Five Questions with GM and Marcus by Goldman Sachs – Tearsheet

Marcus by Goldman Sachs announced earlier this year that it is partnering with General Motors to launch a new co-branded credit card and rewards program.

For Goldman Sachs, this is Marcus’ second major retail partnership after issuing the Apple Card in 2019. The investment bank bought GM’s credit card portfolio in 2020 for $2.5 billion. dollars to Capital One, beating rival Barclays. Card partnerships represent a strategic growth opportunity for Marcus.

For GM, one of the first retailers to introduce branded credit cards in the United States, the partnership represents an all-digital strategy for its new rewards card and loyalty program.

GM’s new credit card has been designed to be used seamlessly on mobile devices – cardholders can instantly add the card to their mobile wallet directly from the Marcus app and access features such as locking the physical card, updating an address or phone number, and even generating a new digital card number for enhanced security.

The rewards program allows cardholders to redeem points for a new GM vehicle, Certified Pre-Owned vehicle, service, parts, accessories and more. As for benefits, these include 7x points for every dollar spent at GM and 4x points for other purchases. Each point is worth a penny when redeemed.

On February 22, the two companies hosted their first appreciation experience with NASCAR driver Austin Dillon at the Chevrolet Daytona Experience Center.

“We were thrilled to be with consumers and thrilled to partner with Chevy Ambassador Austin Dillon. NASCAR fans‘ passion for the Chevrolet brand is unmatched. It was the perfect place to launch a new card that will deliver giving enthusiasts of Chevrolet and other GM brands new ways to engage with the brands they love,” company spokespersons said.

“We are excited to offer consumers and cardholders additional experiences throughout the year.”

Tearsheet spoke with John Lazzati, Managing Director of Consumer Cards at Goldman Sachs, and Julie Heisel, Director of GM Rewards and GM Cards, about the launch of the automaker’s new My GM Rewards card.

How was the partnership between Goldman Sachs, General Motors and Mastercard built?

Julie Heisel: GM has a long partnership with Goldman Sachs and Mastercard. When we were looking for partners for this new map, it was natural to turn to these two great companies.

John Lazzati: It became apparent early on that GM, Marcus by Goldman Sachs and Mastercard shared a similar goal of disrupting the market, bringing innovative products to consumers and doing so in a way that leverages our flexible technology to ensure seamless and simple customer experience.

How has it been so far? What is the reaction to the card?

Julie Heisel: We are delighted with the first results. Consumers are flocking to the card and using it immediately thanks to the instant access they get with this product through the Marcus app, so we’re seeing immediate usage in many cases.

John Lazzati: They are also absolutely amazed that they can earn 7 points in the GM ecosystem and 4 points everywhere else.

How do you approach card marketing and customer acquisition?

John Lazzati: We’ve created a revolutionary, market-leading rewards card with 4X and 7X points to help our customers get more out of GM products and services. We want the card to be present where customers already operate, which is why we have integrated it into the GM digital ecosystem and into 4,000 dealerships. Additionally, we are leveraging the marketing expertise of Marcus by Goldman Sachs to expand into other channels where GM customers are located.

Julie Heisel: We also invite all GM owners and potential owners to take advantage of this great opportunity. offered by this card.

This is the second Goldman Sachs card after Apple Card. How is this product different from the My GM Rewards Card?

John Lazzati: We leverage our flexible technology to meet the needs of our partners. While we are able to deeply integrate the Apple Card into the Apple experience, we have partnered with GM to integrate the My GM Rewards Card into their ecosystem and the all-new My GM Rewards loyalty program, while simultaneously leveraging built on the native digital components of the Marcus. Technology. With these two partnerships, we put customers at the center of everything we do, and we are constantly looking for ways to bring innovation to our products and services alongside our partners.

Julie Heisel: The all-new My GM Rewards loyalty program includes Silver, Gold and Platinum levels. There will be three ways for a Rewards member to level up, and spending on the My GM Rewards card is one of those ways. This rewards program is unique in that we place customers into different tiers based on their previous vehicle purchase history, whereas it is more common in the industry for all customers to start at the same tier. Since we are all about rewards and loyalty, we wanted to show a new kind of appreciation to our rewards members.

Beyond the new card, on February 22 Goldman Sachs will take over the existing GM wallet from the previous issuer, what can customers expect when they join the Marcus by Goldman Sachs customer base?

John Lazzati: We are delighted to welcome all current GM Card customers to the Marcus by Goldman Sachs family. In addition to the enhanced value proposition they will receive, we will engage customers with a digital-first experience and seamless integration with the My GM Rewards loyalty platform in ways they have never experienced before. Beyond that, there are more ways to redeem the rewards than with the previous program.

Comments are closed.