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I have been contemplating closing my GM BuyPower card due to the lack of CLI or ability to put any real use to it. Currently it is linked to my kid's Xbox account becuase of it's low limit and his occasional xbox spend gives it a little activity.
Maybe I should leave it open, or will it be like the Barclay's Apple Rewards card, which did not automatically convert to a GS Apple Card. I still have an open Barclay Apple Card, that again has no use anymore (been wanting to close it but DW keeps talking me out of it).
I had to re-app to GS when we upgraded our iphones to get the 0% deal.
Will you have to re-app with GS to get a new GM Card?
the difference is that Barclays is still around - GS did not acquire the Barclay Apple cards - they created a new card to compete with it
so i would keep the GM Buypower card open, and it will be converted to a GS owned card
this is what happened for my BMW card, when Elan acquired their book of business for CC's
https://www.digitalmarketnews.com/goldman-sachs-to-buy-capital-one-financial-corp-for-1-94-billion/
Kind of curious to see what happens if this actually goes through.
That article seems to be be mis-reading the Wall Street Journal. The only WJS articles I can find about Cap1 and GS are just about GS buying the GM cc's off them, and £1.94 billion converts to the $2.5 billion that GS bought them for.
They're not buying cap1, they're buying an arm. It would be like buying Citi financial or DSNB.
They are only buying the arm of Capital One that holds the GM cobranded credit card accounts.
@rostrow416 wrote:They are only buying the arm of Capital One that holds the GM cobranded credit card accounts.
This.
I'm pretty sure there would be a lot more talk on here if Capital One was indeed being bought out completely by GS.
Nobody is going to be buying Capital One right now with a current market capitalization of $36 billion for the equivalent of $2.5 billion US.
The actual sale of the GM BuyPower portfolio was already widely reported a couple of days ago. These guys screwed up.
But I read it on the internet