The environment remains competitive for most consumers. But people with lower credit scores can be paying an average of around 24%. The average credit card rate is 16.13%, according to. Know the interest rate that you're paying for any credit card, as everyone isn't paying the same rate.

For eligible GM electric vehicle owners, a $100 statement credit is available when you make six electric bill payments using the card per calendar year (Cardmembers must add their GM electric vehicle to their profile through My Account.).

Gold and Platinum card members can receive a $100 statement credit for every $1,500 spent on fuel per calendar year.

A bonus for those signing up for the card of 10,000 points after spending $1,000 on the My GM Rewards Card in the first 90 days.

The interest rates are variable, and could go up or down in the future based on shifts in the prime rate. After that intro rate, the annual rate on the card will range from 14.99% to 24.99%, depending on your credit score.

A 0% introductory rate for the first nine months only.

While consumers might leave their wallet at home, Lazzati joked that they do not leave their phones behind when they leave the house.įeatures for those signing up for the card include: He noted that consumers do not have to wait seven to 10 days to receive a card in the mail but can use the available credit immediately upon approval.

Lazzati said the system works behind the scenes to verify a consumer's identity to avoid fraud. Lazzati described a smooth online application process where credit can be issued immediately to those who qualify. The program will include a virtual card on the Marcus mobile app.Ĭonsumers will type in information including their income, address and Social Security number. In 2019, Marcus partnered with Apple to launch the Apple Card.Īpplications for the new card are already available at. The My GM Rewards Card marks the second credit card to be issued through Marcus By Goldman Sachs. Marcus by Goldman Sachs, the consumer banking platform of the investment banking powerhouse, will gain even more recognition with everyday consumers by connecting with the giant Detroit-based automaker. The card will remain part of the MasterCard lineup. GM is ending its credit card partnership with Capital One in late February. Gold and Platinum rewards members can now redeem points toward the purchase of GM Certified Pre-Owned vehicles and their points do not expire.īoth sets of customers will get information about setting up their new account with Marcus by Goldman Sachs in the coming weeks. They don’t need to take any action and can keep using their card. Each tier unlocks higher points earnings and redemption caps. The card has three membership tiers - Silver, Gold and Platinum - where customers can level up as they spend.

Julie Heisel, director of GM Rewards and GM Card, called the new My GM Rewards 'a big win for our customers with more ways to earn and redeem points, including premium tiers of membership with exclusive offers and opportunities.” The My GM Rewards Card is designed to drive GM car and truck sales - and reward loyal customers. 'Points earned today can be redeemed tomorrow,' John Lazzati, managing director for consumer cards at Marcus by Goldman Sachs, said in a press call Monday announcing the major change. General Motors, which first introduced its branded credit card 30 years ago, is moving to a new digital platform and partnership with Marcus by Goldman Sachs.

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