Goldman Sachs Will Take Over GM s Credit-Card Business TheStreet 1/16/2021
Goldman Sachs will take over General Motors credit-card business, the two companies said Friday.
The New York investment firm will be the issuing bank for the Detroit automaker s credit-card programs, with the start of the program targeted for September. Mastercard will remain the network for the cards. We chose to partner with Goldman Sachs because of their proven ability to innovate, Chuck Thomson, GM s general manager of retail sales and marketing support, said in a statement.
Terms of the multiyear agreement weren t disclosed.
GM launched its first consumer card in 1992. Since then customers have redeemed earnings toward the purchase of new Chevrolet, Buick, GMC and Cadillac vehicles.