The Mercury Prize, which that provides music fans with regular news and updates, honoured Elbow for their acclaimed LP 'The Seldom Seen Kid'.
Barclaycard replaces previous sponsor Nationwide, which signed a similar deal in 2004.
The partnership with Barclaycard will see the introduction of several initiatives, including the Barclaycard Mercury Prize Sessions -- monthly live music events to be held at The Hospital Club in Covent Garden.
Paul Troy, head of advertising and sponsorship at Barclaycard, said: "The Mercury Prize has always represented the huge creativity and diversity found in UK music.
"We are delighted that through this new partnership Barclaycard will be able to help the Mercury Prize take its valuable recommendations to an even wider audience."
Dan Ford, director of marketing for the Mercury Prize said: "It's fantastic news that Barclaycard have shown this long-term commitment to supporting British music through this sponsorship.
"Their innovative and cutting-edge values make them an ideal partner for the Mercury Prize."
The 2009 Barclaycard Mercury Prize Albums of the Year will be announced July 21, with the award show taking place on September 8.
Previous winners of the award include Klaxons for 'Myths of the Near Future', the 'Arctic Monkeys for 'Whatever People Say I Am, That's What I'm Not' and in 2006 Antony and the Johnsons for 'I Am a Bird Now'.
The winners club is an esteemed place in music Franz Ferdinand, Pulp, Portishead and Badly Drawn Boy all recipents of a winner's prize.
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