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