During the Goldman Sachs Q3 2021 earnings call they revealed a few interesting points regarding new credit cards for their consumer facing Marcus brand:
We have our own credit card platform that is really differentiated, we’re onboarding other partnerships, and we have a proprietary card that’s in development.
They also announced that plans for a digital checking account are on track and expected in 2022.
We’ve talked publicly about adding digital checking to the portfolio during 2022, and that is on track and it’s expanding.
Marcus already offers a digital savings account, it will be interesting to see if the checking account launches with a sign up bonus like the savings account has offered in the past.
Hat tip to Econ0mist
well, this just got axed. wouldn’t be surprised if they shut down the savings next…last call for the $100 bonus today
The new GM Card was supposed to have been launched in September…now mid-November still “coming soon.”
Would be cool if they opened up the GS branded AMEX Platinum to Marcus customers.
Not a chance
You’re likely correct
DWT
i received a letter in the mail from capital one letting me know my capital one gm card is moving to goldman sachs “in the next few months” no date was listed and no mention of any changes to the card itself only letting me know that that goldman sachs will be the issuer
OOOOOhhh? Goldman bought General Motors co-brand division from capital one. Surprising
Yea, so it moved, I can’t get to my GM card on the old Capitalone site and can’t signup for access to my GM card on the new Marcus site. No access to look at or pay my GM card bill. Almost a week has gone by. Goldman Sacks/Marcus really planned this well. What a bunch of loooooosers.
3% back on everything = Proprietary
Please tell me that you work for Goldman and have first-hand, inside information.
SEC! We got him in 4k HDR with Dolby Vision!!!
You just killed every 3% category card.
I have a feeling their “proprietary card” will be an exact copy of the SoFi card. We’ll see.
Probably another boring 2% card. Yawn…
I’ve kept my savings account with them open in the hopes they add more products. It was a great user interface and they were very transparent about promotions.
I love Marcus! Ready to jump on the hype train for this card 🚂
I use Ally for my online bank. At one point I looked at Marcus and saw that it was paying slightly lower interest rates, so I figured I’d stick with Ally. But I’ve noticed that Marcus has some big fans; would you mind sharing what you like so much about it? I’d consider adding another online bank if it makes sense.
I’ve used both extensively. Their UI design is clean and they have an online US chat support.
The one problem I always had is when CD laddering, the 1099’s would break it out into individual CD’s instead of like Ally where they send you a culmultive total.
Other then that, their bonuses they usually extend to both new and old users so you can pingpong your balance back and forth between the two.
I tried marcus and honestly its really bare bones. the interface looks clean but thats literally about it. It does have very fast same day transfers though which i think is great. I prefer ally more though because ally is more robust with the new buckets features and the automated savings like surprise savings. And while Ally might not have same day ach they do have 1 day ach so you get it next business day. And you can technically zelle yourself some quick cash if need be. I can also chat in the app on ally and have check deposit. I think marcus is okay for a savings account but disappointing in that they spent so much money on it for it to be so barebones and to not have goals or buckets or other new savings tools. Theyre nice but if you have ally already I’d stay since they just have way more features. Also the not being able to access marcus abroad is a big NO for me ! thats very annoying
I agree. The interface is aesthetically great, but the lack of remote deposit is a real issue for me. I was also peeved because I opened a Marcus Invest account and then learned they don’t support adding beneficiaries (TOD) for taxable investment accounts (but do for IRAs? Not sure why there is that distinction).
Good discussion. I opened a Marcus account after hearing good things earlier this year. I recently closed the account. Nothing bad, but just very underwhelmed compared to Ally honestly. Website is bare bones, promised checking delayed and you can Google their upper level talent defections to other fintechs over the past couple of years.
Can you explain being unable to access marcus abroad? The website blocks you from being able to log in when traveling?
(a) You don’t need “buckets,” you can just open multiple accounts.
(b) You can’t access it abroad? News to me. I just accessed it in Canada.
Honestly, they’re all more or less the same, except for the speed of transfers, but let’s be accurate.
Marcus has written policies for
1. Up to $100K same day ACH transfers by 5 PM ET when initiated before 12PM ET (This means funds show up in my Schwab account by that evening). However practically, even if you submit a transfer by end of business day, funds typically show up the next morning.
2. You can transfer up to $125K per transaction online.
3. Free wire transfers to your linked bank accounts. My account has a $50K wire transfer limit per statement period.
Absolutely love the free wire transfers. It is main reason why I use the account so often
Marcus has a $50k wire transfer limit per statement? That seems low. Super low.
Just to add to the others – I frequently transfer unsettled money from my investing account, and occasionally these can fail. I’ve never had to deal with fraud prevention even for leave transfers of thousands of dollars. And it’s a same day ACH pull for 1-2 transfers per day. Any additional transfers seem to take place over the next few days.