topic Re: Goldman Sachs GM Credit Card in Credit Cards

Goldman Sachs GM Credit Card

PointsBonus — Mon, 23 Aug 2021 04:04:22 GMT

It's about 2 weeks away for Goldman Sachs to launch the new GM Credit card.

Wonder how this will all turn out ...

Re: Goldman Sachs GM Credit Card

4sallypat — Mon, 23 Aug 2021 14:07:19 GMT

Is this new card better than the Cap 1 GM Buypower card ??

Re: Goldman Sachs GM Credit Card

Anonymous — Mon, 23 Aug 2021 15:37:57 GMT

Interesting. Will this card be Goldman's second CC, after the Apple Card?

Wonder what enticed Goldman to dive into the world of car rewards cards. Aren't those cards kind of, well, not typically associated with the kind of "upscale" market segment that (say) the Apple Card is associated with?

Re: Goldman Sachs GM Credit Card

FalconSteve — Mon, 23 Aug 2021 17:41:18 GMT

I wonder if GS will take any of the lessons to the Apple card. I also wonder if they'll continue expanding beyond this. This is kind of exciting... I'm excited anyway.

Re: Goldman Sachs GM Credit Card

odd_dog — Mon, 23 Aug 2021 17:47:15 GMT

@Anonymous wrote:
Interesting. Will this card be Goldman's second CC, after the Apple Card?

Wonder what enticed Goldman to dive into the world of car rewards cards. Aren't those cards kind of, well, not typically associated with the kind of "upscale" market segment that (say) the Apple Card is associated with?

Not sure here but even the cheapest gm car is more expensive than anything apple sells currently....but I could be wrong, apple is supposed to come out with a car also right? Hey maybe Goldman's IS going after car companies!! LOL Upscale, Downscale I hope the rewards are good and can be used on service and parts.....AND here is hoping they bring back the Corvette MasterCard....LOL

Re: Goldman Sachs GM Credit Card

FinStar — Mon, 23 Aug 2021 20:40:03 GMT

@Anonymous wrote:
Interesting. Will this card be Goldman's second CC, after the Apple Card?

Wonder what enticed Goldman to dive into the world of car rewards cards. Aren't those cards kind of, well, not typically associated with the kind of "upscale" market segment that (say) the Apple Card is associated with?

This would be their second CC partnership. They have also acquired the GM BuyPower portfolio from Capital One, which will be eventually transitioned.

You do realize that GM also has several brands that include Cadillac and Buick in the upper 'upscale' segment. Based on your 2nd sentence, are you insinuating that individuals who own any type of GM-branded automobiles are not considered 'upscale' enough for GS market segment?

Re: Goldman Sachs GM Credit Card

FalconSteve — Mon, 23 Aug 2021 21:06:26 GMT

@odd_dog wrote:
@Anonymous wrote:
Interesting. Will this card be Goldman's second CC, after the Apple Card?

Wonder what enticed Goldman to dive into the world of car rewards cards. Aren't those cards kind of, well, not typically associated with the kind of "upscale" market segment that (say) the Apple Card is associated with?
Not sure here but even the cheapest gm car is more expensive than anything apple sells currently....but I could be wrong, apple is supposed to come out with a car also right? Hey maybe Goldman's IS going after car companies!! LOL Upscale, Downscale I hope the rewards are good and can be used on service and parts.....AND here is hoping they bring back the Corvette MasterCard....LOL

I'm not actually sure about that. The most expensive Mac Pro vs the cheapest GM .... the GM is likely cheaper.

Re: Goldman Sachs GM Credit Card

Loquat — Mon, 23 Aug 2021 21:04:35 GMT

Interesting for sure. I remember having the GM Buy Power card many years ago. It was actually my first World Elite MasterCard. I thought it was cool until I realized that those silver circles of uselessness didn’t provided any tangible value at the time. World Elite means a lot more today than it did a long time ago. It’ll be interesting to see what the earning structure is.

Re: Goldman Sachs GM Credit Card

Anonymous — Mon, 23 Aug 2021 21:07:48 GMT

@FinStar wrote:
@Anonymous wrote:
Interesting. Will this card be Goldman's second CC, after the Apple Card?

