Starting next summer, Barclays will be the exclusive issuer of the GM Rewards Mastercard and GM Business Mastercard in the U.S. This news follows the initial announcement last month that Goldman Sachs closed a deal following discussions to transfer its GM credit card business to Barclays as the former sought to exit consumer lending entirely. Barclays will acquire the card program’s receivables from Goldman Sachs sometime in 2025.
In the meantime, existing cardholders can continue using their credit cards normally and continue earning rewards. Users will eventually get a new card issued by Barclays with instructions on how to activate it.
General Motors has been in the credit card business since 1992, but this specific program was first launched in 2022 as a way for consumers and businesses to earn points toward buying, leasing, servicing, or accessorizing Chevy, Buick, GMC, and Cadillac vehicles. According to Goldman Sachs, dealerships showed little interest in the credit card program, even though approximately 70 percent of the users targeted their purchases toward the goal of buying a vehicle.
“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 relaunch of the product next year,” General Motors executive vice president and chief financial officer Paul Jacobson said. “The opportunity ahead of us is especially exciting. We’re 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.”
“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,” Barclays U.S. Consumer Bank CEO Denny Nealon said. “As 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.”
Comments
Thank God it’s not happening this year. The last thing I need is to spend days transferring all of my autopays to a new card during the holidays. I sure hope this new agreement FORCES Barclays to keep it for at least 10 years, because, frankly, I’m just tired of these shenanigans. Barclays is known for poor customer service, so I hope it’s not the case.
Time to consider getting rid of the GM Card. Please read up on how it could affect a credit rating, there can be disadvantages. Advantages include not having to deal with personal information shared with yet another financial institution (that can be hacked), and not having to reset any automatic payments. I dropped the GM card years ago because it was easier to deal with a bank issued cash rewards card (that won’t change financial institutions like the GM Card has done several times).
Where can I read up on how it would affect my credit rating I must say since 1992 I have redeemed about $25,000 worth of points on various GM cars, trucks and SUVs. I’m certainly not aware where it ever affected my credit score, which is currently at 841. As far as personal information being leaked, yes, I’ve been a victim of that from Macy’s, target, Home Depot, and the US office of personnel management. I keep a fraud alert on my credit files, which I would recommend everyone doing. As far as cash rewards cards, I’m definitely into that too, but haven’t found another financial institution. That’s going to reward me 5% on every purchase I make. The best reason to drop the GM card is simply if you’re not sure you will want to purchase a GM vehicle when it’s time.
Hopefully they will raise max earnings per year, better yet no limit. Been a gm card member since early 1990s. Saved me a lot of money and never spent a penny on interest.
Earning 1% is a joke. It started at 5%. I get 3 to 5% cash back from all my other cards. I can use that money to buy a car. Once it went to 1%, I stopped using it.
Goldman Sachs has been nothing but trouble for me. They messed up the transfer from CapOne and could never get it straight. They decline regular charges that have a history of over a year of being charged and paid. The best banks GM Card has used are HSBC and CapOne. I’ve had the card since 1993 and have used it to buy multiple cars and trucks during that time. I just hope Barclays is as capable and efficient as CapOne.
Marcus customer service is dog S#i+. I’m not using this card until Barclays takes over.