Update 6/29/22: Bonuses have been increased:
- My GM Rewards Card: 15,000 bonus after 1K spend
- GM Business Card: $500 to redeem at GM toward the purchase/lease
In late 2020 it was announced that Goldman Sachs had outbid Barclays for the GM portfolio of credit cards. It was reported Goldman Sachs purchased the portfolio from Capital One for $2.5 billion. Marcus By Goldman Sachs has now launched three new GM cards and provided information for existing users.
Existing Cardholders
- Marcus by Goldman Sachs will begin servicing GM your account on February 22
- You can use your old card until your new one arrives. Cards will begin arriving beginning February 22 and card deliveries will be happening through the first week of April.
- You’ll keep the value of your unused Earnings even after the transition.
- You’ll manage your account at marcus.com after the transition.
New Cards
Marcus by Goldman Sachs are offering three cards:
- My GM Rewards Card.
- No annual fee
- 10,000 points after $1,000 in your first 3 months
- Card earns:
- 7x points on GM purchases
- 4x points on all other purchases
- GM Business Card (accepts applications 2/18/22)
- Get $250 to redeem at GM towards the purchase or lease of eligible new GM vehicles after you spend $2,500 on purchases in your first 3 months from account opening
- No annual fee
- Card earns:
- 5% back on dealership parts or service
- 3% back on Gas, restaurants office supply stores
- 1% everywhere else
- GM Extended Family (accepts applications 2/18/22)
- No annual fee
- $100 after $1,000 in your first 3 months
- Earn 1% back on everyday purchases from gas and groceries to travel and tickets
I got 2 odd DP for the $100 EV credit. Last year all my utility payments counted towards this. I knew my natural gas should work as they sell electricity in other areas, but my water bill counted too.
This year was odder, I made a $5 electric payment on 1/2 and the bonus counter jumped to 5/6 payments. I have not used this card in months so nothing else could have counted. On 1/3 after the first one posted I tried again, but it stayed at 5/6. On 1/4 I did a $6 payment and today after it posted it is now 6/6.
I’ll update if the $100 posts, but I think they have a glitch of the payment being $1-$6 it will jump the counter that high. Could someone else test my theory and make a $6 electric payment? I wonder if we can get the $100 bonus for a single $6 utility payment.
So as an update. Even though the tracker showed I hit the bonus it did not pay out. Once I made 6 utility payments I got the confirmation email that I should be getting the $100 bonus in a few days. It never came through and after calling customer support multiple times over 6 weeks nothing was happening. Once I made a CFBP complaint magically the credit appeared less than 24 hours later and got my first call back from them saying it should be applied now.
Does getting (and spending) on this card make sense if purchasing a new GM vehicle? If unlimited points can be used at 4% everywhere, it seems like a great proposition (unless you want to manage gc on ink).
Absolutely, if you finance with gm you can do the 4x points towards your loan too. I wish I knew about it before I got my car, but I paid about $2k off my loan with this card.
I could of paid off my loan 6 months earlier, but it made more since to pay the interest for $1k and slowly pay it down with points
The business card is up to $750 in GM cash or whatever they call is for 5k spend.
Take care to active the gas rewards feature! I just got suckered this January by not doing that,.. not sure if activation is retroactive. Does anybody know? I guess I’ll find out.
(I’ve been using this card only for the $100 back after $1500 spend on gas. That equates to 6.7%, which I’ll take any day. But the trick is you have to activate the feature annually!)
Does the business card count towards the 5/24 limit? I want to use the card to put a down payment for a GM vehicle since it has 0% APR.
I would also like to know this
Thanks to this post I checked my card. I still have the CapOne card, even though I set up the Marcus online profile a few months ago. Asked about new card through chat. Turns out they are still processing the transition and indicated I’d get my new card sometime before the end of July, as should anyone who doesn’t have the new card yet.
On the plus side, they do write off a $1 balance each month just like Capital One did.
As discussed below this is a mostly useless card.
What’s worse: I found that while traveling abroad that they don’t allow account access via the phone app outside the US. Also, I was not getting email alerts for charges. I communicated with support via facebook and they said it was for security reasons. That’s bogus and none of the major card issuers do this.
Other weird stuff: the app still shows week-old charges as pending that the website shows as posted after a day. But the app also shows the original foreign currency charge and conversion rate on the pending items whereas the webiste doesn’t on the same posted same items. This is really a mess. They supposedly charge no foreign currecy fee (I’ll believe it when i see it), so I thought it would be a good card to use abroad but not after this.
Card is beyond useless. Customer service horrendous. Going into sock drawer because it’s been open 30 years
Agreed. I use it a bit because of
1) the $100 back on $1500 fuel is a 6.7% refund (as long as you stop there)
2) Has cell phone coverage via MasterCard which somehow none of my other WE MasterCards do (Citi, Cap One).
Got the GM card to rack up points towards a new vehicle purchase in the next couple years. The entire process has been absolutely horrible. Everyone at Marcus is a complete idiot that I’ve talked to, and their verification process during sign up is also cumbersome and terrible. Their website is horrible, and their tracking of rewards points is riddled with errors. They’ll also randomly lock my card for no reason, and when I called (multiple times) I got bounced around by multiple people until they finally hung up on me. When I called back, they said the department that needs to talk to me doesn’t take inbound calls, despite their email to me saying to call them. My card was locked for almost two weeks, and then one day just magically worked again. I still get random declines at stores, with no rhyme or reason.
TL;dr – Stay far away from this card, Marcus is a complete clusterf*** and I have no idea how they are legally allowed to run a credit card business.
My GM Rewards Card: 15,000 bonus after 1K spend
GM Business Card: $500 to redeem at GM toward the purchase/lease…
Considering the personal card if only to use the points for GM service.