The news: Barclays will take over the General Motors co-brand credit card program from Goldman Sachs starting next summer, per a press release.

The portfolio includes the GM Rewards Mastercard and GM Business Mastercard.
Cardholders can put their rewards points toward purchasing, servicing, or buying accessories for their GM vehicle.

The price of the deal was not disclosed. High charge-off rates reportedly became a point of contention during negotiations, per the Wall Street Journal. CEO David Soloman expected to take a $400 million pretax hit from the GM card sale.

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How the GM card helps Barclays’ growth strategy

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