Barclays Exits American & Hawaiian Airlines Credit Card Partnerships, Doubles Down on GM Card Business
Barclays has exited its co-branded airline credit card partnerships with American Express and Hawaiian Airlines, focusing instead on its General Motors (GM) card business. This shift comes after a series of changes in the airline industry and a costly period for Goldman Sachs with the GM card business.
Barclays' exit from American Express and Hawaiian Airlines credit card partnerships follows a merger of Hawaiian and Alaskan Airlines. This led to the transition of HawaiianMiles to Atmos Rewards, operated by Bank of America. Meanwhile, Citibank is taking over American Express' credit card business. Barclays' involvement with American Express began in 2013 following the acquisition of US Airways, but it played a secondary role to Citi.
Barclays is now left with only two airline co-brands: JetBlue and Breeze Airlines. However, it still holds a partnership with Eurowings for the Eurowings Premium credit card, which allows collecting Miles & More miles; this partnership has been associated with American Express for co-branded cards like the American Express Platinum Card. Barclays' focus on the GM card business comes after it acquired the business from Goldman Sachs last year. Goldman Sachs reportedly lost roughly $6 billion pretax on the GM card business between early 2020 and Q1 2024. Barclays has since refreshed the GM card program, consolidating rewards programs and expanding earning potential.
Barclays' exit from American Express and Hawaiian Airlines credit card partnerships allows the bank to focus on its GM card business and other remaining airline co-brands. The changes in the airline industry and the costly period for Goldman Sachs with the GM card business have led to this strategic shift.
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