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Everything You Need to Know about Marcus by Goldman Sachs GM Card

Everything You Need to Know about Marcus by Goldman Sachs GM Card

If you are looking for a credit card that offers great rewards and low fees, then the Marcus by Goldman Sachs GM Card might be right up your alley. Launched in partnership with General Motors, this credit card is designed for consumers who want to earn points towards a new car purchase.

In this article, we’ll go over everything you need to know about the Marcus by Goldman Sachs GM Card, including its benefits, fees, and how to get the most out of it.

Benefits of the Marcus by Goldman Sachs GM Card

The Marcus by Goldman Sachs GM Card offers a variety of benefits that make it an attractive option for those who are looking for a credit card with rewards.

Rewards Program

One of the biggest benefits of the Marcus by Goldman Sachs GM Card is its rewards program. Cardholders can earn 5% back on purchases made at GM dealerships, as well as 3% back on purchases made at gas stations, restaurants, and office supply stores. All other purchases will earn 1% back. The rewards can be redeemed towards the purchase or lease of a new GM vehicle.

No Annual Fee

Another benefit of the Marcus by Goldman Sachs GM Card is that it has no annual fee. This means that you can enjoy the rewards of the card without having to pay an annual fee for the privilege.

Low APR

The Marcus by Goldman Sachs GM Card also has a low APR, which can be a big advantage if you carry a balance on your credit card. Additionally, the card has a 0% introductory APR on purchases for the first 12 months after opening the account.

Fees Associated with the Marcus by Goldman Sachs GM Card

While the Marcus by Goldman Sachs GM Card has many benefits, it’s important to also consider the fees associated with the card.

Balance Transfer Fee

If you decide to transfer a balance onto your Marcus by Goldman Sachs GM Card, you will be charged a balance transfer fee of 3% of the amount being transferred.

Foreign Transaction Fee

If you use your Marcus by Goldman Sachs GM Card while traveling internationally, you will be charged a foreign transaction fee of 2% of the purchase amount.

Late Payment Fee

If you miss a payment on your Marcus by Goldman Sachs GM Card, you will be charged a late payment fee of up to $39.

How to Get the Most Out of Your Marcus by Goldman Sachs GM Card

To get the most out of your Marcus by Goldman Sachs GM Card, there are a few things that you can do.

Use It for GM Purchases

The biggest rewards come from using your Marcus by Goldman Sachs GM Card for purchases at GM dealerships. By doing so, you’ll earn 5% back on those purchases, which can add up quickly if you are planning on purchasing or leasing a new car.

Pay Your Balance in Full Each Month

To avoid paying interest and fees on your Marcus by Goldman Sachs GM Card, it’s important to pay your balance in full each month. This will also help you maintain good credit and avoid any damage to your credit score.

Take Advantage of the Introductory APR

If you need to make a larger purchase, consider taking advantage of the introductory APR offer. This will allow you to make the purchase without accruing interest for the first 12 months.

FAQs about the Marcus by Goldman Sachs GM Card

  1. Can I use my Marcus by Goldman Sachs GM Card for purchases outside of GM dealerships?

Yes, you can use your card for purchases anywhere that Visa is accepted. However, you will only earn 1% back on these purchases.

  1. Can I redeem my rewards for anything other than a new GM vehicle?

No, the rewards earned with the Marcus by Goldman Sachs GM Card can only be redeemed towards the purchase or lease of a new GM vehicle.

  1. What credit score do I need to be approved for the Marcus by Goldman Sachs GM Card?

The Marcus by Goldman Sachs GM Card requires a good to excellent credit score, typically a score of 670 or higher.

  1. How do I redeem my rewards for a new GM vehicle?

You can redeem your rewards by logging into your account and selecting the “Redeem” option. From there, you can choose to apply your rewards towards the purchase or lease of a new GM vehicle.

  1. Are there any other benefits to the Marcus by Goldman Sachs GM Card?

In addition to the rewards program, no annual fee, and low APR, the Marcus by Goldman Sachs GM Card also offers fraud protection and access to your FICO credit score.

Conclusion

The Marcus by Goldman Sachs GM Card is an excellent option for those who are looking for a credit card with rewards that can be used towards the purchase of a new GM vehicle. With its low fees and attractive rewards program, it’s worth considering if you’re in the market for a new credit card.

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