General Motors (GM) and Barclays have announced a long-term partnership agreement that will see the British bank become the exclusive issuer of GM-branded credit cards in the US starting next summer.

The deal will make Barclays the sole provider of the GM Rewards Mastercard and the GM Business Mastercard, replacing the current issuer. This move is part of Barclays' strategy to expand its credit card portfolio in the US market and aligns with its growth plans announced in February, which focus on partnering with prominent American brands.

GM, which boasts the largest customer base of any automaker in the United States, has maintained industry-leading customer loyalty for nine consecutive years, according to S&P Global Mobility. The GM credit card programme, launched in 1992, has become one of the nation's longest-running cobrand credit card schemes, with millions of loyal customers.

Paul Jacobson, GM executive vice president and chief financial officer, expressed enthusiasm about the partnership: "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. 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."

The new credit card programme will allow cardmembers to earn and redeem high-value GM rewards on new Chevrolet, Cadillac, Buick, and GMC vehicles, including GM's expanding electric vehicle lineup. Cardholders will also have the option to use their rewards for vehicle servicing and accessories.

Denny Nealon, chief executive officer of Barclays US Consumer Bank, commented on the collaboration: "Barclays is thrilled to partner with General Motors, a truly iconic brand that has defined our country's love of the automobile for over a century. As a leading and experienced player in the US partner card market with a winning formula for growing partner programmes, we look forward to helping GM create an industry-leading credit card product that unlocks new value for customers and drives successful business outcomes for GM."

As part of the agreement, Barclays will acquire the card programme's receivables from the current issuer next year. The GM credit card programme will continue to be issued exclusively under the Mastercard brand, providing cardmembers with additional benefits.

Current My GM Rewards cardmembers can continue using their cards for everyday purchases and earning rewards redeemable for GM products and services. Prior to the transition, cardmembers will receive details and instructions on how to activate their new GM card issued by Barclays.

This partnership marks a significant shift in the credit card landscape, as Barclays replaces Goldman Sachs as GM's card issuer. The move is expected to further strengthen Barclays' position in the US consumer banking sector while providing GM with new opportunities to enhance customer loyalty and engagement.

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