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

Update 6/29/22: Bonuses have been increased:

  • My GM Rewards Card: 15,000 bonus after 1K spend
  • GM Business Card: $500 to redeem at GM toward the purchase/lease

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.

Contents

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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Pete
Pete

Take care to active the gas rewards feature! I just got suckered this January by not doing that,.. not sure if activation is retroactive. Does anybody know? I guess I’ll find out.

(I’ve been using this card only for the $100 back after $1500 spend on gas. That equates to 6.7%, which I’ll take any day. But the trick is you have to activate the feature annually!)

G
G

Does the business card count towards the 5/24 limit? I want to use the card to put a down payment for a GM vehicle since it has 0% APR.

TD
TD

I would also like to know this

Curmudgeon
Curmudgeon

Thanks to this post I checked my card. I still have the CapOne card, even though I set up the Marcus online profile a few months ago. Asked about new card through chat. Turns out they are still processing the transition and indicated I’d get my new card sometime before the end of July, as should anyone who doesn’t have the new card yet.

On the plus side, they do write off a $1 balance each month just like Capital One did.

Pete
Pete

As discussed below this is a mostly useless card.

What’s worse: I found that while traveling abroad that they don’t allow account access via the phone app outside the US. Also, I was not getting email alerts for charges. I communicated with support via facebook and they said it was for security reasons. That’s bogus and none of the major card issuers do this.

Other weird stuff: the app still shows week-old charges as pending that the website shows as posted after a day. But the app also shows the original foreign currency charge and conversion rate on the pending items whereas the webiste doesn’t on the same posted same items. This is really a mess. They supposedly charge no foreign currecy fee (I’ll believe it when i see it), so I thought it would be a good card to use abroad but not after this.

The
The

Card is beyond useless. Customer service horrendous. Going into sock drawer because it’s been open 30 years

Pete
Pete

Agreed. I use it a bit because of

1) the $100 back on $1500 fuel is a 6.7% refund (as long as you stop there)
2) Has cell phone coverage via MasterCard which somehow none of my other WE MasterCards do (Citi, Cap One).

Jason
Jason

Got the GM card to rack up points towards a new vehicle purchase in the next couple years. The entire process has been absolutely horrible. Everyone at Marcus is a complete idiot that I’ve talked to, and their verification process during sign up is also cumbersome and terrible. Their website is horrible, and their tracking of rewards points is riddled with errors. They’ll also randomly lock my card for no reason, and when I called (multiple times) I got bounced around by multiple people until they finally hung up on me. When I called back, they said the department that needs to talk to me doesn’t take inbound calls, despite their email to me saying to call them. My card was locked for almost two weeks, and then one day just magically worked again. I still get random declines at stores, with no rhyme or reason.

TL;dr – Stay far away from this card, Marcus is a complete clusterf*** and I have no idea how they are legally allowed to run a credit card business.

Jack
Jack

William Charles Looks like they increased the SUB on these:

My GM Rewards Card: 15,000 bonus after 1K spend
GM Business Card: $500 to redeem at GM toward the purchase/lease…

Considering the personal card if only to use the points for GM service.

Danno
Danno

It looks like not only pump purchases code for the $1,500 spend for the credit back. I’m apparently like $700 away from it, and I definitely haven’t spent that much on just gas since the switch. I couldn’t make sense of exactly which purchases qualified, but I’m guessing some gas stations count but others don’t, or I would be over the requirement by now. I’ll keep an eye on it and update if I can make heads or tails of it.

Also, after the switch I set up my notifications to be paperless. But I’m still getting paper statements and payment notifications. I chatted with Marcus the other day and they “confirmed” that it was paperless, but since then I still haven’t gotten any email notifications for payments so I assume they’re in the mail. Anyone else had this issue? Marcus kind of screwed the pooch on this whole thing..

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.

Terry
Terry

I agree with you 100%. Nothing but problems with the 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?

Sean
Sean

Maybe try CFPB? That’s the first one that comes to mind.