Marcus By Goldman Sachs Announces Three New GM Cards, Transition For Existing Cardholder

In late 2020 it was announced that Goldman Sachs had outbid Barclays for the GM portfolio of credit cards. It was reported Goldman Sachs purchased the portfolio from Capital One for $2.5 billion. Marcus By Goldman Sachs has now launched three new GM cards and provided information for existing users.

Existing Cardholders

  • Marcus by Goldman Sachs will begin servicing GM your account on February 22
  • You can use your old card until your new one arrives. Cards will begin arriving beginning February 22 and card deliveries will be happening through the first week of April.
  • You’ll keep the value of your unused Earnings even after the transition.
  • You’ll manage your account at marcus.com after the transition.

New Cards

Marcus by Goldman Sachs are offering three cards:

  • My GM Rewards Card.
    • No annual fee
    • 10,000 points after $1,000 in your first 3 months
    • Card earns:
      • 7x points on GM purchases
      • 4x points on all other purchases
  • GM Business Card (accepts applications 2/18/22)
    • Get $250 to redeem at GM towards the purchase or lease of eligible new GM vehicles after you spend $2,500 on purchases in your first 3 months from account opening
    • No annual fee
    • Card earns:
      • 5% back on dealership parts or service
      • 3% back on Gas, restaurants office supply stores
      • 1% everywhere else
  • GM Extended Family (accepts applications 2/18/22)
    • No annual fee
    • $100 after $1,000 in your first 3 months
    • Earn 1% back on everyday purchases from gas and groceries to travel and tickets

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Lauren
Lauren

This transition from Capital One to Marcus has been anything but simple. It has been a complete disaster. I highly recommend to all: DO NOT sign up for this GM card with Marcus. We are a small business with a total of 5 cards on the account. Right now we are down to 1 of 5 cards because of errors on Marcus’ end. Marcus issued a dispute on a transaction that we never requested a dispute on, then cancelled the card and did not inform us. I have 3 other examples for each card that I won’t continue to elaborate on, or else this short response will become a novel. Overall, we have been waiting over 3 weeks for cards to ship, and they still have not. It is absolutely unacceptable in my opinion. They clearly do not value our business. Never have I seen a credit card company that wouldn’t willingly let you pay a fee to overnight a card to you regardless of whos mix up it was. Their run arounds in customer service do not help either. It only makes a confused customer become a frustrated customer. Having a card declined when taking a perspective client out is embarrassing and frankly a great way to look unprofessional. Which overall, explains just how BAD Marcus could be for your own business. STAY AWAY. They need to get their stuff in order before they ever decide to buy out and service another credit plan of this size again. They are clearly not able to handle such a transition.

Hunt
Hunt

Started to get mailings for my (deceased) grandfather’s old GM card account. The account was closed with Capital One over 8 years ago, but apparently re-opened erroneously by Goldman Sachs during the buyout/transition. Customer service rep seemed sure this is what had happened, and it sounded like this might be something they are well aware of. This seems like rote corporate malfeasance the likes of which I haven’t really encountered during any other credit card portfolio transition. To which body should I report this, if any?

aran
aran

Is 10,000 point worth $100? In addition the card comes with $100 statement credit per year for spending $1500 in Gas. I wonder anyone buy GC at gas station and got the credit?

Jamie s. Nix
Jamie s. Nix

I need the address where to send my card payment also need my account #

Bonnie Johnson
Bonnie Johnson

My gm card is on the same account as my husband, but for some reason my card was canceled. I have set up my husband’s Marcus but can’t set up mine. I have messed up enough to get myself locked temporarily out of my account. Said to call to get it opened. I have called 3 times on hold for 1 hr 45 min. And got disconnected on your end . Next day called again .I was on hold another 1and 30 minutes. I had to hang up that time. Called again today but same thing. I will try again. I am tryi ng to get my virtual number but can’t on the app either. Please advise . Thank You Bonnie Johnson

Joe Stafford
Joe Stafford

The transfer from Capital One to Marcus has been nothing short of disastrous. It’s been three weeks since I stared trying to log into my account using the downloaded app and I’m still getting an error page. When I called in the wait times on hold have been, at one point over five hours. On top of that, the transfer took place while I was away on business and my card was not returned to me by the flight attendant after I ordered a drink on the plane. The story goes on but its borders on the ridiculous so I won’t recount. As it currently stands I was finally able to reach customer service and report my card lost but I haven’t received a replacement card or a paper statement.

Sharon hollar
Sharon hollar

I loaded the Marcus app into my phone as instructed by a letter we received about capital one transition into Marcus. Created password and got into our payment info. Since then we can’t get in, gives info saying capital one payments have been canceled and to call a number that never answers…. Help! Can’t make payments if I can’t get in!

Pete
Pete

I just realized this card was the only MC I have that offers the World Elite cell phone protection. That was supposed to be standarrd with W.E. but turns out it’s not… so this may become a gas card for up to 1500 (6.7% max) and a cell phone bill card. Of course there are many caveats to the cell phone protection…

Thomas McGivney
Thomas McGivney

How do I get my payment information and open the GM card I have to Marcus

Thomas McGivney
Thomas McGivney

How do I open a account with Marcus so I can get to all my information so that I can pay balance on my GM card

Mildred Johnson

I tried to contact Goldman Sachs, was put on hold for several hrs. No information received as to
whom to addresss a paymnent. Very poor service. Have not received my credit card as of today.
Wondering if this is legitimate? What other credit card services are available?