General Motors (NYSE:GM), Goldman Sachs (NYSE:GS), and MasterCard Inc. (NYSE:MA) Partner On Co-branded Reward Credit Cards

General Motors Company (NYSE:GM), Goldman Sachs Group (NYSE:GS), and MasterCard Inc. (NYSE:MA) have announced a multi-year partnership for the issuance of co-branded reward credit cards this year. Goldman Sachs will issue the GM rewards-based credit card from September 2021 and Master will be the network of choice for this offerings.

Goldman Sachs to issue GM’s reward credit card

This announcement comes just months following the purchase of GM’s credit card business by Goldman Sachs for $2.5 billion. Goldman Sachs’ Consumer Business Global Head, Omer Ismail indicated that the bank’s goal is reimagining the credit card experience for General Motor’s customers. He added that the bank’s focus will be to deliver a simple and transparent experience to help customers manage borrowing and spending needs.

Goldman Sachs has indicated that it expects to expand its consumer loans portfolio to $20 billion going forward. As part of the efforts, the bank also recently announced a credit card with Apple (NASDAQ:AAPL) and has also started vacation financing with JetBlue Airways Corporation (NASDAQ:JBLU).

GM has issued co-branded reward credit programs since 1992

GM has developed co-branded rewards credit card programs for almost three decades since it launched the first card in 1992. Since the launch customers have been redeeming rewards towards Buick, GMC, Cadillac, and Chevrolet vehicle purchases. GM has been looking at ways of funding its auto business and recently it applied to form an industrial loan company.

Chuck Thomson, GM’s retail sales and marketing support sales manager, Chuck Thomson indicated that they chose to partner with Goldman Sachs since the bank has proven innovative ability. He added that the foundation of the multi-year partnership is putting customers at the center and delivering exceptional experiences. Interestingly current cardholders do not expect any card accounts changes before September.

MasterCard’s North American president, Linda Kirkpatric said that they are proud to renew business with General Motors and launch the new credit card program with Goldman Sachs. Linda said that the companies want to work together to drive innovation in loyalty, next-generation, and digital payment initiatives.