Marcus by Goldman Sachs GM-Rewards Card Approval

[MP80]

I was bored browsing on Marcus GS' website and somehow the GM rewards card tempted me to apply for a soft pull pre-approval to accept or decline the card. I took the card.

 

BTW - this is for the suspension of alternative credit lines for my BlockFi Card.

 

Profile Stat : 
TransUnion Credit Score 790 FICO
UT < 1%
INQ- 2
Last App- 7 Months Ago

 

 

 

 

 

 

 

[MP80]

Does anyone know about the $100 statement credit and how it works?

 

I'm assuming this is for EV owners to buy fuel or electricity, but I don't own an EV, so I mean does it count toward my regular gas credit at the gas station on my monthly statement?

 

Anyone? @RehabbingANDBlabbing , do you have the GM- Rewards Card?

 

 

[hdporter]

2 hours ago, MP80 said:

Does anyone know about the $100 statement credit and how it works?

 

I'm assuming this is for EV owners to buy fuel or electricity, but I don't own an EV, so I mean does it count toward my regular gas credit at the gas station on my monthly statement?

 

Terms I saw when checking this out suggest one option is a $100 credit after $1500 in fuel (gas) purchases within 12 mo of approval.

[MP80]

1 hour ago, hdporter said:

 

Terms I saw when checking this out suggest one option is a $100 credit after $1500 in fuel (gas) purchases within 12 mo of approval.

Thanks, HP 

 

I have a terrible time finding useful things myself. You identified the link to help me, much obliged! On the *additional benefits* in subsections 10 &11, I saw this passage contextualizes the rewards benefit...

 

"Earn a $100 statement credit when you spend $1,500 on fuel per calendar year
or
Earn a $100 statement credit when you use the My GM Rewards Card to pay 6 months of your electric bills."

 

I'm afraid I can't accommodate $1500 a year in car fuel, I have nowhere to travel with that much fuel unless fuel is inflated or price demand is too high, and then, I bet I can't use $1000 a year for fuel purchase. Simply no place to go.

The latter section involves paying 6 months of electricity bills with the GM card, which I can easily handle. I would apply that instead of buying gas.

[hdporter]

8 hours ago, MP80 said:

Thanks, HP 

 

I have a terrible time finding useful things myself. You identified the link to help me, much obliged! On the *additional benefits* in subsections 10 &11, I saw this passage contextualizes the rewards benefit...

 

"Earn a $100 statement credit when you spend $1,500 on fuel per calendar year
or
Earn a $100 statement credit when you use the My GM Rewards Card to pay 6 months of your electric bills."

 

I'm afraid I can't accommodate $1500 a year in car fuel, I have nowhere to travel with that much fuel unless fuel is inflated or price demand is too high, and then, I bet I can't use $1000 a year for fuel purchase. Simply no place to go.

The latter section involves paying 6 months of electricity bills with the GM card, which I can easily handle. I would apply that instead of buying gas.

 

I don't want to rain on your parade, and keep in mind that I took only a 30 second gander at the card terms ... however, I believe that the card requires you to "register" a vehicle.

 

I don't know what that entails, and how much you might "fudge" ownership of a vehicle, but I believe that you must register a gas fueled vehicle with the card site to qualify for the gasoline spend credit, and an EV to qualify for the electric utility credit.

[MP80]

5 hours ago, hdporter said:

 

I don't want to rain on your parade, and keep in mind that I took only a 30 second gander at the card terms ... however, I believe that the card requires you to "register" a vehicle.

 

I don't know what that entails, and how much you might "fudge" ownership of a vehicle, but I believe that you must register a gas fueled vehicle with the card site to qualify for the gasoline spend credit, and an EV to qualify for the electric utility credit.

Good Lord! I want to thank you for having eagle eyes and seeing things that elephant eyes can't. I'm not going to spend $50k to $80k on a GM EV to get a $100 a year credit, at least not this year, but considering power stations become viable and normal across town, EVs will be popular, and gas engines will become moots in the future.

 

I will anticipate and expect to spend $1000 to get the SUB 15K points and forget about the added benefit of the $100 statement credit.

[StantheMan]

Good for you. It’s nice when obtaining and maneuvering credit is more of a hobby than a necessity.

[MP80]

2 hours ago, StantheMan said:

Good for you. It’s nice when obtaining and maneuvering credit is more of a hobby than a necessity.

Thanks, Stanley 

In a sense, it is something accustomed to coins and stamps collectors (I'm one of those) leisure hobbies. I acknowledge building credit takes time, a long time, and patience. Serendipity, I'm lucky!

