BankingBusinessFinTech

Barclays signs agreement to become exclusive issuer of GM credit card programme

  • 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.
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Laura M
Laura M
Laura is a financial reporter, editor, and researcher with a particular interest in fintech innovation, capital markets, and the evolving global banking landscape.

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