General Motors currently has a co-branded credit card issued by Capital One. Both Goldman Sachs & Barclays are bidding for this co-branded card business which currently has $3 billion in outstanding balances. Goldman Sachs has recently been moving into consumer facing products with the launch of online bank Marcus & the Apple credit card. Both Goldman Sachs & Barclays are pushing the idea of cars as an e-commerce portal, citing the potential for car owners to use voice recognition to order things like coffee ahead of time.
The GM BuyPower card does currently have some limited use, for example some cardholders received an offer for $1,000 when they purchased or leased a new vehicle earlier this year. Capital One added some new features in September last year as well.
Hat tip to WSJ
