Credit Card News
My GM Rewards Card Launches with New Partner Goldman Sachs
In 2019, Goldman Sachs made a splash by releasing its first credit card: The Apple Card. Of course, that product was heralded as a card “Created by Apple, not a bank” despite Goldman’s involvement. Now, the bank — and specifically their Marcus by Goldman Sachs brand — is expanding its credit card offerings with the launch of the My GM Rewards Card from auto giant General Motors.
The new My GM Rewards Card launches alongside the My GM Rewards loyalty program. As a result, the card earns My GM Rewards points while sporting some other benefits. In terms of points, customers will earn 7x points on GM purchases as well as 4 points per dollar spent on all other purchases. These points do not expire as long as the account is in good standing. Currently, new cardholders can take advantage of a welcome offer, earning them 10,000 points after spending $1,000 on the card within their first 90 days. There is no annual fee for the card.
Other perks include the ability for customers to earn a $100 statement credit each calendar year after spending $1,500 on fuel or paying six months of electric bills for registered electric vehicles. Cardholders will also earn automatic Gold Tier My GM Rewards status, allowing them to redeem their points toward the purchase of GM Certified Pre Owned vehicles (in addition to eligible new GM vehicles or leases and more). Lastly, as a World Elite Mastercard, customers will have access to benefits provided by Mastercard.
The My GM Rewards Card’s arrival follows Goldman Sachs’s purchase of the GM co-branded card portfolio, topping the previous issuer Barclays for the right. At the time of the announcement, GM’s general manager of retail sales and marketing support Chuck Thomson said, “We chose to partner with Goldman Sachs because of their proven ability to innovate. The foundation of this partnership, including our continued work with Mastercard, is our shared values – to put the customer at the center and deliver exceptional experiences.”
Overall, the My GM Rewards Card does have some notable perks that could be beneficial to GM/Chevy/Buick/Cadillac customers. However, as an everyday card, most consumers would likely be better off with a regular cashback card and earmarking their rewards for a future vehicle purchase if need be. Meanwhile, although the launch of the My GM Rewards Card is exciting news for Goldman Sachs, it seems highly unlikely that the card will see the same sort of success as the Apple Card did. On that note, the bank has already made it clear that it intends to keep growing its Marcus brand — so hopefully some more appealing offerings arrive in the future.
