Barclays US Consumer Bank will become the exclusive issuer of General Motors’ GM Rewards Mastercard and GM Business Mastercard in the United States in the summer of 2025 and will acquire the card program’s receivables from the current issuer — Goldman Sachs — next year.
The bank and the automaker announced their new long-term partnership agreement in a Monday (Oct. 14) press release.
“As a leading and experienced player in the U.S. partner card market with a winning formula for growing partner programs, we look forward to helping GM create an industry-leading credit product that unlocks new value for customers and drives successful business outcomes for GM,” Denny Nealon, CEO at Barclays US Consumer Bank, said in the release.
The GM credit card portfolio was launched in 1992 and has millions of customers, according to the release.
GM Rewards cardmembers can earn and redeem rewards on GM vehicles, service and accessories. In the new partnership, GM and Barclays plan to introduce additional opportunities for cardmembers, the release said.
Current My GM Rewards cardmembers can continue to use their cards and will receive details on how to activate their new GM card issued by Barclays before the transition, per the release.
“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,” Paul Jacobson, executive vice president and chief financial officer at GM, said in the release. “We look forward to partnering with Barclays and their expert credit card team as we prepare for the exciting relaunch of the product next year.”
It was reported in September that Barclays and Goldman Sachs were seeking a deal on Goldman’s $2 billion portfolio of loans made to GM customers.
The transaction will mark another step in Goldman’s retreat from a retail banking business that saw it suffer losses and regulatory scrutiny. The bank is also working to sell the portfolio of loans tied to the other of its two credit card partnerships: Apple.
Goldman Sachs is sharpening its focus on investments, banking and other activities more geared to the markets.
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