In a significant move within the credit card world, Barclays has officially taken over the General Motors (GM) credit card portfolio from Marcus by Goldman Sachs. This change impacts hundreds of thousands of cardholders—and if you're one of them, here's what this means for you.

Why the Switch Happened

Goldman Sachs entered the consumer credit card business with high hopes, launching Marcus cards and managing co-branded programs like Apple and GM. But after facing mounting losses and operational hurdles, the bank began retreating from its consumer ambitions.

GM and Goldman Sachs agreed to part ways, and Barclays stepped in as the new issuer of the GM credit card program in early 2024. The deal, completed in 2024, marks more than just a routine handoff—it reflects a significant pivot in Goldman’s consumer banking strategy, and a costly one, with the bank reportedly taking a $400 million loss on the GM card partnership.

This move fits squarely within Barclays’ long-term strategy: expanding its presence in the U.S. co-branded credit card space. The bank already manages cards for American Airlines, Gap, and Wyndham, making GM a strong addition to its portfolio.

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What Changes for GM Cardholders?

If you hold a GM Rewards Card previously issued by Marcus, here’s what’s changing—and what’s staying the same:

1. New Card Issuer: Barclays

Your card is now managed by Barclays. That means all customer service, online account access, and statements are handled through Barclays’ systems.

2. No Need to Reapply

The account transfer is automatic. You don’t need to reapply or undergo another credit check. Your credit limit, payment history, and account age all carry over—so your credit score won’t be affected.

3. Rewards and Benefits Stay Intact

The core rewards structure hasn’t changed. You’ll continue earning GM Reward Points that can be redeemed toward the purchase or lease of a new GM vehicle.

You still earn:

• 4% back on GM purchases
• 3% back at gas stations, restaurants, and grocery stores
• 1% back on everything else

There’s no annual fee, and your rewards don’t expire.

4. New App and Online Access

You'll now manage your GM Card through the Barclays mobile app or website. If you had alerts, autopay, or linked accounts set up under Marcus, you’ll need to re-establish those with Barclays.

5. Updated Customer Service

Support is now handled by Barclays’ team, which has a strong track record in managing co-branded card programs. Expect new contact details and service channels.

What Should Cardholders Do Now?

To stay on track, current GM cardholders should:

• Activate your new card, if one was issued.
• Download the Barclays app or enroll on their website to manage your account.
• Update any recurring payments or subscriptions tied to the old card.
• Review your transaction history and rewards to ensure everything transferred correctly.

Final Thoughts

While any issuer transition can feel disruptive, this one was designed to be as seamless as possible. Barclays is a seasoned player in the co-branded credit card space, and GM cardholders can expect continuity in rewards and benefits—with possibly better digital tools and customer support moving forward.

If you're a GM loyalist, the card remains a solid option. With high cash-back rates on everyday spending and no annual fee, it continues to offer meaningful value—now backed by an issuer that specializes in programs just like this one.