General Motors (GM) and Goldman Sachs are seeking to expand their credit card reach in 2021. The companies are set to launch new co-branded credit cards this year, with the help of the Mastercard payment network.
Goldman Sachs and GM Announce New Credit Cards Project
General Motors has a small but valuable portfolio of consumer credit cards. The GM BuyPower credit cards have over one million users to date, with those customers spending approximately $8.5 billion with their cards each year. Goldman Sachs purchased the General Motors credit card portfolio in late 2020 for $2.5 billion.
With the Apple Card‘s success, Goldman Sachs is seeking to expand its credit card reach – and new GM credit cards are its next target. According to a press release from the two companies, these new credit cards will feature the Mastercard payment network – which the Apple Card also uses.
Reimagining the Credit Card Experience
In the release, Omer Ismail, Goldman Sachs’ global head of consumer business, said the venture’s goal is to “reimagine the credit card experience for GM customers. Our focus remains on delivering a simple and transparent experience that helps customers manage their spending and borrowing needs better.”
The success of General Motors’ credit card rewards program is not due to luck. The program is one of the oldest in the auto rewards credit card market.
GM launched its first consumer credit card nearly 30 years ago – in 1992. Since then, millions of consumers have used General Motors credit cards to earn rewards towards Chevrolet, Buick, GMC, and Cadillac vehicle purchases and services.
About Goldman Sachs
Goldman Sachs Group is a leading global investment firm. With its headquarters in New York City, the company provides investment banking, securities, and investment management for corporations, financial institutions, governments, and private individuals.
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