Card issuer Barclays has purchased the GAP card portfolio from Synchrony Bank for $3.8 billion. Previously it was agreed that Barclays would become the new issuer of the GAP cards from 2022 in a $1 billion deal. This new deal covers the backbook (existing cardholders).
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Our records show you are currently enrolled in Autopay on your Banana Republic Rewards Visa® credit card with Synchrony Bank. As of June 17th, 2022, the Gap Inc. credit card program will move from Synchrony to Barclays Credit Services. If your account is transferred to Barclays as a result of this change, all payments on your account scheduled after June 16th, 2022, will be canceled and you will need to set-up payments with Barclays. If you need to make changes to your autopayment before the transfer to Barclays, you can modify an autopayment until 7:00 PM ET on June 15th, 2022. Beginning on June 20, 2022, we encourage you to visit bananarepublic.barclaysus.com to enroll in Autopay with Barclays.
If your account is not transferred to Barclays, your account will be closed by Synchrony but your autopayments will continue until you pay off your balance or make a change to this payment method.
To find out more information regarding upcoming changes visit: BananaRepublicRewardsCard.com.
Sincerely,
Synchrony Bank
By reading some of the comments, it sounds like this transition already happened. LMAO
While the card transition doesn’t happen until next year, Gap Inc in July merged their credit card rewards program with their until then separate rewards program intended for non-cardholders. However, many people did have accounts with both programs.
I’m Banana Republic “Luxe for life” and the new rewards program has eliminated the only good benefit, which was free shipping on all orders- now everyone is subject to a $50 minimum.
I’m also a Luxe member or icon now with their new rewards branding, but I got free shipping with a 20 order. It does look like they removed the brcard code for the extra 10% which is lame.
I noticed this recently too. Went to make a purchase and couldn’t get the extra 10% off. It’s a noticeable devaluation and one I don’t believe was communicated to card members.
You guys must not have made a purchase in awhile cause the extra 10% off ended back in April 2020. You have to use code luxe to receive the free shipping if you are luxe tier. I am luxe for life + signature card and they have always sent me marketing about changes/updates.
For what it’s worth, there have been ample opportunities for extra 10-20% off/15+ times the points since that promo ended. Use code brcardvip to get extra 10% off purch till the end of the month.
Brain check (for me): the value for cardholders/usage is free clothes at Gap, Old Navy etc.? Serious question.
I initially signed up for some clothes I think, but during the first year they sent a 0% fee 0% APR balance transfer deal.
It was very useful for stoozing, meeting checking account 5k balance for 90 days, padding float, etc. They haven’t sent me a similar offer for 3+ years now and the card is sockdrawered.
Being Synchrony I could have probably squeezed more value out of it, but it wouldn’t have been worth it for something around 2%.
Serious answer: Yes, free clothes but other free stuff too. I’m short and have to get everything hemmed. That’s always free at Banana and I’ve gotten other basic alterations too. I get free shipping at any Gap brand. Got a few free purses/accessories as a their “birthday gift” or some extra birthday points. Even if it’s not your birthday there are extra points promos which they run constantly and add up quickly. I use those points throughout the year or wait and use them with the “choose your sale day”, which adds an extra 15% off. So if you time it right with another big sale you can get A LOT of stuff for free or close to it. For years that’s how we got most of our office and workout clothes. Then we had kids and all points and planning goes exclusively into kids clothes… because these little gremlins need a new clothes like every three days!
Supposedly the Banana Republic version gets some good targeted spending offers (at least under Synchrony), kinda like the Sears cards. The points are toward the store and not real cashback though, so only useful if you shop there regularly.
Haven’t seen or heard about those offers in almost 2 years.
GAP, eh ? Seems to be an insane price to pay for a right to issue cards for this dying brand.
I was thinking same thing. Almost 5 billion for a slowly dying retail brand credit card? How can those card holders possibly generate that much money for them? More of a shock to realize that somehow they must.
You have to think about the whole portfolio which includes Old Navy and Athleta which have been dominating sales. You’re right that Gap as a store and Banana Republic, to a degree, are struggling, but the outlet versions of these stores are thriving. Old Navy sales have been so great that they even (stupidly) thought to separate it to make it its own company. Glad they didn’t go through with it. Also consider that many store card users in general carry a balance and pay interest.
I have Gap Inc. stocks in my mix so tend to follow company news.
The rewards program transition is a total mess. My 20000 points are missing. So far neither synchrony bank nor gap is willing to help.
If you have multiple gap accounts, try logging into a different one. Long ago, I had a br store card under email #1 and canceled it. Then recently, I got the br Visa card under email #2. My points were missing also and I discovered that they were now under the account with email #1 which I hadn’t even used for a br purchase in like five years. So bizarre.
The bank transition doesn’t happen til 2022.
People are referring to the recent combination of Gap Inc’s two rewards programs, one of which was for their cards
I had a same issue. I used2 differentemailsfor shopping and credit card. The rep was able to merge 2 emails and I was able to see the rewards instantly.
Rewards are sent out in increments of $50. Assuming you have the card, you can look back in your statements for copies of your rewards. I find it hard to believe that you lost $200 worth of rewards considering they used to also expire.
Will they let us product change from their view card to gap credit card? (got an Uber card getting converted)