GM, Goldman Sachs, Mastercard join forces on credit card venture

Goldman will be the issuing bank for GM's credit card programmes starting in September 2021. Mastercard will remain the network of choice, according to a joint release. The announcement comes just a few months after Goldman Sachs Group purchased GM's credit card business for about USD 2.5 billion, outbidding rival Barclays, the Wall Street Journal reported, cited by FoxBusiness.com.

GM has been developing co-branded rewards card programs since launching its first consumer card in 1992. Since then, customers have been able to redeem earnings toward Chevrolet, Buick, GMC and Cadillac vehicle purchases. Goldman is also working with Apple on a joint credit card, Apple Card, which also uses the Mastercard network.

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