Goldman Sachs Credit Cards

Goldman Sachs offers a variety of credit cards to suit different financial needs. Its card products include a rewards credit card, personal loan product, and an online savings account with competitive interest rates. The bank also offers a mobile banking app that makes it easy to manage your finances. The company has a history of offering a wide range of credit cards and loans with no fees.

The company has partnered with Apple and General Motors to launch co-brand credit cards that offer unique rewards for cardholders. The cards can be used in conjunction with an iPhone or Apple Pay and are part of the Marcus by Goldman Sachs platform. Credit card holders can redeem rewards for cash back, merchandise, and even vehicle purchases. The cards are Mastercard products and can be applied for through the Goldman Sachs app or website.

GM Business Card

In an attempt to diversify its revenue and funding sources, the firm has diversified its product offerings with savings accounts, credit cards, and loans through its Marcus division. The company recently purchased a portfolio of General Motors credit cards from Capital One Financial Corp (COF.N). The GM credit card portfolio acquisition brought in over 3 million new customers and boosted Goldman’s Marcus by Goldman Sachs brand to include consumer lending. GM Business Card offers premium rewards on GM purchases. This card is available to GM and other business owners with fair or excellent credit. The card is available through a partnership with Mastercard and can be used anywhere that accepts Mastercard.

Apple Card

In 2019, the company launched Apple Card, a credit card designed with consumer privacy and transparency in mind. The card includes no fees, daily cash back, and seamless integration with the iPhone. It is a great option for people who are looking to improve their financial health.

The Apple Card is an example of a Goldman Sachs credit card that allows consumers to earn rewards and benefits for using the card. The card’s introductory APR is 0% for the first 12 months on purchases, and the card offers 4X points on all purchases. The card uses a soft inquiry on TransUnion and is available to consumers with good to excellent credit scores. Those with poor or fair credit may see a lower credit limit.

How to Apply for a Goldman Sachs Credit Card?

When you apply for a Goldman Sachs credit card, the bank will conduct a hard inquiry of your credit report to determine your eligibility for a card. The hard inquiry will affect your FICO score. In addition, Goldman Sachs will consider your current debt obligations and income in making a decision about your application.

The Goldman Sachs credit card application process is simple and quick. You can apply online or in person at a branch location. Depending on your circumstances, you may be approved for a lower credit limit than the amount you requested. If you are not approved, you will receive a letter explaining the reason for the denial.

The Capital One Portfolio Purchase

In 2021, Goldman Sachs announced that it was acquiring a portfolio of credit-card debt from Capital One. This was an effort to expand its consumer offerings and gain new customers. However, the portfolio had higher delinquency rates than similar portfolios at other banks. This led to a significant loss for the bank.

Goldman Sachs has dropped plans to develop its own branded credit card, a casualty of the company’s strategic shift in consumer finance. This move is likely a result of the recent economic turmoil, which has forced many banks to slow their growth plans and limit their exposure to consumers.