By Elizabeth Dilts Marshall

NEW YORK, (Reuters) – General Motors Co. (NYSE:), launched Monday a credit card. Goldman Sachs Group Inc (NYSE 🙂 has redesigned its reward program in order to give customers more points that can be used to buy or lease Buicks, Cadillacs or other GM vehicles, said the bank and automaker jointly.

The My GM Rewards credit card was issued by Mastercard Inc. (NYSE:) through Goldman Sachs. It is Goldman Sachs’ second offering of credit cards through Marcus Consumer Bank App. This further supports the Wall Street bank’s goal to become a major street lender.

In 2020, Goldman was said to have bought the GM credit cards portfolio for $2.5 billion. Goldman acquired approximately 3,000,000 GM cardholders. Capital One Financial Corp (NYSE:), this week. All new applicants can use the Marcus by Goldman Sachs App to apply.

Goldman created Marcus in 2016 as a way to diversify revenue and financing sources. It offered traditional consumer banking products such savings accounts, and now, a credit card from Apple Inc. (NASDAQ:) As of September 30, holders of this card still had $6 billion of outstanding balances.

After a promotional period, customers receive 7 points for every $1 they spend at GM and 4 points for each $1 elsewhere. The annual interest rate is between 14.99% to 24.99%.

GM believes that its rewards program, which was an industry first when launched in 2018, will encourage more customers to use those points for used and new cars, parts, accessories, or OnStar service.