The generalized amplitude damping channel (GADC) is one of the sources of noise in superconducting-circuit-based quantum computing. It can be viewed as the qubit analogue of the bosonic thermal channel, and it thus can be used to model lossy processes in the presence of background noise for low-temperature systems. In this work, we provide an information-theoretic study of the GADC. We first determine the parameter range for which the GADC is entanglement breaking and the range for which it is anti-degradable. We then establish several upper bounds on its classical, quantum, and private capacities. These bounds are based on data-processing inequalities and the uniform continuity of information-theoretic quantities, as well as other techniques. Our upper bounds on the quantum capacity of the GADC are tighter than the known upper bound reported recently in [Rosati et al., Nat. Commun. 9, 4339 (2018)] for the entire parameter range of the GADC, thus reducing the gap between the lower and upper bounds. We also establish upper bounds on the two-way assisted quantum and private capacities of the GADC. These bounds are based on the squashed entanglement, and they are established by constructing particular squashing channels. We compare these bounds with the max-Rains information bound, the mutual information bound, and another bound based on approximate covariance. For all capacities considered, we find that a large variety of techniques are useful in establishing bounds.