Goldman Sachs to Acquire GM Credit Card Portfolio  

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Last updated on October 26th, 2023

Goldman Sachs is taking over the General Motors portfolio of credit cards from Capital One. The acquisition follows months of competition between Goldman Sachs and British giant Barclays for the American car manufacturer’s portfolio of credit products.

GM Credit Cards

The Wall Street Journal reports that Goldman Sachs will buy the GM credit card portfolio from Capital One for around $2.5 billion. The portfolio currently consists of the following credit cards:

GM credit cards provide cardholders with the opportunity to earn cash back with every purchase. These rewards are then applicable to purchasing new or used General Motors vehicles, or towards parts and services through GM mechanics and dealerships.

Details of the Acquisition

According to the same WSJ report, the GM portfolio has approximately one million cardholders. Those customers spend roughly $8.5 billion per year – with about $2.5 billion in balances currently outstanding.

Goldman Sachs was facing intense competition for the card portfolio from Barclays, the U.K.-based banking giant. Barclays currently features an extensive lineup of co-branded credit cards, including travel cards with major airlines, hotels, and cruise lines. It also offers retail cards through merchants like Barnes & Noble.

Goldman Sachs Credit Cards

The purchase of the GM credit card lineup from Capital One is another step by Goldman Sachs into the consumer banking marketplace. The financial corporation helped launch the Apple Card with Apple last year – the first credit card offered by Goldman Sachs.  The company also operates the popular Marcus by Goldman Sachs online high-yield savings account.

About Goldman Sachs

Goldman Sachs Group is a leading global investment firm. The company, with its headquarters in New York City, provides investment banking, securities, and investment management for corporations, financial institutions, governments, and private individuals.

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About: Cory Santos
Cory Santos

Cory is the senior credit card editor at BestCards, specializing in everything credit card-related. He’s worked extensively with credit cards and other personal finance topics, including nearly five years at BestCards. Cory’s extensive knowledge is an essential part of the BestCards experience, helping readers to live their best financial lives with up-to-date insights and comprehensive coverage of all facets of the credit card space, including market trends, rewards guides, credit advice, and comprehensive credit card reviews.

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