, and JP Morgan Chase is in talks to replace Goldman as Apple’s credit card partner.
Barclays signs agreement to become exclusive issuer of GM credit card programme
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