January 15, 2021
DETROIT and NEW YORK — The Goldman Sachs Group, Inc. (NYSE: GS) and General Motors Co. (NYSE: GM) along with Mastercard (NYSE: MA) announced today the formation of a multi-year relationship for co-branded rewards-based credit cards. Goldman Sachs will be the issuing bank for GM’s credit card programs, with a targeted start of September 2021. Mastercard will remain network of choice for the offerings.
Current cardmembers will see no changes to their card accounts prior to this time.
“We chose to partner with Goldman Sachs because of their proven ability to innovate,” said Chuck Thomson, GM general manager of retail sales and marketing support. “The foundation of this partnership, including our continued work with Mastercard, is our shared values – to put the customer at the center and deliver exceptional experiences.”
GM has been a pioneer in co-branded rewards card programs, launching its first consumer card in 1992. Since then millions of customers have redeemed earnings toward the purchase of new Chevrolet, Buick, GMC and Cadillac vehicles.
“We are excited to partner with GM to reimagine the credit card experience for GM customers,” said Omer Ismail, Goldman Sachs global head of consumer business. “Our focus remains on delivering a simple and transparent experience that helps customers manage their spending and borrowing needs better.”
“We are proud to renew our business with GM and launch this new program with Goldman Sachs,” said Linda Kirkpatrick, president of North America, Mastercard. “Together, we will drive innovation in loyalty, digital and next generation payment initiatives.”
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries can be found at https://www.gm.com.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
This article is for informational purposes only and is not a substitute for individualized professional advice. Individuals should consult their own tax advisor for matters specific to their own taxes and nothing communicated to you herein should be considered tax advice. This article was prepared by and approved by Marcus by Goldman Sachs, but does not reflect the institutional opinions of Goldman Sachs Bank USA, Goldman Sachs Group, Inc. or any of their affiliates, subsidiaries or division. Goldman Sachs Bank USA does not provide any financial, economic, legal, accounting, tax or other recommendation in this article. Information and opinions expressed in this article are as of the date of this material only and subject to change without notice. Information contained in this article does not constitute the provision of investment advice by Goldman Sachs Bank USA or any its affiliates. Neither Goldman Sachs Bank USA nor any of its affiliates makes any representations or warranties, express or implied, as to the accuracy or completeness of the statements or any information contained in this document and any liability therefore is expressly disclaimed.
Join our Marcus social media community, where we share content and inspiration to help improve your financial health. See you there!