Wonder what enticed Goldman to dive into the world of car rewards cards. Aren't those cards kind of, well, not typically associated with the kind of "upscale" market segment that (say) the Apple Card is associated with?
This would be their second CC partnership. They have also acquired the GM BuyPower portfolio from Capital One, which will be eventually transitioned.

You do realize that GM also has several brands that include Cadillac and Buick in the upper 'upscale' segment. Based on your 2nd sentence, are you insinuating that individuals who own any type of GM-branded automobiles are not considered 'upscale' enough for GS market segment?

The stratum occupied by Apple devices in the consumer electronics market is analogous to the stratum occupied by Benzes and Porsches and Bugattis in the automobile market.

GM cars are far more analogous to LG and Samsung smartphones than iPhones and Apple Watches and iPads. It is true GM makes some high-end products, just as Samsung makes some high-end phones. But no one would argue that the "prestige" of Samsung's brand equals the "prestige" of Apple's brand.

There is no slight intended against GM. Just an observation that GS is clearly interested in broadening its market reach. GS' early reluctance to expand quickly in the consumer card market arguably implied it was interested in following AmEx's early path in focusing on "prestige" and "exclusivity" - in which case one would have expected GS to partner with Bugatti instead of GM.

Re: Goldman Sachs GM Credit Card

Anonymous — Mon, 23 Aug 2021 21:19:19 GMT

@Anonymous wrote:

GM cars are far more analogous to LG and Samsung smartphones than iPhones and Apple Watches and iPads. It is true GM makes some high-end products, just as Samsung makes some high-end phones. But no one would argue that the "prestige" of Samsung's brand equals the "prestige" of Apple's brand.

Actually, I would, in the flagship portion of smartphones. To those who aren't already biased, the high end Galaxy S (e.g. 21 Ultra) have much the same prestige as an iPhone.

Re: Goldman Sachs GM Credit Card

FinStar — Mon, 23 Aug 2021 21:32:23 GMT

@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
Interesting. Will this card be Goldman's second CC, after the Apple Card?

Wonder what enticed Goldman to dive into the world of car rewards cards. Aren't those cards kind of, well, not typically associated with the kind of "upscale" market segment that (say) the Apple Card is associated with?
This would be their second CC partnership. They have also acquired the GM BuyPower portfolio from Capital One, which will be eventually transitioned.

You do realize that GM also has several brands that include Cadillac and Buick in the upper 'upscale' segment. Based on your 2nd sentence, are you insinuating that individuals who own any type of GM-branded automobiles are not considered 'upscale' enough for GS market segment?
The stratum occupied by Apple devices in the consumer electronics market is analogous to the stratum occupied by Benzes and Porsches and Bugattis in the automobile market.

GM cars are far more analogous to LG and Samsung smartphones than iPhones and Apple Watches and iPads. It is true GM makes some high-end products, just as Samsung makes some high-end phones. But no one would argue that the "prestige" of Samsung's brand equals the "prestige" of Apple's brand.

There is no slight intended against GM. Just an observation that GS is clearly interested in broadening its market reach. GS' early reluctance to expand quickly in the consumer card market arguably implied it was interested in following AmEx's early path in focusing on "prestige" and "exclusivity" - in which case one would have expected GS to partner with Bugatti instead of GM.

You do realize the bolded portion is purely an opinion and subjective, right?

At any rate, this thread isn't about the "prestige" or the allure of specific products or smartphone devices, but rather the GM BuyPower CC portfolio.

Back on topic please.

Re: Goldman Sachs GM Credit Card

BearsCubsOtters — Mon, 23 Aug 2021 22:28:18 GMT

@PointsBonus wrote:
It's about 2 weeks away for Goldman Sachs to launch the new GM Credit card.
Wonder how this will all turn out ...

I keep waiting to see what happens with this. Last weekend, in fact, I perused the website. I seem to recall a few months ago they had a date entered as to when the card would be available and last I looked it just stated "coming soon."

I loved the original GM card managed by Household Bank.

As far as Goldman Sachs, they are trying to enter into the credit card business and the 29 year-old GM Card portfolio seemed like a good fit for them.

With the Macy's/Bloomies cards in limbo, I wonder if they would be interested in those?

