Barclaycard US today announced it has inked a deal to acquire the $1.3 billion Sallie Mae and Upromise cobranded credit card portfolio, the latest in a series of card portfolios Bank of America Corp. is shedding.
SLM Corp.’s Sallie Mae is the nation’s leading student lender and offers diverse financial services products. BofA last year began divesting many of its cobranded card portfolios as part of a strategy to focus on its core bank offerings (see story).
Launched in 2001, Upromise enables cardholders to earn rewards toward college savings plans; a separate Sallie Mae-branded card generates rewards to help cardholders achieve financial goals.
Terms of the deal were not disclosed, but Barclays will begin issuing both cards “later this year,” according to a Feb. 28 press release.