[RehabbingANDBlabbing]

So I am currently working on getting the $100 gas credit for this year. You have to register for it on the benefits page and activate it. It is supposedly $100 EVERY YEAR you keep the card. I drive a lot, so this ends up making sense. They didn’t ask me about any of my vehicles, but I think they do for the electric bill credit/for EV owners. But I’m almost at the $1,500 in gas for this year. I’ll report back with my experience once I hit the credit and see it posted. If you do get the credit, it’s about 6.7% cash back on that amount of gas. Not too shabby. I got this card for the signup bonus, which I did get. I’m going to use it on some new remotes for my older Caddy.

[NoMoreHate]

9 hours ago, RehabbingANDBlabbing said:

So I am currently working on getting the $100 gas credit for this year. You have to register for it on the benefits page and activate it. It is supposedly $100 EVERY YEAR you keep the card. I drive a lot, so this ends up making sense. They didn’t ask me about any of my vehicles, but I think they do for the electric bill credit/for EV owners. But I’m almost at the $1,500 in gas for this year. I’ll report back with my experience once I hit the credit and see it posted. If you do get the credit, it’s about 6.7% cash back on that amount of gas. Not too shabby. I got this card for the signup bonus, which I did get. I’m going to use it on some new remotes for my older Caddy.

Do you get the $100 on top of the 4 points for each dollar the gas earned when it was purchased or just the $100 and no 4 points per $?

[MP80]

9 hours ago, RehabbingANDBlabbing said:

So I am currently working on getting the $100 gas credit for this year. You have to register for it on the benefits page and activate it. It is supposedly $100 EVERY YEAR you keep the card. I drive a lot, so this ends up making sense. They didn’t ask me about any of my vehicles, but I think they do for the electric bill credit/for EV owners. But I’m almost at the $1,500 in gas for this year. I’ll report back with my experience once I hit the credit and see it posted. If you do get the credit, it’s about 6.7% cash back on that amount of gas. Not too shabby. I got this card for the signup bonus, which I did get. I’m going to use it on some new remotes for my older Caddy.

Thanks for your reply, @RehabbingANDBlabbing  

I see the activate click button on my GM rewards card account which shows a highlighted yellowish color, and I don't click to start the program until I need to learn more about the program so I'm here for some advice from a CB member especially you because I read somewhere that you have a GM rewards card.

 

@hdporter has been an excellent observer and he led me to the prequalification link on the perks. I came to the conclusion that buying an EV to qualify for the utility credits on its $100 statement rebate is an absurdly ridiculous prerequisite.

 

So, if I understand you correctly, your experiential data for spending $1500 a year on gas fuel on a gas engine correlates to a rebate on a $100 statement credit. I've also heard that you need to register your vehicle and other information to create a separate GM online account for additional benefits, can you elaborate and confirm this is the case? TIA.

[direct]

If you subscribe to TransUnion and can lock and unlock your credit report. The GM card is similar to the Apple Card in the respect that you can apply and get an approval for the card and Goldman Sacs does a soft pull to accomplish this.  You can then lock your TransUnion report immediately after the approval.  They don't attempt to do a hard pull until as much as several hours later and since you locked your Trans Union report, they won't be successful in the hard pull.  This doesn't seem to affect your account in any respect.

[MP80]

10 hours ago, direct said:

If you subscribe to TransUnion and can lock and unlock your credit report. The GM card is similar to the Apple Card in the respect that you can apply and get an approval for the card and Goldman Sacs does a soft pull to accomplish this.  You can then lock your TransUnion report immediately after the approval.  They don't attempt to do a hard pull until as much as several hours later and since you locked your Trans Union report, they won't be successful in the hard pull.  This doesn't seem to affect your account in any respect.

Thanks for the reminder, much appreciated! As far as the public knows about a year ago, this was the tactical option most applicants applied to after they were approved and accepted for admission to be a customer of Goldman Sachs Bank. Just recently, some anonymous rumors surfaced that after clicking the button to accept the approved offer, the formula program update of GS changed, and the algorithm and AI automatically made adjustment flips from soft to hard. As of now, no one who has applied for the GM rewards card has confirmed the changes afterward.

 

The application process for the Apple Card and GM rewards cards is the same as a series of inquiries to the credit bureaus like CoreLogic and ChexSystems, plus something like a DDA on your checking account which I don't know what it is or what it stands for in the acronym. But at Goldman Sachs' request, TransUnion obtained this additional consumer credit information from a third party. Also, Sagestream and Innovis were queried through the app, too. 

