- 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.
