Barclays PLC Sponsored ADR (BCS.US) partners with Samsung to launch a new American credit card further expanding its consumer finance business.

Barclays PLC Sponsored ADR (BCS.US) is partnering with Samsung Electronics to launch a new credit card in the United States, with the aim of expanding its consumer finance business in the US and further enriching their partnership ecosystem. According to an email statement, this marks Samsung's first credit card project in the US. The two companies stated in a joint declaration that the card is designed to provide new financing options for consumers purchasing Samsung devices, along with cashback rewards. While Barclays has long collaborated with major airlines and cruise operators on credit cards, in recent years they have been expanding their business boundaries. In 2024, the bank's US consumer finance division partnered with General Motors Company to launch two credit cards; last October, they also agreed to invest $800 million to acquire the consumer-facing personal loan platform Best Egg Inc. The newly launched Barclays Samsung Galaxy card has no annual fee, and offers 5% cashback for purchasing Samsung products online or offline in the US, as well as 2% cashback on streaming services and other benefits. Denny Nealon, CEO of Barclays US Consumer Finance, stated in an interview that their partnership with Samsung is "a model for building a balanced product portfolio." He emphasized, "This is a very active market, and we are committed to maintaining a leading position in partnering with brands." Driven by increasing customer spending and business growth, Barclays' US Consumer Finance division reported revenue of 983 million in the first quarter, a 14% year-on-year increase. Samsung's competitor, Apple Inc., also has a credit card business. Previously, Apple Inc. partnered with Goldman Sachs Group, Inc. on this business, but the Wall Street giant faced challenges as it entered the consumer finance market. Earlier this year, Apple Inc. announced that JPMorgan Chase would replace Goldman Sachs Group, Inc. as their new partner for their credit card business.