[RehabbingANDBlabbing]

On 11/27/2022 at 6:52 PM, NoMoreHate said:

Do you get the $100 on top of the 4 points for each dollar the gas earned when it was purchased or just the $100 and no 4 points per $?

You get the 4 points per dollar as well as the $100 credit. So the value is probably even higher than 6.7% back, but to me, the points aren’t very valuable. You get 1 cent per point at GM. I don’t spend a lot there, TBH.

[RehabbingANDBlabbing]

On 11/27/2022 at 7:27 PM, MP80 said:

Thanks for your reply, @RehabbingANDBlabbing  

I see the activate click button on my GM rewards card account which shows a highlighted yellowish color, and I don't click to start the program until I need to learn more about the program so I'm here for some advice from a CB member especially you because I read somewhere that you have a GM rewards card.

 

@hdporter has been an excellent observer and he led me to the prequalification link on the perks. I came to the conclusion that buying an EV to qualify for the utility credits on its $100 statement rebate is an absurdly ridiculous prerequisite.

 

So, if I understand you correctly, your experiential data for spending $1500 a year on gas fuel on a gas engine correlates to a rebate on a $100 statement credit. I've also heard that you need to register your vehicle and other information to create a separate GM online account for additional benefits, can you elaborate and confirm this is the case? TIA.

So I do have a GM vehicle, but it’s older and paid off. I did register it with the site, but I haven’t ever seen anything having to do with the $100 credit and registering your car. 
 

I setup my GM Rewards account after I got approved for the card. I did run into some technical difficulties trying to connect them. But someone I talked to finally got them connected. You have to create the GM Rewards account in order to redeem any of the points. But if you go into the Goldman Sachs website and click on “view rewards and benefits” and it shows you the GM Rewards website with your info, then you are probably already setup in their system. 
 

Once I activated the fuel credit, it has steadily been tracking my gas spending on a little chart. I’m down to $200 needed to get the credit now.

 

The one thing I still do not understand is if this credit resets each calendar year (January through December) or if it resets after it has been a year since you activated the credit. I would assume it’s each calendar year. But the website doesn’t provide any clarification.

[RehabbingANDBlabbing]

Here is what the page looks like for me right now. I’m closer than I thought to getting the credit! December is already here and I activated this in July, so I’m glad I’m gonna make the spend requirement in time.

 

[MP80]

13 hours ago, RehabbingANDBlabbing said:

So I do have a GM vehicle, but it’s older and paid off. I did register it with the site, but I haven’t ever seen anything having to do with the $100 credit and registering your car. 
 

I setup my GM Rewards account after I got approved for the card. I did run into some technical difficulties trying to connect them. But someone I talked to finally got them connected. You have to create the GM Rewards account in order to redeem any of the points. But if you go into the Goldman Sachs website and click on “view rewards and benefits” and it shows you the GM Rewards website with your info, then you are probably already setup in their system. 
 

Once I activated the fuel credit, it has steadily been tracking my gas spending on a little chart. I’m down to $200 needed to get the credit now.

 

The one thing I still do not understand is if this credit resets each calendar year (January through December) or if it resets after it has been a year since you activated the credit. I would assume it’s each calendar year. But the website doesn’t provide any clarification.

 

13 hours ago, RehabbingANDBlabbing said:

Here is what the page looks like for me right now. I’m closer than I thought to getting the credit! December is already here and I activated this in July, so I’m glad I’m gonna make the spend requirement in time.

 

Good Lord! You've almost made the mandatory spend and will receive a $100 credit. very nice!  

 

Thanks for your magnanimous elaboration, the request details were meticulous, and much appreciated! 

[MP80]

Today received my GM card, and you know the weird thing is the signature panel was removed from the back of the card. I guess up-to-date technology has taken over, a person's signatures are no longer required, and people are using mobile phones to pay for almost everything.

 

 

[RehabbingANDBlabbing]

Update everyone!

 

I hit the spending requirement for the fuel credit. It posted within maybe 2 days of hitting the requirement. They credited $100 to my account. From what I can tell, they also credited my rewards account 10,000 points. I am not sure yet if I will be able to keep the 10k points, because I got an email saying something about "your points redemption was unsuccessful." I am unsure if the computer system is setup correctly for this credit yet, but I am also not going to look a gift horse in the mouth. Also, just to be clear, this all happened automatically. I didn't have to request anything once I hit the spending requirement.

 

Edited December 27, 2022 by RehabbingANDBlabbing