Marcus By Goldman Sachs Announces Three New GM Cards, Transition For Existing Cardholder

In late 2020 it was announced that Goldman Sachs had outbid Barclays for the GM portfolio of credit cards. It was reported Goldman Sachs purchased the portfolio from Capital One for $2.5 billion. Marcus By Goldman Sachs has now launched three new GM cards and provided information for existing users.

Existing Cardholders

  • Marcus by Goldman Sachs will begin servicing GM your account on February 22
  • You can use your old card until your new one arrives. Cards will begin arriving beginning February 22 and card deliveries will be happening through the first week of April.
  • You’ll keep the value of your unused Earnings even after the transition.
  • You’ll manage your account at marcus.com after the transition.

New Cards

Marcus by Goldman Sachs are offering three cards:

  • My GM Rewards Card.
    • No annual fee
    • 10,000 points after $1,000 in your first 3 months
    • Card earns:
      • 7x points on GM purchases
      • 4x points on all other purchases
  • GM Business Card (accepts applications 2/18/22)
    • Get $250 to redeem at GM towards the purchase or lease of eligible new GM vehicles after you spend $2,500 on purchases in your first 3 months from account opening
    • No annual fee
    • Card earns:
      • 5% back on dealership parts or service
      • 3% back on Gas, restaurants office supply stores
      • 1% everywhere else
  • GM Extended Family (accepts applications 2/18/22)
    • No annual fee
    • $100 after $1,000 in your first 3 months
    • Earn 1% back on everyday purchases from gas and groceries to travel and tickets

Source: doctorofcredit.com