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

Sheridan_Smith
Regular Contributor

Re: Goldman Sachs to buy Capital One

My brother has had the GM card from the start.  Been through several ownership changes.  He was a GM guy at the time and it was useful for him.  But the utility of the card has eroded over the years, and I'm not sure what the attraction of it is any more.  I would guess GS wants it because it has, at this point, a lot of older, financially stable card holders who haven't kept up with better products that are available to them.  The card's a turkey as far as I'm concerned.

Message 21 of 45
fatcomic
Regular Contributor

Re: Goldman Sachs to buy Capital One


@Sheridan_Smith wrote:

My brother has had the GM card from the start.  Been through several ownership changes.  He was a GM guy at the time and it was useful for him.  But the utility of the card has eroded over the years, and I'm not sure what the attraction of it is any more.  I would guess GS wants it because it has, at this point, a lot of older, financially stable card holders who haven't kept up with better products that are available to them.  The card's a turkey as far as I'm concerned.


 

The only real benefit is 5% cash back that can be used towards a down payment on a GM vehicle.  The 5% CB is capped at $2,500 a year I think, I don't use mine because Cap1 has basically given such low credit limits that makes the cards useless to most holders.  I think the largest CL I've seen from anyone on here was either $1,000 or $1,250 - most are only $500 or $750.      I think Cap1 might be glad GS is taking them over, I think they have given up on this product a long time ago.   


Message 22 of 45
Janus
Senior Contributor

Re: Goldman Sachs to buy Capital One

Funny. Though when i read the title I immediately assumed it was false or slightly incorrect, I can't believe for one minute that Cap1 would ever sell themselves. That would be the deal of the century no doubt, and personally don't see GS being able to afford lock stock and barrel. 






Message 23 of 45
Yankee2
Regular Contributor

Re: Goldman Sachs to buy Capital One

I had the GM Extended Family card since 2003. (Closed in 2019)

 

Originally the 1% was an attractive feature, but credit cards have changed a lot in 16 years....Smiley Happy

 

There was a comment of low CL, mine was $17,500, but that was also before Capital One had it.

 

I was going to keep it for credit history (my second oldest card)  but with only 1% back, and only redemtions in $50 increments, it wasn't worth keeping. 

 

 

Message 24 of 45
sxa001
Established Contributor

Re: Goldman Sachs to buy Capital One

I wouldn't mind things getting shaken up at CapitalOne, but alas the article was wrong.

My stepbrother has(d) the GM card.  AFAIK, he used a bunch of points (or whatever they are with the card) towards his truck.  I guess if you don't have a bunch of other cards and can put the bulk of your spend on this card over a number of years to use towards a vehicle it can work out.  I personally don't want to be locked in to a single manufacturer when I go vehicle shopping.  





Message 25 of 45
FinStar
Moderator

Re: Goldman Sachs to buy Capital One


@fatcomic wrote:

@Sheridan_Smith wrote:

My brother has had the GM card from the start.  Been through several ownership changes.  He was a GM guy at the time and it was useful for him.  But the utility of the card has eroded over the years, and I'm not sure what the attraction of it is any more.  I would guess GS wants it because it has, at this point, a lot of older, financially stable card holders who haven't kept up with better products that are available to them.  The card's a turkey as far as I'm concerned.


 

The only real benefit is 5% cash back that can be used towards a down payment on a GM vehicle.  The 5% CB is capped at $2,500 a year I think, I don't use mine because Cap1 has basically given such low credit limits that makes the cards useless to most holders.  I think the largest CL I've seen from anyone on here was either $1,000 or $1,250 - most are only $500 or $750.      I think Cap1 might be glad GS is taking them over, I think they have given up on this product a long time ago.   


There's been a few members that have reported decent CLs on the GM card.  Mine's $15,500 (opened mid-2016), but they stopped giving CLIs long ago.  So, it should be interesting once GS acquires the GM card portfolio.  It would be nice if the rewards program could be a bit more flexible.

Message 26 of 45
NoMoreE46
Established Contributor

Re: Goldman Sachs to buy Capital One


@Janus wrote:

Funny. Though when i read the title I immediately assumed it was false or slightly incorrect, I can't believe for one minute that Cap1 would ever sell themselves. That would be the deal of the century no doubt, and personally don't see GS being able to afford lock stock and barrel. 


It appears that Message 7 was possibly moved/merged into this original posting....

 

Amazon Prime Store 10,000
Apple Card GS 14,000
Barclays Rewards 17,000
Cap One Savor 5,000
Cap One Venture X 30,000
Citi Custom Cash 8,000
Discover It 20,500
PenFed Plt Rewards 15,000
PNC Points 12,000
Target Redcard MC 13,000
WF Active Cash 10,000
WF Propel 21,000
Message 27 of 45
coldfusion
Community Leader
Super Contributor

Re: Goldman Sachs to buy Capital One


@NoMoreE46 wrote:

@Janus wrote:

Funny. Though when i read the title I immediately assumed it was false or slightly incorrect, I can't believe for one minute that Cap1 would ever sell themselves. That would be the deal of the century no doubt, and personally don't see GS being able to afford lock stock and barrel. 


It appears that Message 7 was possibly moved/merged into this original posting....

 


2 threads discussing the same topic were merged.



(11/2021)
FICO 8 (EX) 806 (TU) 833 (EQ) 827
FICO 9 (EX) 828 (TU) 841 (EQ) 842

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 28 of 45
Charmante
Frequent Contributor

Re: Goldman Sachs to buy Capital One

When should this occur? It's great, because I literally found this because I was inquiring about opening a GM Card, as it would be beneficial for me -- but immediately decided NO once I read Capital One... So this would be a YES for me...

Message 29 of 45
OmarGB9
Community Leader
Super Contributor

Re: Goldman Sachs to buy Capital One


@Charmante wrote:

When should this occur? It's great, because I literally found this because I was inquiring about opening a GM Card, as it would be beneficial for me -- but immediately decided NO once I read Capital One... So this would be a YES for me...


It appears it already did.


Last App: 05/30/2021
Capital One Auto Refinance Loan

Currently rebuilding as of 04/11/2019.

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Message 30 of 45
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