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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.
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