Barclays buys $3.8 billion Gap credit card portfolio in the U.S.

[Anonymous]

Barclays (BARC.L) said on Friday its United States arm will buy a $3.8 billion credit card portfolio co-branded with clothing retailer The Gap Inc (GPS.N), as the British bank continues a strategy of partnering with big brands to grow in the U.S.

Barclays is buying the portfolio from Synchrony Bank, and the deal is expected to close in the second quarter of next year.

https://www.reuters.com/business/finance/barclays-buys-38-billion-gap-credit-card-portfolio-us-2021-...

[Taurus22]

Not sure if this is an upgrade for GAP or not.....lol.

[AMJ50]

May hang on to my banana republic card a little while longer to see what happens. 

[FinStar]

I just got approved for their BR Visa about a month ago and I'm ok with the move (frees up SYNCB exposure ). That said, I've had no issues with Barclays since the early 2000's.  Since GAP Brands just refreshed their rewards structure last month, I'd be curious to see how it pans out in the long term (post-acquisition).  As long as the card + perks work as intended, idc what bank runs the program.

[VPExecutive]

Not understanding why Barclays can't offer their OWN credit cards instead of 3rd party credit cards and ACTUALLY keep them around.  The bank is the black sheep of the U.S Market.

[blazerein]

So what happens if you have a Gap Credit Card but you're blacklisted by Barclay's?  Do you still get to continue the card after next year or do they drop you?  

[FinStar]

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@blazerein wrote:

So what happens if you have a Gap Credit Card but you're blacklisted by Barclay's?  Do you still get to continue the card after next year or do they drop you?  

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It's likely a similar outcome that played out when Barclays purchased the JetBlue portfolio from AmEx.  Some accounts transferred, others didnd't. Too early to tell at this point until notifications are sent to accountholders regarding the transition sometime early next year.

[blazerein]

@FinStar WOW some did not transfer to Barclays during the JetBlue transition.  If that's the case, I'm not going to risk applying for a Gap Card only to be closed in a couple of months (I'm forever blacklisted from Barclays who never forgets). Thanks for replying.

[FinStar]

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@blazerein wrote:

@FinStar WOW some did not transfer to Barclays during the JetBlue transition.  If that's the case, I'm not going to risk applying for a Gap Card only to be closed in a couple of months (I'm forever blacklisted from Barclays who never forgets). Thanks for replying.

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That's why I mentioned that it's too early to tell how they'll handle this portfolio. For all we know, most of the accounts will transfer, except perhaps inactive and/or delinquent accounts or maybe the entire portfolio. So, who knows.

Was the reasoning for getting the GAP CC to see if you could have a way in with Barclays?  I wouldn't do it under that premise unless you are someone who shops frequently at any of the GAP brands to take advantage of their savings and rewards.

[onstar]

This is interesting. I am also blacklisted from Barclays due to my BK7/IIB. One of the earlier cards that I got post-BK7 is the Gap Visa card. I use it at least once every other month, mostly at Baby Gap. Hope my account gets transferred.