Barclays is joining forces with AARP to launch a range of co-branded credit cards starting next year. The joint venture also involves Barclays purchasing the existing AARP portfolio from Chase. Here are all the details of the new Barclays and AARP credit card partnership.
Barclays Purchasing AARP Portfolio
AARP is a leading non-profit, non-partisan organization for Americans over the age of 50. Formerly the American Association for Retired Persons, AARP boasts a membership of over 38 million Americans.
AARP currently offers a co-branded credit card through Chase, the AARP® Credit Card from Chase. That card is a decent cash back credit card, providing 3% cash back on gas station and restaurant purchases.
Barclays is now partnering with AARP to issue a suite of new co-branded credit cards starting in Spring 2021. At this time, however, the precise nature of what these credit cards will offer is unknown. The new partnership will also see Barclays purchasing the existing AARP credit card portfolio from JPMorgan Chase.
Whether Chase will allow existing AARP credit cardholders to convert their current accounts to another Chase card is also unknown. Once the portfolio moves to the Barclays umbrella, new cards will be issued, and existing cardholders will have a new account opened in their name (if they do not cancel). This change will have an impact on their credit report, lowering their average age of credit.
AARP is a leading U.S.-based interest group that focuses on issues affecting individuals over the age of fifty. The group’s two publications – a magazine and bulletin – are the two largest-circulation publications in the United States.
Barclays is one of the world’s largest financial institutions, with over $1.5 trillion in assets as of 2019. The bank has its headquarters in London, where it traces its roots as far back as 1690. The bank has subsidiaries across the globe, including the United States.
Related Article: Goldman Sachs to Acquire GM Credit Card Portfolio