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Goldman Sachs partnered with General Motors to issue co-branded rewards credit cards, starting September 2021. Mastercard will remain the network for new credit cards. Other terms of the agreement haven't been disclosed yet.
While Goldman Sachs will be the issuing bank for GM credit cards, existing cardholders will see no changes to their card accounts prior to September.
"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."
The first GM consumer card was launched in 1992. Since then customers have redeemed earnings towards the purchase of new GMC, Buick, Chevrolet, and Cadillac vehicles.
In 2019, Goldman Sachs partnered with Apple to launch a groundbreaking new credit card - Apple Card. Now the company forms a multi-year relationship to be an issuing bank for GM's credit card programs - a significant expansion of their portfolio.
"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."