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

fatcomic
Regular Contributor

Re: Goldman Sachs Lands 2 Billion GM Credit Card Business

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?  


Message 11 of 45
RSX
Valued Contributor

Re: Goldman Sachs Lands 2 Billion GM Credit Card Business

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

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Message 12 of 45
chiefone4u
Established Contributor

Goldman Sachs to buy Capital One

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. 

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Message 13 of 45
Slabenstein
Valued Contributor

Re: Goldman Sachs to buy Capital One

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.


Message 14 of 45
Dinosaur
Moderator Emeritus

Re: Goldman Sachs to buy Capital One

Will keep an eye out on this action? Sure might change the Cap1 environment if it is where the action is?
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Message 15 of 45
Brian_Earl_Spilner
Community Leader
Mega Contributor

Re: Goldman Sachs to buy Capital One

They're not buying cap1, they're buying an arm. It would be like buying Citi financial or DSNB.




Message 16 of 45
rostrow416
Frequent Contributor

Re: Goldman Sachs to buy Capital One

They are only buying the arm of Capital One that holds the GM cobranded credit card accounts.

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Message 17 of 45
OmarGB9
Community Leader
Super Contributor

Re: Goldman Sachs to buy Capital One


@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.


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Message 18 of 45
coldfusion
Community Leader
Super Contributor

Re: Goldman Sachs to buy Capital One

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. 



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Message 19 of 45
M_Smart007
Epic Contributor

Re: Goldman Sachs to buy Capital One

But I read it on the internetSmiley Wink

Message 20 of 45
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