Marcus Goldman Sachs

fdavis901

03/17/2022, So I called Marcus and waited the 45-minute hold time to get to a service rep. And their reply was they do not support quicken and will add it to their request for changes. So good luck on this ever working. This card goes in the safe, I will not cancel as it will lower your credit score.

FlyerFran

Thanks @fdavis901 for sharing.  I, too, will not use the card.    

Boatnmaniac

fdavis901 said:

03/17/2022, So I called Marcus and waited the 45-minute hold time to get to a service rep. And their reply was they do not support quicken and will add it to their request for changes. So good luck on this ever working. This card goes in the safe, I will not cancel as it will lower your credit score.

Credit cards that are not used for a long period of time usually end up getting canceled or get the credit limit significantly reduced...both of which will reduce your credit score.  You might want to consider making a small purchase ($10-$20 would suffice) with it once every 2-3 months to ensure that does not happen to you.

MRL_Q

Gimme a break. So every credit card ever used needs to be kept and just a little spend helps boost your credit score. Urban myth number what.... is this? Mine is already shredded and cancelled. Moving on.

Boatnmaniac

MRL_Q said:

Gimme a break. So every credit card ever used needs to be kept and just a little spend helps boost your credit score. Urban myth number what.... is this? Mine is already shredded and cancelled. Moving on.

No one in this thread said anything at all about "every credit card ever used needs to be kept and just a little spend helps boost your credit score."

scwerden

has anyone actually gotten a physical card from GM/Marcus yet??

MRL_Q

> @Boatnmaniac said:
> Credit cards that are not used for a long period of time usually end up getting canceled or get the credit limit significantly reduced...both of which will reduce your credit score.  You might want to consider making a small purchase ($10-$20 would suffice) with it once every 2-3 months to ensure that does not happen to you.

Your statement would indicate being a non-user of the card will hurt your credit score. Just not the case. Too many other factors involved to make a blanket comment like that. If the card doesn't work for people's needs why hang onto to it?

Boatnmaniac

MRL_Q said:

> @Boatnmaniac said:
> Credit cards that are not used for a long period of time usually end up getting canceled or get the credit limit significantly reduced...both of which will reduce your credit score.  You might want to consider making a small purchase ($10-$20 would suffice) with it once every 2-3 months to ensure that does not happen to you.

Your statement would indicate being a non-user of the card will hurt your credit score. Just not the case. Too many other factors involved to make a blanket comment like that. If the card doesn't work for people's needs why hang onto to it?

Being a non-user of a card in and of itself has almost no bearing whatsoever on credit scores.  I and no one else in this thread ever said that it does.

What I said was being a non-user of a card will adversely affect a person's credit score if their credit line has been decreased or if their account is closed by the creditor because of non-use.

bill18163

Hey scwerden,
I have not received the new card yet. I just said that to my wife yesterday. How about the rest of you on this thread. Have you received your new card yet?

FlyerFran

No cards, lousy service, no Quicken, and horrible amount of points (each point = 0.004 cents, not 0.01 like the rest of the world.  Makes Capital One look really good.

MRL_Q

> @Boatnmaniac said:
> Being a non-user of a card in and of itself has almost no bearing whatsoever on credit scores.  I and no one else in this thread ever said that it does.
> What I said was being a non-user of a card will adversely affect a person's credit score if their credit line has been decreased or if their account is closed by the creditor because of non-use.

Got it. For me the card doesn't work and I've already addressed it by dropping this one and moving to the Apple Card with it's many benefits. Good luck...

Boatnmaniac

MRL_Q said:

> @Boatnmaniac said:
> Being a non-user of a card in and of itself has almost no bearing whatsoever on credit scores.  I and no one else in this thread ever said that it does.
> What I said was being a non-user of a card will adversely affect a person's credit score if their credit line has been decreased or if their account is closed by the creditor because of non-use.

Got it. For me the card doesn't work and I've already addressed it by dropping this one and moving to the Apple Card with it's many benefits. Good luck...

Everyone has to decide for themselves what is the right thing to do.  I did the same with Chase Freedom Visa when I switched to Fidelity Rewards Visa...more than 2X the rewards without having to select categories.  It was a no brainer, even when Chase said they would cut my credit limit for non-use.  I said, fine, do it.  They did it and my credit score dropped about 20 points but it eventually went back up because Fidelity ended up increasing my credit limit by about the same amount.

MRL_Q

Ok. Done here.

glawa

I have received my new card. It never made sense that a new card wouldn't be issued right away. Marcus may not allow Quicken, but Quicken still shows GM card as Capital One if you try to set up a new account.

Boatnmaniac

glawa said:

...Marcus may not allow Quicken, but Quicken still shows GM card as Capital One if you try to set up a new account.

