Barclays to Buy AARP Credit-Card Portfolio From JPMorgan (1)

Oct. 22, 2020, 6:53 PM

Barclays Plc reached a new co-branded credit-card deal with the AARP as the nonprofit ends its roughly three-decade arrangement with JPMorgan Chase & Co.

Barclays will buy the AARP portfolio from JPMorgan, including about $800 million in credit-card receivables, and debut new cards for AARP next year. The purchase price wasn’t disclosed. Existing cardholders will be converted to the new cards in 2021, said Bob Highland, head of U.S. cards and partnerships at London-based Barclays.

The U.S. consumer bank at Barclays has been focused on signing co-brand arrangements with the country’s largest retailers, airlines and hotels, including JetBlue Airways ...

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