General Motors Co. in Detroit and Barclays US Consumer Bank in Delaware today announced they have entered into a long-term partnership agreement for Barclays to be the exclusive issuer of the GM Rewards Mastercard and the GM Business Mastercard in the United States starting next summer.
GM has 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. These strengths have helped make the GM credit card portfolio, which launched in 1992, one of the nationβs longest tenured cobrand credit card programs with millions of loyal customers.
GM Rewards cardmembers can earn and redeem high-value GM rewards on new Chevrolet, Cadillac, Buick, and GMC vehicles, including GMβs exciting new electric vehicle lineup. GM Rewards cardmembers may also earn and use GM rewards to service and accessorize their vehicles.
βOur 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,β says Paul Jacobson, executive vice president and CFO at GM. βWe look forward to partnering with Barclays and their expert credit card team as we prepare for the exciting relaunch of the product next year.
βThe opportunity ahead of us is especially exciting. Weβre bringing thousands of new customers to our family of brands every year, especially as we grow in electric vehicles, and we look forward to creating new opportunities to reward our most loyal customers.β
The new partnership will further scale Barclaysβ credit card portfolio in the U.S. and build upon its growth strategy announced last February which is centered on establishing partnerships with Americaβs best brands.
βBarclays is thrilled to partner with General Motors, a truly iconic brand that has defined our countryβs love of the automobile for over a century,β says Denny Nealon, CEO of Barclays US Consumer Bank. βAs a leading and experienced player in the U.S. partner card market with a winning formula for growing partner programs, 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.β
As part of the partnership, Barclays will be acquiring the card programβs receivables from the current issuer next year.
Current My GM Rewards cardmembers can continue to use their cards for everyday purchases and earn 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.
In Other GM News: GM Defense, the Washington, D.C.-based subsidiary of GM, will unveil its new βNext Genβ tactical vehicle prototype at AUSA 2024, the annual meeting and exposition of the Association of the U.S. Army this week at the Walter E. Washington Convention Center in the nationβs capitol.
Based on the Chevrolet Silverado 2500HD ZR2 truck, the Next Gen combines GMβs 2.8L Duramax turbo-diesel engine with a 12-module battery pack, in addition to drive motors for the front and rear axles that enable Silent Drive and Silent Watch, technologies that make the vehicles harder to detect.
The technologies enable stealthy ingress and egress through high threat zones, with onboard power to support high-energy-demand sensors, shooters, and soldier kit. The vehicles offer active and passive safety features, including roll-over protection, anti-lock braking, electronic stability control, four- and five-point seat belt harnesses, and 360-degree camera capabilities.
βOur Next Gen vehicle is a game-changing mobility solution that delivers tactically significant capabilities by integrating GMβs proven commercial technologies,β says Steve duMont, president of GM Defense. βThis rugged and highly capable diesel-powered vehicle offers tactical advantages, such as Silent Operations, exportable power, and increased range with extended mission duration. Our warfighters deserve the latest technology that industry can offer in order to gain and maintain competitive advantage over our adversaries. Our Next Gen mobility solution can be customized and fielded now.β