Goldman Sachs GM Credit Card

[PointsBonus]

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

Wonder how this will all turn out ...

[4sallypat]

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

[Anonymous]

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?

[FalconSteve]

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.

[odd_dog]

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@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?

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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

[FinStar]

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@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?

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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?

[FalconSteve]

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@odd_dog wrote:

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@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?

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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

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

[Loquat]

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.

[Anonymous]

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@FinStar wrote:

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@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?

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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?

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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.

[Anonymous]

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@Anonymous wrote:

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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.

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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.