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.

As part of the partnership, Barclays will acquire the card program's receivables from the current issuer next year.

Reuters had reported last month that Goldman Sachs was nearing a deal to transfer its GM credit card business to Barclays.

The GM credit card program will continue to be issued exclusively under the Mastercard brand.

Barclays will be the exclusive issuer of the GM Rewards Mastercard and the GM Business Mastercard in the United States starting next summer.