It can take a little while for a setup link for a financial institution  that no longer supports Quicken (such as, the Cap One GM credit card) to be deleted from the FIDIR list.  Sometimes that is simply because the process to update the FIDIR list has not yet been completed.  At other times it's because the old financial institution has not yet notified or has "forgotten" to notify Intuit (who manages the FIDIR list) of the change that needs to take place.  It will eventually get deleted from Quicken but I'll make sure to bring this to the Moderators' attention so someone can look into it.

KgVv

The Marcus GM card transition from Capital One is a total Charlie Foxtrot. We are 2+ months into this and still do not have new cards and the Quicken transaction download is still not functional as of March 27, 2022. I have paused my spending on the GM Card until Marcus fixes the automatic transaction download. If any GM management team members are out there I would encourage you to apply pressure to the Marcus Management team to get this resolved. This ultimately affects your brand reputation and eventually car sales.

tfrer

1st card got hacked, 2nd card has yet to arrive after 2 weeks. Done with Marcus!!!

dwtrux

no card for me yet but plenty of paper flyers coming in. Was with GM Card when it changed from the prior bank to Capital One and don't remember any turmoil. This time MUCH different and bizarre.

WhySoSlow

It is a scam anyway. I have had the GM Card for 30 years. Grandfathered into old program (500 per year max up to 7 years kept).
Three times I have purchased vehicles and there is always a better deal with employee pricing, or some other discount and they reject combining the discounted car price with the rebate.
The third time I only used the card slightly and had around $400.00 in it, they did allow me to combine that (i think the dealer ate it).
So it is not really a cash rebate, it is a maybe discount on a car.



> @bill18163 said:
> I don't know how many of the people that have been commenting here on this forum use the accumulated money in their GM Card accounts to help with the purchase of a vehicle but I use mine fairly often. I am not talking about "rewards" money. I am talking about the "allowance" that is available when purchasing a new vehicle. Right now I have about $5000 accumulated in "allowance" money. I am considering the purchase of a vehicle that has an "allowance" of $3000. I used to be able to find the allowance amounts online but when I tried to find the location to research my vehicle I could not find the web site. I had a bookmark for it but it no longer worked. I called GM and asked for the allowance on my vehicle and the person did give me the information. I commented on not being able to find the information online and I was told that you can no longer access it yourself. You have to ask the dealer where you are trying to purchase a vehicle to get that info for you. I remember when this program came out many years ago and when I was in the process of finalizing my purchase price I let the sales person know that I had "allowance" money. The sales person would then get upset because now he or she would have to sell me the vehicle at the negotiated price minus the allowance. Eventually the process became such that they would ask you up front if you had "allowance" money. Of course you would be reluctant to reveal that because they would then "adjust" all the numbers to their benefit. It even got to the point where they would warn you that if you held back that info till the end of negotiations they would not honor the deal. Then on the last two vehicles I purchased the sales person already knew how much money I had and went into my account and applied the "allowance" with no input from me other than asking me to OK it. This, in my opinion makes it counter productive in trying to make a "deal" on a car. They know the "allowance" money up front and and then try to bury it in the numbers. I know this and I do purchase vehicles fairly often so I usually can spot the numbers being manipulated. Since the inception of this program and I did start using it at the beginning, I have used approximately $45000 of "allowance" money to purchase vehicles. GM shows this on a report that I used to be able to see when I could get to it online. No more though. I am venting here! I would guess you can already see that but GM has set this up with the dealers so that people that are less inclined to see the manipulation of the numbers think they are getting a deal on a new car. The dealers should not be aware of the fact that you have this money and you should then be able to have it applied at the end of the negotiation for your new car. After all, it is your money that you have accumulated by faithfully using the GM Card.

rtt_46410

Today I discovered that the option to download the history in CSV or OFX was available. I tried the quicknperl application to convert the file..After a hour messing with it, I gave up.

jscquicken

I have not found that CVS - OFX feature.

I expect Quicken Support to come eventually - like the new GMCard card that took longer than expect to arrive. It maybe to their advantage to take their time in transition and lose legacy users with 3,500 rebate and spool up quicken support for new signups under the restricted rebate policy.

We've used the full 3,500 rebate on 2 car purchases on top of all other rebates. In 2003 we combined it with a 3,000 rebate for 6,500 off a Vibe. In 2008 we applied 3,500 on top of the fire sale prices Pontiac offered. never told them we had the rebate until we were closing on the car.

From MARCUS FAQ
"We don’t currently have integration with Quicken, but are working diligently to bring this functionality to you soon!"

Pharmer Jim

Go to "View All Transactions" then there is a dropdown under "Download history". Didn't work for me either. Just discovered it today when I was going to PRINT my statement for reconciliation. Ugh!