Goldman Sachs Outbids Barclays For GM Credit Card Portfolio

We previously reported that both Goldman Sachs and Barclays were competing for the GM credit card portfolio that is currently owned and managed by Capital One. The WSJ is now reporting that Goldman Sachs will purchase the portfolio from Capital One for about $2.5 billion. The GM card has around 1 million cardholders that spend roughly $8.5 billion annually and $2.5 billion in outstanding balances. Goldman Sachs has been making a push into the consumer sector with the Apple credit card and Marcus by Goldman Sachs savings account.