Barclays buys US$3.8bn Gap-branded credit card portfolio

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Barclays PLC (LSE:BARC) (LSE:BARC.L) announced that it is buying a portfolio of Gap-branded credit cards worth US$3.8bn.


Barclays said its US subsidiary Barclays Bank Delaware is buying the portfolio from Synchrony Bank. The acquisition follows an agreement announced in April between Gap and Barclays to issue co-branded and private label credit cards in the US to Gap customers beginning in the second quarter of 2022.


Barclays has in recent years partnered with brands including American Airlines, JetBlue and Wyndham Hotels, Reuters reported.


The report said the lender has moved in recent years from trying to push credit cards through its own brand, to partnering with more established names in industries such as travel and leisure.

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