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

sccredit
Valued Contributor

Re: Goldman Sachs to buy Capital One

Looks like September according to this

 

https://www.thebalance.com/goldman-sachs-named-issuing-bank-of-gm-credit-cards-5095743

Ch 7 Discharge 3/12/2018
Cap One VentureOne $3,500, CapOne Savor $5,300, Kohls $3,000, Comenity MC $4,900
Infiniti Financial Lease (Ends 11/2021
California Coast CU Auto Loan $36k 2.48%

Goal: New Mortgage 3/2022
Message 31 of 45
James3
New Member

Re: Goldman Sachs to buy Capital One

Goldman Sachs will be the issuing bank for GM’s credit card programs, with a targeted start of September 2021. Mastercard will remain the network of choice for the offerings.

 

Maybe Goldman Sachs can convince me to use this card for something. The GM card is definitely the least useful of my cards.

Message 32 of 45
designated_knitter
Established Contributor

Re: Goldman Sachs Lands 2 Billion GM Credit Card Business

Boy, the Cap1 Buypower card was absolute garbage -- an Elite MC that gave everyone starting limits of 300 bucks!  (wooo, don't spend it all in one place!). And it never grew either.  Maybe after 200 years, you might be able to afford a decent discount on a car...

 

If the sale of this card is anything like when Cap1 sold the Sony card to Comenity last year, it is a good thing.  In the 3 years that I had the Sony card with Cap1, I only got 1 or 2 small CLIs to bring it up to a 2200 total CL.  It took a year before Comenity gave me a CLI but they gave me an auto CLI of 500 bucks in November.  Since then, I have hit the luv button twice and it is now sitting at 4900 bucks!  

 

It does make you wonder if Cap1 is in trouble since this is at least the 2nd co-branded card they have sold off in 2 years.

 

I realize Goldman Sachs is most definitely not Comenity but seriously, they couldn't be any worse than Capital 1

Started Over Again after Cap1 Death Penalty:
06/15/2019:
03/02/2021:
04/06/2021:
05/28/2021:
Lesson Learned: DON'T POKE THE BEAR!!! THE BEAR WILL WIN!!!
Message 33 of 45
PaHi808
Valued Member

Re: Goldman Sachs Lands 2 Billion GM Credit Card Business

@designated_knitter Maybe they are in trouble and that is actually why they have become so utterly tight...?

Message 34 of 45
FinStar
Moderator

Re: Goldman Sachs Lands 2 Billion GM Credit Card Business


@PaHi808 wrote:

@designated_knitter Maybe they are in trouble and that is actually why they have become so utterly tight...?


Quite the contary @PaHi808, GS is doing pretty well, Capital One is not "in trouble" + the GM consumer cards contract was due to be renewed.  So, whichever party offered the most attractive or competitive bid (plus a number of other key factors in the purchase) was the one that won the contract.

Message 35 of 45
Goos
New Contributor

Re: Goldman Sachs Lands 2 Billion GM Credit Card Business

Don't mean to disturb an old thread , but anyone heard anything ? We are running out of September . Just curious to see the offering and maybe apply . 

Message 36 of 45
ChargedUp
Senior Contributor

Re: Goldman Sachs Lands 2 Billion GM Credit Card Business


@Goos wrote:

Don't mean to disturb an old thread , but anyone heard anything ? We are running out of September . Just curious to see the offering and maybe apply . 


Evidently the move is still in the process. New apps aren't being accepted until after the new lender has taken over.

 

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

AODFCU 3% Visa ($10K), Amex PRG (NPSL), Amex Blue Cash ($27K), Amex Simply Cash+ ($4K), Amex Business Cash ($22.5K), Discover ($29.7K), Cap 1 Union Plus MC ($2750), Chase FU Visa Sig ($12K), Chase F Visa Sig ($8.3K), Chase CSP Visa Sig($6.5K), FCB/Elan Rewards Visa Sig($15K), Buckle ($1.3K), BofA AAA Rewards ($84.5K), Paypal credit ($10K), BBVA Clearpoints ($7.5K), Cap 1 Savor ($13K), PenFed PCR ($5K), Bank of the West CB MC ($3K), PNC Cash Rewards ($14K), NASAFCU Rewards Visa ($20K), BOC/Elan Max Cash MC ($25K), BoA Business Customized Cash Rewards MC ($8k), Chase Amazon Visa ($35K)
Message 37 of 45
Goos
New Contributor

Re: Goldman Sachs Lands 2 Billion GM Credit Card Business

Yeah , I was hopeful someone had an update . The articles all sad September but I guess , just have to be patient . Not my strongest attribute . 


@ChargedUp wrote:

@Goos wrote:

Don't mean to disturb an old thread , but anyone heard anything ? We are running out of September . Just curious to see the offering and maybe apply . 


Evidently the move is still in the process. New apps aren't being accepted until after the new lender has taken over.

 

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


 

Message 38 of 45
FinStar
Moderator

Re: Goldman Sachs Lands 2 Billion GM Credit Card Business


@Goos wrote:

Yeah , I was hopeful someone had an update . The articles all sad September but I guess , just have to be patient . Not my strongest attribute . 


@ChargedUp wrote:

@Goos wrote:

Don't mean to disturb an old thread , but anyone heard anything ? We are running out of September . Just curious to see the offering and maybe apply . 


Evidently the move is still in the process. New apps aren't being accepted until after the new lender has taken over.

 

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


 


@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.

Message 39 of 45
Red1Blue
Super Contributor

Re: Goldman Sachs Lands 2 Billion GM Credit Card Business


@FinStar wrote:



@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.


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.

Message 40 of 45
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