The clothing retailer Gap, Inc. has signed a deal with Barclays to take over its store credit-card program, previously managed by Synchrony Bank. Brands like Gap, Banana Republic, Old Navy, and Athleta are all owned by Gap, Inc., and each offers a store-branded credit card that can be used to accrue credits and receive discounts on future purchases.
The transfer to the new Barclays cards for customers who already hold a store card from a Gap, Inc. brand will take place in May 2022, the company announced on Tuesday.
Process Of Using A Credit Card At Gap
The Gap offers several variations of their store credit card, dubbed GapCard. The store-only card is the bare minimum and can be used at any Gap, Banana Republic, Athleta, Old Navy, or Intermix location. It can also be used to buy things from the internet.
Customers can also apply for a Gap credit card issued by Visa. Use it anywhere Visa is accepted to earn Gap Rewards points, albeit at a slower rate than in Gap family stores. Cash advances on Visa cards are subject to a fee of 4% plus a $10 minimum.
Understanding The Barclays Upromise Credit Card
It has a low rate of return, but the money saved can go straight into a college fund. Many people would benefit more from a cash-back card with fewer restrictions. It has low returns, but they can be deposited straight into a 529 plan or similar account for future education expenses. Many people would benefit more from a cash-back card with fewer restrictions.
To Maximize Benefits, You’ll Need A 529 Account:
- Reward categories with the Upromise Mastercard include
- When you connect your Upromise account to a qualified 529 plan, you’ll earn a cash bonus of 1.529%.
- If your Upromise account is not connected to a qualified 529 plan, you will get a cash bonus of 1.25 percent.
The Card’s Round-up Feature Allows You To Maximize Your Rewards:
Cardholders can earn even more than the maximum earnings rate of 1.529% using the round-up option. You can specify a threshold of $1 to $500 every billing cycle with “Upromise Round-Up,” which will cause your purchases to be rounded up to the nearest dollar. If you try to make a purchase that costs more than your maximum, the price will not be rounded up.
Payoffs and Perks
The first purchase with a new Gap credit card qualifies for a 20% discount. You’ll earn one point for every dollar spent at any of the Gap Inc. family stores. When using a Visa-enabled card for transactions outside of Gap, the cardholder will earn one point for every dollar spent.
In addition to these benefits, cardholders are extended invitations to exclusive events and other opportunities.
- A yearly brand budget of less than $500
- Enthusiast is the first membership tier and is earned by spending between $500 and $999 per year using the card.
- Achieving ICON status requires spending $1,000 or more on your favorite brands every year as a Cardmember or reaching 5,000 points.
- Which is almost ten percent more than the standard bank-issued credit card.
The Rack’s 2022 Barclays Card Program Is a Button Up
According to a press release, the retailer plans to use the new cards as part of a larger strategy to provide better benefits to loyal customers after revamping its rewards programs in September 2020. However, what this means for people who use credit cards remains unclear. There is no information available at this time about interest rates or other fees.
Customers with the following shop credit cards, or a more versatile Visa-branded variant, will be affected by these sweeping changes shortly:
- Credit Card from Gap
- Silver Credit Card from Gap Inc.
- Credit Cards from Banana Republic (no longer available as of 5/31/2022)
- The Banana Republic Presents: The Banana Republic Luxe Credit Card
- Old Navy Credit Card (terminated 5/31/2022) (no longer available)
- Card for Navy Supporters
- Credit Card from Athleta
Gap Partners With Barclays and Mastercard For Credit Cards
Old Navy, Gap, Banana Republic, and Athleta are part of the Gap family of purpose-driven, lifestyle businesses. They’ve now announced new, long-term credit card program arrangements with Barclays and Mastercard. The partnership unites three industries that have long been at the forefront of change and innovation: retail, banking, and payments.
According to the terms of the agreement, effective in May 2022, Barclays will be the sole issuer of Gap’s co-branded and private-label credit card program in the United States. The companies are working to create co-branded credit cards that will be accepted everywhere Mastercard is accepted.