The GM credit card portfolio, which launched in 1992, has the largest customer base of any automaker in the United States. The new partnership will serve to further scale Barclays’ credit card portfolio in the US and build upon a growth strategy which is centered on establishing partnerships with America’s top brands. As part of the partnership, Barclays will be acquiring the card program’s receivables from Goldman Sachs last next year. Terms of the deal have not been disclosed.

Goldman beat out competition from Barclays in 2020 to buy GM’s credit card business in a multi-year deal worth around $2.5 billion. However, faced with mounting losses from its wider foray into the retail market, the Wall Street giant  has been looking to sell off the General Motors credit card programme since November. It is also in talks with JPMorgan about offloading its stake in Apple’s credit card business.