Barclays will be the exclusive issuer of the GM Rewards and GM Business Mastercard credit cards in the U.S., transitioning away from Goldman Sachs.

The deal aims to expand Barclays’s consumer ambitions in the U.S. while getting Goldman closer to exiting consumer lending.

The investment banking giant is selling its General Motors credit card portfolio to Barclays, which is looking to grow and diversify its U.S. cards business. It's part of Goldman's retreat from consumer banking.

The cards give members the opportunity to earn and redeem awards on new Chevrolet, Cadillac, Buick and GMC vehicles, including GM’s line of electric vehicles.

GM and Barclays announced a new credit card partnership, allowing customers to earn and redeem reward points for purchasing new GM vehicles.

General Motors (GM) and Barclays have announced a long-term partnership agreement that will see the British bank become the exclusive issuer of GM-branded credit cards in the US starting next summer

General Motors and Barclays said on Monday they have signed a long-term credit card partnership agreement to let customers earn and redeem reward points on new Buicks, Cadillacs and other GM cars, including electric vehicles.