General Motors Inks Long-Term Credit Card Partnership Deal With Barclays

(RTTNews) - General Motors Co. (GM) and Barclays US Consumer Bank announced Monday they have entered into a long-term partnership agreement for Barclays plc (BCS, BARC.L) 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 high value GM rewards on new Chevrolet, Cadillac, Buick and GMC vehicles, including GM's exciting new electric vehicle lineup. They 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 announced last February which is 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.

Current My GM Rewards cardmembers can continue to use their cards for everyday purchases and earn valuable 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.

The GM credit card program will continue to be issued exclusively under the Mastercard brand, which provides a range of additional cardmember benefits.

GM credit card portfolio, which launched in 1992, has become one of the nation's longest tenured cobrand credit card programs with millions of loyal customers.