Existing General Motors credit cardholders have been left in limbo regarding the status of their GM Extended Family and BuyPower credit cards with the takeover of the GM credit card portfolio by Marcus by Goldman Sachs – until now. Goldman Sachs is alerting current GM cardholders that their accounts will switch to Goldman Sachs on February 22, 2022 – with new applications being accepted four days before that – here’s what you need to know:
Goldman Sachs Reveals Date of Complete GM Portfolio Takeover
Goldman Sachs purchases the GM credit card portfolio from Capital One in a deal worth more than $2 billion. The purchase has already resulted in the launch of a new credit card, the My GM Rewards Mastercard, last week – along with the new My GM Rewards loyalty program. Now, Marcus by Goldman Sachs is providing an update on the status of existing credit cardholders – as well as when other new GM credit cards will launch.
New Credit Cards Expected February 18, 2022
The major talking point from the news is that both the BuyPower and BuyPower Business cards will no longer be available to new applicants. Neither card is mentioned in the new release from Marcus, with the GM Business Card and My GM Rewards Card instead taking their places.
The new GM business Card is expected to launch on February 18, 2022, the same day all GM accounts transfer to Goldman Sachs. The new business credit card will offer the following benefits to account holders:
- Get $250 credit to redeem at GM towards the purchase or lease of eligible new GM vehicles after you spend $2,500 on purchases in your first three months from account opening
- No annual fee
- Earn 5% back on dealership parts or service
- Earn 3% back on gas, restaurants, office supply stores, and more
- Unlimited 1% back everywhere else
The GM Extended Family Card will remain in the GM portfolio, with Goldman relaunching the card on February 18. The new GM Extended Family Card will earn 1% cash back on all purchases and will provide a $100 credit after spending $1,000 on purchases in the first three months – for no annual fee.
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Featured image by General Motors