General Motors inks long-term credit card deal with Barclays

General Motors Co. (NYSE:GM) inked a long-term partnership agreement with and Barclays US Consumer Bank for Barclays (BCS) to be the exclusive issuer of the GM Rewards Mastercard and the GM Business Mastercard in the United States starting next summer.

The program will allow GM Rewards card members to earn and redeem high-value GM rewards on new Chevrolet, Cadillac, Buick, and GMC vehicles, including new electric vehicles. GM Rewards card members may also earn and use GM rewards to service and accessorize their vehicles.

GM (GM) was noted to have the largest customer base of any automaker in the United States, and it has led the industry in loyalty for nine consecutive years, according to S&P Global Mobility.

“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,” stated Paul Jacobson, GM Executive Vice President and Chief Financial Officer.

For Barclays (BCS), the new partnership is anticipated to further scale its 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 (BCS) will be acquiring the card program’s receivables from the current issuer next year.