Gap Inc. Signs Credit Card Program Agreements with Barclays and Mastercard
Gap Inc. (NYSE: GPS) announced long-term agreements with Barclays and Mastercard for its U.S. credit card program, starting May 2022. Barclays will be the exclusive issuer of Gap's co-branded and private label credit cards, leveraging Mastercard's network. This initiative aligns with Gap's Power Plan 2023, aimed at enhancing customer loyalty through new rewards programs, including Navyist Rewards and Gap Good Rewards. The collaboration seeks to deliver value and improve customer experiences, with detailed transition plans for existing cardholders anticipated in coming months.
- New long-term credit card agreements with Barclays and Mastercard expected to enhance customer loyalty.
- Launch of a revamped rewards program to attract new customers and build brand loyalty.
- Collaboration with established leaders in retail and banking for better cardmember experiences.
- None.
Gap Inc. (NYSE: GPS), a collection of purpose-led, lifestyle brands including Old Navy, Gap, Banana Republic and Athleta, and the largest specialty apparel company in the U.S., announced today that it has entered into new, long-term credit card program agreements with Barclays and Mastercard.
Barclays will become the exclusive issuer of Gap Inc.’s co-branded and private label credit card program in the U.S. beginning in May 2022. In addition, Gap Inc. and Barclays will issue the co-branded credit cards on the Mastercard payment network. PJ Solomon served as financial advisor to Gap Inc.
As part of Gap Inc.’s Power Plan 2023, the company is focused on enhancing its rewards program to attract new customers and create enduring relationships to turn its customers into lifelong loyalists. In September 2020, Gap Inc. launched a new program across the U.S. and Puerto Rico, with branded expressions across each of its core brands: Navyist Rewards, Gap Good Rewards, Banana Republic Rewards, and Athleta Rewards. The relaunched credit card program will be a key component of the new rewards program. Gap Inc. continues to innovate its loyalty and payments capabilities to drive customer engagement and increased frequency including through recently launched partnerships with Afterpay and PayPal.
Gap Inc., Barclays and Mastercard share a common goal of delivering great value to customers and an exceptional cardmember experience. This new partnership brings together long-term leaders and innovators in retail, banking and payments. Through these partnerships, Gap Inc.’s iconic brands will continue to offer a suite of industry-leading credit card products, anchored in a digital and physical shopping experience, as part of a reimagined rewards program. More details will be provided to existing cardmembers in the coming months regarding the transition to the new card program in 2022.
About Gap Inc.
Gap Inc., a collection of purpose-led lifestyle brands, is the largest American specialty apparel company offering clothing, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, Athleta and Intermix brands. The company uses omni-channel capabilities to bridge the digital world and physical stores to further enhance its shopping experience. Gap Inc. is guided by its purpose, Inclusive, by Design, and takes pride in creating products and experiences its customers love while doing right by its employees, communities, and planet. Gap Inc. products are available for purchase worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2020 net sales were
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