General Motors Co on Monday launched a credit card with Goldman Sachs Group Inc and revamped its rewards program to let customers earn more points to put toward buying or leasing Buicks, Cadillacs and other GM cars, the automaker and bank said in a joint statement.
Register now for FREE unlimited access to Reuters.comGoldman launched Marcus in 2016 to diversify its revenue and funding sources by offering traditional consumer banking products like savings accounts and, since 2019, a credit card with Apple IncThe card gives customers 7 points per $1 spent at GM, and 4 points per $1 spent elsewhere, with an annual interest rate of between 14.99% and 24.99%, after an initial promotional period.
GM hopes its rewards program - an industry-first when it launched in 2018 - will drive more customers to redeem those points for new and used car purchases, or parts, accessories or OnStar services.Reporting by Elizabeth Dilts Marshall in New York Editing by Matthew LewisSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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