The programme serves purchasers and owners of General Motors vehicles, enabling them to earn rewards on their spending through the GM credit card.
Goldman Sachs beat out a small number of bidders, including Barclays, in October 2020 to purchase the credit card business from its then-issuer Capital One, reportedly for the sum of $2.5 billion.
However, it’s now understood that the bank has informed its Platform Solutions division, which manages the programme, of its intention to sell the business to a new issuer, according to a report by The Wall Street Journal.
