General Motors and Barclays sign long-term credit card partnership agreement

General Motors (GM) and Barclays (BCS) US Consumer Bank 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 Rewards cardmembers can earn and redeem GM rewards on new Chevrolet, Cadillac, Buick and GMC vehicles. GM Rewards cardmembers may also earn and use GM rewards to service and accessorize their vehicles. The new partnership will serve to further scale Barclays’ credit card portfolio in the U.S. and build upon its growth strategy 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. The GM credit card program will continue to be issued exclusively under the Mastercard brand, which provides a range of additional cardmember benefits.