General Motors (GM) and Barclays have announced a long-term credit card partnership, enabling customers to earn and redeem reward points on purchases of new Buicks, Cadillacs, and other GM vehicles, including electric models. This collaboration marks a strategic move to enhance customer loyalty while providing added value through rewards programs.
Company-branded credit cards present significant opportunities for banks, allowing them to leverage consumer loyalty to specific brands. These cards often come with enticing perks, such as cashback and various rewards, appealing to both new and existing customers.
The partnership is also set to bolster Barclays’ credit card presence in the US market, where the bank already maintains card relationships with other major brands like American Airlines and Gap. As part of the agreement, Barclays will take over the card program’s receivables from the current issuer next year.
Recent reports indicated that Goldman Sachs was nearing a deal to transition its GM credit card business to Barclays, paving the way for this new partnership.
Under the new arrangement, Barclays will exclusively issue the GM Rewards Mastercard and the GM Business Mastercard in the United States, starting next summer. The GM credit card program will continue to operate under the Mastercard brand, ensuring a seamless experience for customers.
This alliance highlights both companies’ commitment to enhancing customer experiences through innovative financial solutions and loyalty programs, setting the stage for a mutually beneficial relationship in the years to come.