*** Updated New Info: GM Credit Card Holders....a change could be in your future

[FinStar]

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@Red1Blue wrote:

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@FinStar wrote:

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@Goos 

I currently have the card and no communications as of yet on the potential GS integration.  So, it may take a bit for current cardholders to learn of any upcoming changes.

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I am in the market for new car. I know the Car and Credit Card Applications are different. Where does new applications for new GM Card go. Does the new applications go to GS for approval? I'll check out GM Card website and see what it says.

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As mentioned a couple posts upthread, there are no GM credit card applications being accepted at this time. The link provided further upthread has the general information.

[Hex]

I was checking out the GM Buypower website and they are no longer taking applications. The card is going to transition to Goldman Sachs. They have a link to "receive information from Marcus by Goldman Sachs about new card products". I'm posting it here for anyone who's interested. 

https://www.buypowercard.com/gmrewardscards/?intcmp=bpc_Homepage

[BearsCubsOtters]

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@Hex wrote:

I was checking out the GM Buypower website and they are no longer taking applications. The card is going to transition to Goldman Sachs. They have a link to "receive information from Marcus by Goldman Sachs about new card products". I'm posting it here for anyone who's interested. 

https://www.buypowercard.com/gmrewardscards/?intcmp=bpc_Homepage

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Yeah, its been this way for a while. This purchase by GS from Capital One was announced in October 2020 and still no new card. They initially said it would be launched in September 2021...but here it is almost November 1st and no card.....it better be good.

Any current GM Card/Buy Power cardholders received any information from GS about your card? 

[Anonymous]

I got a letter in the mail this week about the switch to Goldman Sachs. No exact date was given, however.

[dmFICO8]

I got a letter today to inform me that the GM Card will be moving from Capital One to Marcus by Goldman Sachs in February. More information will be provided in the coming weeks.

[James3]

Is there anything I should do or ask before the transfer from Capital One to Goldman Sachs? Also, what happens to my account history? My GM card is one of my oldest credit cards (2004).

[dmFICO8]

I just noticed the web site is updated, new applicant can apply for the new card now.

"THE ALL-NEW MY GM REWARDS CARD™ IS HERE"

https://experience.gm.com/rewards/card/my-gm-rewards-card

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@James3 wrote:

Is there anything I should do or ask before the transfer from Capital One to Goldman Sachs? Also, what happens to my account history? My GM card is one of my oldest credit cards (2004).

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You don't have to do anything. From experience when credit card transfers from one lender to another, "new account" will retain history of old account, and old account will either report closed/transferred or remove from credit report. If your gm card account is older than your AAoA (average age of accounts) and "old account" is reported closed, you get an AAoA boost from an extra closed account. My gm card is second oldest account, 3 months younger than my oldest, that's why I keep it open and like the transfer. As an existing holder, I still have not received any new info other than the February date.

[dmFICO8]

I spoke too soon, I received the new GM Card terms and agreement in a big envelope today.

At this point, "expect a new card from Marcus to replace your existing card this winter", "Your account will automatically transition from Capital One to Marcus by Goldman Sachs in February 2022", "No impact to your credit score" and "No action is required by you at this time".

[James3]

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You don't have to do anything. From experience when credit card transfers from one lender to another, "new account" will retain history of old account, and old account will either report closed/transferred or remove from credit report. If your gm card account is older than your AAoA (average age of accounts) and "old account" is reported closed, you get an AAoA boost from an extra closed account. My gm card is second oldest account, 3 months younger than my oldest, that's why I keep it open and like the transfer. As an existing holder, I still have not received any new info other than the February date.

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Thanks, this is good news. I called Capital One today and confirmed that the entire account (including account opening date) transfers.

I was also poking around on the Marcus by Goldman Sachs site and found out that new cards will start arriving February 22.

[Anonymous]

Do you think Goldman will be less strict with CLI's?

Cap 1 would not budge. I think they might have bucketed that card.