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

46
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
ENOTTY
ENOTTY

All three are still Mastercard World Elite cards! Nice!

Danno
Danno

The $1,500 spending requirement on fuel immediately had me thinking about the It’s Always Sunny episode where they’re filling trash cans with gas to resell. 🤣

Matt
Matt

I have had the GM Card since 1993. The first ten years I had it I was able to capitalize on it quite well. Since then It has been a disappointment just like GM is. I will probably never buy another GM vehicle. I would like to know what kind of product change options Marcus may have for this crap card. What are your thoughts?

escot
escot

Like Pete below, our family gm card is one of our very oldest….. even cashed out $1k in earnings (plus bonuses then) to buy a 2000 Pontiac Montana…. Alas, even though we’re an ancient GM family (with a beloved late Mr. Goodwrench for an in-law), GM long ago blew that loyalty, with churning out ever more crappy, unreliable, built to fall apart after 100k “garbage”. (yah, I’m long been a convert, as a DIY and via Scotty Kilmer, to buying 20 year old Toyotas — while keeping my dying GM’s just barely puttering along)

But still I keep the GM card, through the dark years…. not with any intention EVER to buy overpriced GM “garbage,” but mainly to “engineer” extra few interest free balance transfers every two years or so…. 😉 that and keeping that large credit line active helps with the credit rating….. My opinion of what’s left of GM is not far above my view of Sears (which only exists anymore as a fun DoC credit card and on-line …. whatever)

Going forward, I might still keep the GM card, and will look closer at this minor credit(s) on gas and/or electric bills. (?) But heck, be tough to peel me away from racking up unlimited 8x Wyndham/Vacassa points on gas purchases with the Wyndham/Barclay’s earner Biz card…. 😉 (via gc purchases at….. well, various gas convenience stores…. alas, expect once Goldman figures that out, that benefit will end too.)

Why would anyone buy the GM electric vehicle when
Why would anyone buy the GM electric vehicle when

Why would anyone buy the GM electric vehicle when all of them have been recalled. I would rather walk then buy a GM

Matt
Matt

I bought a 1999 Montana with mine. Lost an engine at 75k miles. I am mechanically gifted as well. I Still didn’t detect the trash that I was driving. Every GM vehicle I have owned has cost me dearly in the shop. I have owned 3 Toyotas since the Montana’s departure and oil changes, brakes, etc are all I have spent my money on. GM is a disgrace.

Pete
Pete

One of my oldest cards. I’ve had this since Household Bank, HSBC, Capital One, now Marcus/Goldman. Waiting for it to transfer to a bank that allows a product change to something useful. In the meantime it’s been closed once and credit limit chopped to near nothing (even an email to CEO of CapOne and a callback — which was the rec from DoC — couldn’t raise the limit for some realistic spending. )

Note to Mary Barra: I still have yet to buy a GM car. With these rewards and the crappy partners that ‘vette and Escalade are not happening. My garage is now full with a Merc and a Bimmer.

8d2smia
8d2smia

Actually bought Corvette and paid about 9k with a credit card, and kept the balance for more than 6 moths at 0%. You have to pay 5% deposit in advance of car delivery plus many other fees, and the final down payment that can be paid with a card too. This would have been even better than the Bofa card I used.

Tolikfox
Tolikfox

GM lol. Most likely to go bankrupt….again…

Jordan Belfort
Jordan Belfort

Has anyone Msed their way to a new car?

escot
escot

never was possible….. as GM from the beginning would place very restrictive caps on just how many points you could use keyed to various models…. Last century, I slaved away at earning 5% cash-back on various purchased to eventually “save” around $1k, which they “enhanced” at deal time (days long gone in today’s extreme seller’s market)…. Sure, I “fell for it” back then….. Took years of intense souring on GM to cure me.

This new card looks even worse…. talking vaguely, yet all a-glow about “points” this and that, without giving any idea just how much those points will be worth on a new car purchase. Astonishing non-starter, and DOA.

Curmudgeon
Curmudgeon

On the card that earns points, they’re only worth 1/4 cent towards gift cards. I would hope they’re worth 1 cent if redeemed against a vehicle purchase, but couldn’t find anything in the fine print about this.

Swastik Agrawal
Swastik Agrawal

They’re 1cpp against vehicle purchase yes.

Eric
Eric

Is one point worth .01?

Ugh
Ugh

Appears to be based on the fine print.

Cardmembers can redeem up to $1,000 in points (100,000 points= $1,000 value) per calendar year toward eligible Certified Pre-Owned GM vehicles.