Last updated on April 5th, 2023
Goldman Sachs is taking the next step in its journey to becoming a major U.S. credit card player. The bank has launched its second credit card, the My GM Rewards Mastercard, following the GM credit card portfolio takeover last year. Here’s what you need to know about the new My GM Rewards credit card from Goldman Sachs:
Goldman Sachs Launches New GM Rewards Credit Card
Since ending its partnership with Capital One last year, General Motors (GM) has launched its first new credit card. The new My GM Rewards Mastercard is the product of the new relationship between GM and Goldman Sachs, the developer and issuer of the popular Apple Card.
About the My GM Rewards Mastercard
Issued by Mastercard through Goldman Sachs, the My GM Rewards card is the second credit card Goldman has offered through its Marcus consumer bank app. It further advances the bank’s aims to be a Main Street lender.
The new My GM Rewards Mastercard earns 7X points per $1 spent at GM and 4X points per $1 spent elsewhere, with a variable APR of between 14.99% and 24.99%, after an initial promotional period. Applicants can select from one of five unique card designs – allowing them to showcase their love for their favorite GM make and model.
The official card stats breakdown as follows:
- Unlimited 7X points for every $1 spent at GM
- Unlimited 4X points for every $1 spent everywhere else – the card that earns you unlimited 4% toward a new GM vehicle
- Points do not expire with an open account in good standing
- Earn a $100 card statement credit, when you spend $1,500 on fuel or pay six months of electric bills for a registered electric vehicle per calendar year
- Up to $50 per year applied toward a vehicle detailing charge from a participating dealer
- Immediate Gold Tier in My GM Rewards, upon card approval
- World Elite Mastercard® benefits
The My GM Rewards Card seamlessly integrates into the all-new My GM Rewards loyalty program, available to all current or past Chevrolet, Buick, GMC or Cadillac customers.
Goldman Sachs Seeking to Become Major Player in Credit Card Space
Goldman purchased the GM credit card portfolio from Capital One in late 2020, with the move finalized last year. That purchase was reported to be worth $2.5 billion, according to reports, and provided Goldman Sachs with roughly three million existing GM credit cardholders, whose accounts were converted to Goldman from Capital One Financial Corp this week.
GM hopes its rewards program will drive more customers to redeem those points for new and used car purchases, or parts, accessories, or OnStar services. The GM Rewards program was a first-of-its-kind auto rewards program when it first launched in 2018.
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