January 15, 2021/Mastercard
The Goldman Sachs Group, Inc. (NYSE: GS) and General Motors Co. (NYSE: GM) along with Mastercard (NYSE: MA) announced today the formation of a multi-year relationship for co-branded rewards-based credit cards. Goldman Sachs will be the issuing bank for GM’s credit card programs, with a targeted start of September 2021. Mastercard will remain network of choice for the offerings.
Current cardmembers will see no changes to their card accounts prior to this time.
“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.”
GM has been a pioneer in co-branded rewards card programs, launching its first consumer card in 1992. Since then millions of 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,” 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.”
“We are proud to renew our business with GM and launch this new program with Goldman Sachs,” said Linda Kirkpatrick, president of North America, Mastercard. “Together, we will drive innovation in loyalty, digital and next generation payment initiatives.”