Exciting New Partnership Between General Motors and Barclays
General Motors Co. (NYSE: GM) has recently announced a long-term partnership with Barclays US Consumer Bank. This collaboration marks an important milestone, with Barclays set to become the exclusive issuer of the GM Rewards Mastercard and GM Business Mastercard starting next summer. This initiative aims to enhance customer reward experiences and leverage the extensive reach of both brands.
Strengthening Customer Loyalty
General Motors boasts the largest customer base among automakers in the United States, a fact highlighted by its remarkable loyalty record, maintaining industry leadership for nine consecutive years according to S&P Global Mobility. The success of GM's credit card portfolio, which was initiated in 1992, is evidenced by its tenure among the country’s longest-standing co-branded credit card programs and millions of dedicated customers.
Exclusive Benefits for Cardmembers
Generous Rewards Await
Cardmembers of the GM Rewards program will have the opportunity to earn and redeem valuable GM rewards towards new Chevrolet, Cadillac, Buick, and GMC vehicles, including the latest electric vehicle offerings. Additionally, these rewards can be utilized for servicing and accessorizing their vehicles. The new GM Card rewards program will introduce exclusive offers and experiences tailored for cardmembers that only General Motors can provide.
Management Insights on the Partnership
Paul Jacobson, GM's Executive Vice President and Chief Financial Officer, expressed enthusiasm regarding 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.” Jacobson further emphasized the exceptional opportunity presented by this partnership as GM expands its electric vehicle segment and continues attracting new customers.
Barclays' Role and Strategy
Denny Nealon, CEO of Barclays US Consumer Bank, shared his excitement about joining forces with such a legendary American brand. “Barclays is thrilled to partner with General Motors, a truly iconic brand that has defined our country’s love of automobiles for over a century,” he stated.
This partnership aligns with Barclays' growth strategy, which aims to further scale its credit card portfolio in the U.S. and develop collaborations with some of America's most distinguished brands. By acquiring the card program’s receivables from the current issuer next year, Barclays aims to enhance this credit card offering significantly.
Existing Cardmember Experience
Current My GM Rewards cardmembers can continue to use their cards for everyday transactions while earning rewards that are redeemable for GM products and services. Detailed transition information will be provided to cardmembers before the new cards issued by Barclays are activated.
The GM credit card program will retain its exclusivity under the Mastercard brand, ensuring that cardmembers enjoy all associated benefits.
About General Motors and Barclays
General Motors (NYSE:GM) is at the forefront of transforming the transportation landscape, employing advanced technologies to produce safer, smarter, and environmentally friendly vehicles. The company’s range includes highly innovative gasoline vehicles along with a leading lineup of electric vehicles, as it transitions towards an all-electric future.
Barclays US Consumer Bank stands out as a top co-branded credit card issuer and financial services partner in the country, enabling customized programs that foster customer loyalty. With offerings that include co-branded cards and various financial services, Barclays continues to be a pivotal partner for both businesses and consumers.
Frequently Asked Questions
What is the new partnership between GM and Barclays?
The partnership involves Barclays becoming the exclusive issuer of the GM Rewards Mastercard and GM Business Mastercard in the United States beginning next summer.
How will the GM Rewards program benefit cardmembers?
Cardmembers can earn and redeem GM rewards for vehicle purchases, servicing, and accessories, providing high-value experiences.
Who will be managing the card program?
Barclays US Consumer Bank will manage the GM credit card program under the Mastercard brand, ensuring exclusive benefits for customers.
What new opportunities can cardmembers expect?
Cardmembers will gain access to exclusive offers, rewards, and experiences linked to General Motors' brand and products.
How long has GM had a credit card program?
General Motors launched its credit card program in 1992 and it has been one of the longest-standing co-branded credit card offerings in the nation.
