Last year was regarded as one of the most successful ever, with Elbow winning the prize for their album The Seldom Seen Kid. Previous winners have included Arctic Monkeys and Dizzee Rascal.
Recently the prize has expanded its recommendation into the online space with the launch of Recommends, a new microsite that provides music fans with regular news and updates from the world of music.
The partnership with Barclaycard will see the introduction of a number of new 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, commented: "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, was upbeat about the new deal: "It's fantastic news that Barclaycard have shown this long-term commitment to supporting British music through this sponsorship", he said.
"Their innovative and cutting edge values make them an ideal partner for the Mercury Prize".
The key dates for the 2009 Barclaycard Mercury Prize are:
21st July: Barclaycard Mercury Prize Albums Launch to announce the '12 Albums of the Year'.
8th September: Barclaycard Mercury Prize Awards Show - winner announced.