At any rate, I hope the GS backed GM Card returns the name to GM Card and that it is horizontal (I know, I know, save that for Smorgasboard).

Re: Goldman Sachs GM Credit Card

PointsBonus — Tue, 24 Aug 2021 02:12:06 GMT

@Anonymous wrote:
@FinStar wrote:
@Anonymous wrote:
Interesting. Will this card be Goldman's second CC, after the Apple Card?

Wonder what enticed Goldman to dive into the world of car rewards cards. Aren't those cards kind of, well, not typically associated with the kind of "upscale" market segment that (say) the Apple Card is associated with?
This would be their second CC partnership. They have also acquired the GM BuyPower portfolio from Capital One, which will be eventually transitioned.

You do realize that GM also has several brands that include Cadillac and Buick in the upper 'upscale' segment. Based on your 2nd sentence, are you insinuating that individuals who own any type of GM-branded automobiles are not considered 'upscale' enough for GS market segment?
The stratum occupied by Apple devices in the consumer electronics market is analogous to the stratum occupied by Benzes and Porsches and Bugattis in the automobile market.

GM cars are far more analogous to LG and Samsung smartphones than iPhones and Apple Watches and iPads. It is true GM makes some high-end products, just as Samsung makes some high-end phones. But no one would argue that the "prestige" of Samsung's brand equals the "prestige" of Apple's brand.

There is no slight intended against GM. Just an observation that GS is clearly interested in broadening its market reach. GS' early reluctance to expand quickly in the consumer card market arguably implied it was interested in following AmEx's early path in
focusing on "prestige" and "exclusivity" - in which case one would have expected GS to partner with Bugatti instead of GM.

Wouldn't my new 2021 Cadillac Escalade with the 38" Curved LG OLED Dash be considered "prestige" of "Apple's Brand" ?

I do not see any other brands coming any where near close to the new 2021 Cadillac Escalade.

Hopefully they will have a picture of this on the new GM Card

2021 Escalade

Re: Goldman Sachs GM Credit Card

Anonymous — Tue, 24 Aug 2021 03:38:50 GMT

@FinStar wrote:
You do realize the bolded portion is purely an opinion and subjective, right?

At any rate, this thread isn't about the "prestige" or the allure of specific products or smartphone devices, but rather the GM BuyPower CC portfolio.

Back on topic please.

Brands' perceived positioning/market segment relate to consumer perception, and consumer perception is certainly subjective, but regardless, positioning is relevant to our financial focus as positioning is likely to have a very strong impact on an issuer's approach to granting credit. GS' major expansion into the GM credit portfolio indicates a number of things about GS' approach to consumer credit. It suggests GS is focusing on massively expanding its customer base (GM's customer pool is immense compared with, say, Porsche's) and positioning itself as a major competitor to FNBO, which issues the FordPass Rewards Visa and the Jeep Mastercard. This is suggestive that GS might look to FNBO's issuing practices as a point of reference as it builds its GM card portfolio. Of course, this is speculative, but speculation is the best we've got until we start getting a robust number of DPs post-launch.

I did not intend to derail the thread into a discussion of the quality or beauty or desirability of GM's cars, and to the extent my earlier comment seems to have inspired folks to defend the virtues of GM's cars, I regret inciting that. For what it's worth, I am - personally - a big fan of GM's cars, as well as Samsung and LG's phones. I hope this soothes the feathers I seem to have unintentionally ruffled.

Re: Goldman Sachs GM Credit Card

4sallypat — Tue, 24 Aug 2021 13:47:58 GMT

Wouldn't it be great if the new GS issued GM card like the Apple Card gives back 3% for purchases ??

That would mean in this crazy automotive world that the new GM card would be 3% below MSRP - what a concept!

Re: Goldman Sachs GM Credit Card

SG43 — Tue, 24 Aug 2021 14:47:54 GMT

Too late to PC a QS to GM (my last cap1 product) I would assume.

Re: Goldman Sachs GM Credit Card

FinStar — Tue, 24 Aug 2021 19:42:48 GMT

@SG43 wrote:
Too late to PC a QS to GM (my last cap1 product) I would assume.

@SG43 Unfortunately, Capital One will not PC any core cards to partner cards (and viceversa).