Gap Inc. is shifting its valuable credit card portfolio from Synchrony, according to a new report. The change will see Barclays begin issuing the Gap line of credit cards – the latest in a series of moves by Barclays this year. Here is what you need to know about the report and the Gap credit card portfolio’s potential shift to Barclays.
Gap Credit Cards Switching to Barclays?
According to a new report in the Wall Street Journal (WSJ), Gap is switching its credit card program from Synchrony to Barclays. Gap’s shift from Synchrony will end a two-decade partnership and mark the latest retail acquisition by Barclay’s growing consumer credit card portfolio.
The WSJ report, citing anonymous sources close to the matter, states that all of Gap’s portfolio of private-label and co-branded credit cards will shift to Barclays. This collection includes credit cards from Gap, Old Navy, Banana Republic, and Athleta. All told, the Gap credit card portfolio features around 11 million credit card accounts and approximately $3.8 billion in total balances as of March.
Current Gap co-branded credit cards through Synchrony
Barclays Gearing Up for an Impressive 2021
2021 is shaping up to be a very busy year for Barclays. The British banking giant has already launched two new co-branded credit cards from AARP, the AARP® Essential Rewards Mastercard® and the AARP® Travel Rewards Mastercard® from Barclays. Those cards replace the old AARP® Credit Card, formerly issued through Chase.
The bank is also launching a new proprietary credit card, the Barclays View Mastercard, to replace the old Barclaycard Financing Visa – its first foray into its own credit card for several years following the removal of the popular Barclays Arrival credit cards. The new Barclays View Mastercard launches on May 7, 2021.
About Barclays
Barclays is one of the world’s largest financial institutions and a prominent issuer of co-branded credit cards. The bank currently has relationships with several U.S. and European airlines, including American Airlines, Emirates, Hawaiian Airlines, JetBlue, and Lufthansa. The issuer also has co-branded offerings with Wyndham, Diamond Resorts, Barnes & Noble, the NFL, and more.
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Featured photo by Matthew Henry / Burst
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