We previously reported that both Goldman Sachs and Barclays were competing for the GM credit card portfolio that is currently owned and managed by Capital One. The WSJ is now reporting that Goldman Sachs will purchase the portfolio from Capital One for about $2.5 billion. The GM card has around 1 million cardholders that spend roughly $8.5 billion annually and $2.5 billion in outstanding balances. Goldman Sachs has been making a push into the consumer sector with the Apple credit card and Marcus by Goldman Sachs savings account.
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What’s the deal with Goldman getting the subprime credit market? Didn’t they don’t do institutional investors and the independently wealthy? (E.g. Marcus)
Shh ripping of the poor in large numbers to fund their rich-getting-richer schemes
I remember the GM Card being a big deal back in the ’90s when it was issued by Household Bank. I am surprised people still carry the card.
I’ve had the GM Card for decades back when it was still with HSBC. During one of the earlier recessions (dotcom bust? not sure), they cut my credit limit down to $305. When Capital One took over, they were “generous” and increased my limit to $600. Just recently, I asked for a credit limit increase and they increased it to $1,600. Needless to say, I don’t even keep this card in my wallet. I should mention that I used the GM benefit from this card four different times. Hope Goldman Sachs comes to their senses? Or maybe they’ll just cancel my account.
I have had the GM card for over 25 years and use it up to the $10,000 max spend each year. Usually get a new GM car or truck every 5 – 6 years. Most years they add up to $2,000 in bonus earnings so wind up getting about $5,000 off of new vehicle.
Do sales like this typically mean that 0% offers or benefit refreshes are coming?
No gamechanging benefits but the limited price protection (4/yr) and extended warranty (2x up to 24months) make a great combo.
Cell phone protection up to $800 with $50 deductible isn’t too shabby.
I guess MSing on this card will get a whole lot more acceptable, given G-Sox’ reputation for being, well, themselves…
Ho hum. I’ve kept the GM card around for decades, mainly to preserve its positive impact on the credit score. But use it? Meh. Last century, I used it to help buy a now ancient Pontiac Montana….. Miraculously, it still runs. (as I fix the mechanics’ endless nightmare/goldmine myself) But wouldn’t want to buy a new gm car now of any flavor (they deserved to go bankrupt, sadly), and besides, GM has essentially stopped making cars…… and I have no interest in a 50k+ SUV. So I keep the card and its credit line for occasional temp. bal/trans use, and not much more.
The amount of spending on this card to rack up a relative pittance towards purchase of a new GM is just mind-boggling. (esp. compared to far more benefits worthy spending on this century’s travel cards – from Chase on down) Don’t get why others apparently still use the ancient GM card for anything much. No doubt Capital One has realized this — and is happy to unload the sleepy card elsewhere. Financial reporters, clueless.
I mean, I guess I agree, but if you are looking for more cards to get at least 2% back without a forex fee…why not use it, if you know what I mean? 😉
Come dude, Camaro ! GM still makes cars.
Cap1 must be busy with the subprime loans to all those clueless Carvana buyers.
The most useless set of cards ever.