General Motors (GM) is teaming up with Barclays in a long-term deal that will shake up the company’s credit card program. Starting next summer, Barclays will become the exclusive issuer of the GM Rewards Mastercard and the GM Business Mastercard in the United States. This new partnership promises to deliver exclusive benefits and experiences for cardholders.
With the GM Rewards card, members can earn and redeem points on Chevrolet, Cadillac, Buick, and GMC vehicles, including electric vehicles (EVs), as well as for services and accessories. This means you can earn points not just on your car purchase but also on maintenance, repairs, and even those fun extras like accessories and upgrades.
Current My GM Rewards cardmembers can rest assured that they won’t miss out on their rewards. They can continue using their existing cards to earn points for GM products and services. Before the transition takes place, they will receive detailed information about activating their new GM card from Barclays.
This partnership is a significant move for Barclays, allowing them to expand their US credit card portfolio and further their growth strategy. Barclays is focusing on partnering with top American brands, and this collaboration with GM is a prime example of their commitment to this strategy.
As part of the agreement, Barclays plans to acquire the GM card program’s receivables from the current issuer next year. This move is expected to further solidify Barclays’ presence in the US credit card market.
Despite the change in issuer, the GM credit card program will remain under the Mastercard brand. This means cardholders will still enjoy all the benefits associated with Mastercard, adding another layer of convenience and value to the program.
While GM is busy with its credit card program, it’s also making strides in the energy sector. Last week, GM Energy launched its PowerBank, an energy storage product aimed at competing with Tesla’s Powerwall.
Investors interested in getting exposure to GM’s stock can consider ETFs like First Trust Nasdaq Transportation ETF (FTXR) and Invesco S&P 500 Pure Value ETF (RPV).
GM shares were up 0.41% at $48.07 in premarket trading on Monday.
