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New GM by Goldman sachs but not servicing accounts....??

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Itachi175
Established Member

New GM by Goldman sachs but not servicing accounts....??

So guys i do apologize if this is wrong thread but my wife literally just got approved for the new GM by goldman sachs SL 4.5k  with a special 12 month 0% APR on tranfers and 24.99% afterwards. The whole purpose here is to do Balance tranfer and  So i contact customersupport chat and he gave me this message(Look photos)...... please let me know what going on?? Screenshot_20220121-190011_Chrome.jpg

 

Screenshot_20220121-190140_Chrome.jpg

 

Screenshot_20220121-190203_Chrome.jpg

 

Screenshot_20220121-190252_Chrome.jpg

 

Screenshot_20220121-185657_Chrome.jpg

 

P.S. i call Captial one and they are not the under writers or bank institution for this card anymore.....

Message 1 of 11
10 REPLIES 10
Gunnerboy
Established Contributor

Re: New GM by Goldman sachs but not servicing accounts....??

This article confirms what the rep told you.

https://www.bestcards.com/credit-card-news/goldman-sachs-to-take-over-gm-accounts-in-february/



"Not everyone who helps you is a friend, and not everyone who challenges you is an enemy."
Message 2 of 11
FinStar
Moderator Emeritus

Re: New GM by Goldman sachs but not servicing accounts....??

Did your wife receive any type of specific or targeted promotion?  Where did you capture the 0% introductory offer for BTs -- was it an email, snail mail or website offer?

A cursory review of their current online promotion shows (unless your wife received something different)?

Unlimited Rewards.
Unlimited Earnings.

Limited Time Offer: Get 10,000 bonus points when you spend $1,000 in your first 3 months5 and 0% Intro purchase APR for the first 9 months, variable APR of 14.99% to 24.99% after6. 

 

Annual Percentage Rate
(APR) for Purchases

0% introductory APR for 9 months from the date of account opening.

After that, your APR will be 14.99% to 24.99% , based on your creditworthiness. This APR will vary with the market based on the Prime Rate.

APR for Balance Transfers

14.99% to 24.99% , based on your creditworthiness.
This APR will vary with the market based on the Prime Rate.

Message 3 of 11
FinStar
Moderator Emeritus

Re: New GM by Goldman sachs but not servicing accounts....??


@Itachi175 wrote:

So guys i do apologize if this is wrong thread but my wife literally just got approved for the new GM by goldman sachs SL 4.5k  with a special 12 month 0% APR on tranfers and 24.99% afterwards. The whole purpose here is to do Balance tranfer and  So i contact customersupport chat and he gave me this message(Look photos)...... please let me know what going on??

 

Screenshot_20220121-190140_Chrome.jpg

 

 

 

Screenshot_20220121-190252_Chrome.jpg

 

 

P.S. i call Captial one and they are not the under writers or bank institution for this card anymore.....


Can you clarify some points of confusion here @Itachi175?

 

You are basically informing the agent that "my wife literally just got approved for the new GM by goldman sachs SL 4.5k  with a special 12 month 0% APR on tranfers and 24.99% afterwards."

 

Yet, the 2 screenshots you provided on this thread clearly communicated to the agent "it says APR FOR BALANCE TRANSFER 24.99..."

 

So, (1) is your wife looking to transfer a balance at such a high rate of 24.99%?, or (2) did you both get your signals crossed because nowhere on the site does it state there's a 0% APR for balance transfers for 12 months. 

 

Please clarify for the community.

Message 4 of 11
Itachi175
Established Member

Re: New GM by Goldman sachs but not servicing accounts....??

It was a offer she gotten in the accepting approval, went it was sent to email. But my thing i am not understanding.... why say there not serving the card? And another rep said they don't do balance tranfer but it clearly says it on the application terms and conditions???.. and why they keep saying contact Captial one? Which i did anyways and they are no longer the bank institution for the card. Its goldman sachs.... right?? Sorry guys just trying to understand why i can use a feature of this card right away...

Message 5 of 11
Itachi175
Established Member

Re: New GM by Goldman sachs but not servicing accounts....??

@FinStar  i didnt metion this to the agent cause the point i was getting at is clearly not the offer she was giving....which he could see if he really had access to her account. The point im getting at is WHY cant she do a balance transfer when it apply in the terms and conditions? And why they keep saying Captial one when they have nothing to do with it... i even call and ask

Message 6 of 11
FinStar
Moderator Emeritus

Re: New GM by Goldman sachs but not servicing accounts....??


@Itachi175 wrote:

It was a offer she gotten in the accepting approval, went it was sent to email. But my thing i am not understanding.... why say there not serving the card? And another rep said they don't do balance tranfer but it clearly says it on the application terms and conditions???.. and why they keep saying contact Captial one? Which i did anyways and they are no longer the bank institution for the card. Its goldman sachs.... right?? Sorry guys just trying to understand why i can use a feature of this card right away...


Federal regulations require that the 'Schumer Box' is provided in a clear and concise language to illustrate rates and fees with any credit-related products.  That doesn't mean that GM is honoring BTs or processing them unless it clearly specifies the introductory promotion or offer as far as balance transfers go. 


The GM Rewards CCs are now being managed by Marcus by Goldman Sachs which is the affiliate of the parent entity [GS] which services the Apple Card.  So, no, Capital One is no longer underwriting this particular product.

Message 7 of 11
FinStar
Moderator Emeritus

Re: New GM by Goldman sachs but not servicing accounts....??


@Itachi175 wrote:

@FinStar  i didnt metion this to the agent cause the point i was getting at is clearly not the offer she was giving....which he could see if he really had access to her account. The point im getting at is WHY cant she do a balance transfer when it apply in the terms and conditions? And why they keep saying Captial one when they have nothing to do with it... i even call and ask


You mentioned you were going to provide the agent with a screenshot of the offer your wife received. I would be very curious to see what that is if you can provide a screenshot here on the forums (just redact or mask any personal information), which should be relatively simple if the T&Cs you mentioned shouldn't have any personal information labeled on the disclosure. This way, others can see the offer if there's such a targeted promotion.

 

Unfortunately, if there is no active promotional or introductory offer on your wife's account, there is nothing else that can be done as far as executing a balance transfer.

 

I would re-review the terms of the offer to ensure things are not being mixed up.  As far as servicing the account, it's Marcus by Goldman Sachs that would be handling the inquiry, not Capital One.

Message 8 of 11
Itachi175
Established Member

Re: New GM by Goldman sachs but not servicing accounts....??

Thank you!! Yea i i dont know why it keep saying Captial one but thanks for the clarification

Message 9 of 11
LADave
Established Contributor

Re: New GM by Goldman sachs but not servicing accounts....??


@Gunnerboy wrote:

This article confirms what the rep told you.

https://www.bestcards.com/credit-card-news/goldman-sachs-to-take-over-gm-accounts-in-february/


Just making sure the details from this quoted post don't get overlooked - mainly, that GS takes over the card management in February.

 

 Perhaps new accounts for GM cards with GS don't become active until then?

Message 10 of 11
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