Gap Inc. (GPS) said Tuesday that it has signed long-term credit card agreements with Barclays PLC [s:bcs], which will exclusively issue Gap Inc. cards, and Mastercard Inc. (MA), which will issue co-branded cards across the namesake, Banana Republic, Old Navy and Athleta brands. Barclays will begin issuing cards in May 2022. The credit card program is a key component of Gap's growth strategy and new rewards programs, the apparel retailer said. Synchrony Financial (SYF) announced earlier on Tuesday ( ) that it will not renew its partnership with Gap. Shares of Gap fell 2.6% in early Tuesday trading, but have rallied 58% for the year to date. The S&P 500 index is up 9.9% for 2021 so far.
-Tonya Garcia; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 13, 2021 09:48 ET (13:48 GMT)
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