Under the collaboration, Goldman Sachs will be the issuing bank for GM’s credit card programs, with a targeted start of September 2021. Mastercard will remain the network of choice for the offerings, and current cardmembers will see no changes to their card accounts before this time.
“We chose to partner with Goldman Sachs because of their proven ability to innovate. 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,” said Chuck Thomson, GM general manager of retail sales and marketing support.
GM has been a leader in co-branded rewards card programs, launching its first consumer card in 1992. Since then 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. Our focus remains on delivering a simple and transparent experience that helps customers manage their spending and borrowing needs better,” said Omer Ismail, Goldman Sachs global head of consumer business.
“We are proud to renew our business with GM and launch this new program with Goldman Sachs. Together, we will drive innovation in loyalty, digital and next-generation payment initiatives,” said Linda Kirkpatrick, president of North America, Mastercard.
Mastercard is a global technology company in the payments industry. It’s Cyber & Intelligence team has been working with SMBs, and the Trust Center is the culmination of such work and partnerships. The firm is committed to building a more inclusive digital economy that works for everyone. As part of its response to the COVID-19 pandemic, the firm has pledged $250 mn in financial, technology, product, and insights support over the next five years to SMBs worldwide, supporting the financial security and vitality of businesses and their workers.