Earlier this week, General Motors announced its partnership with Marcus by Goldman Sachs to launch a new co-branded credit card and rewards program – My GM Rewards Card, in an effort to digitize and bring its lending products under one umbrella.
For Goldman Sachs, this represents its second big retail partnership after issuing the Apple Card in 2019. The company bought GM’s credit card portfolio for $2.5 billion in 2020 from Capital One, winning over rival Barclays. This was its second victory over the British lender after its rewards program with Apple was cut ahead of the Marcus partnership for the Apple Card.
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