Goldman Sachs Issues Two Main Credit Cards
Goldman Sachs, the investment bank, issues credit cards through a partnership with Mastercard. The bank offers two primary cards: the Goldman Sachs Mastercard (a general-purpose card with cash back rewards) and the Goldman Sachs Bank Mastercard (a no-annual-fee card with lower rewards). Both are issued by Goldman Sachs Bank, USA, N.A., and both report to the three major credit bureaus.
The cards are not co-branded with a specific retailer or airline, so they work anywhere Mastercard is accepted. If you already have a Goldman Sachs savings account or brokerage account, you may see these cards marketed to you, but you do not need an existing relationship with the bank to open one.
Key Takeaways
- The Goldman Sachs Mastercard offers cash back on all purchases, with higher rates in certain categories, while the no-annual-fee version offers lower cash back with no yearly cost.
- Both cards require a credit score in the good to excellent range (typically 670 or higher) and report to all three credit bureaus, so they can help build credit history if you pay on time.
- Goldman Sachs cards have no foreign transaction fees, which is useful if you travel internationally or make purchases from overseas merchants.
- Cash back rewards do not expire as long as your account remains open, but closing the card will forfeit any unredeemed balance.
- The cards are issued by a major financial institution, so customer service is available by phone, and disputes are handled through standard Mastercard processes.
How the Rewards Work on Each Card
The Goldman Sachs Mastercard (the rewards version) earns cash back on every purchase. The exact rates vary — typically 1.5% to 3% depending on the category — but the card does not require you to set up bonus categories or track spending across different merchants. Cash back is credited to your account monthly and can be redeemed as a statement credit, deposited to a linked bank account, or left to accumulate.
The Goldman Sachs Bank Mastercard (the no-annual-fee version) earns a flat rate of cash back on all purchases, usually around 1%. This card has no yearly fee and no minimum spending requirement, making it a straightforward option if you want rewards without complexity or cost.
Neither card charges a foreign transaction fee, so if you use it abroad or pay a merchant in another country, you will not see an extra percentage added to the charge. This is a meaningful difference from many other cards, which charge 2% to 3% on international purchases.
Credit Score Requirements and How These Cards Report
Both Goldman Sachs cards typically require a credit score of 670 or higher at the time you open the account. This puts them in the "good" range on most scoring models. If your score is lower, you may not be approved, or you may be offered a higher interest rate or lower credit limit.
When you open a Goldman Sachs card, the bank will perform a hard inquiry on your credit report, which can lower your score by a few points temporarily. Once the account is open, Goldman Sachs reports your payment history, credit utilization, and account age to Equifax, Experian, and TransUnion every month. This means the card can help build your credit history if you pay your bill on time and keep your balance low relative to your credit limit.
If you close the card later, the account will remain on your credit report for up to seven years, but it will stop reporting new activity. Closing a card also removes that credit limit from your available credit, which can raise your overall credit utilization ratio and temporarily lower your score.
Interest Rates, Fees, and Penalties
The interest rate (called the APR, or annual percentage rate) on a Goldman Sachs card depends on your creditworthiness and market conditions. The bank will disclose the range of rates you may receive before you submit your process, and you will see your specific rate in the approval documents. Rates typically range from the mid-teens to the mid-20s for these cards.
The no-annual-fee card has no yearly cost. The rewards version may or may not charge an annual fee — this varies by the specific product and changes over time, so check the terms before you open it. Both cards charge a late fee if you miss a payment, usually $25 to $35 for the first late payment and up to $40 for subsequent ones within six months. If you pay 60 days or more late, the bank may report the account to the credit bureaus, which will damage your credit score.
There is no foreign transaction fee, but there is a cash advance fee (usually 3% to 5% of the amount) if you use the card to withdraw cash from an ATM. Cash advances also carry a higher APR than regular purchases, so this is an expensive way to borrow money.
How to Open an Account and What Happens Next
You can open a Goldman Sachs card online through the bank's website or by phone. The process takes about 10 minutes and asks for your name, address, Social Security number, income, and employment information. The bank will pull your credit report when ready and usually make a decision within minutes.
If you are approved, you will receive a temporary card number right away that you can use online, and a physical card will arrive by mail within 7 to 10 business days. If you are denied, the bank will send you a letter explaining the reason and your right to dispute the decision. You can also call the bank's reconsideration line to ask if they will reconsider based on new information.
Once your card arrives, you will set up online access through the Goldman Sachs website or mobile app. You can view your balance, make payments, redeem rewards, and dispute charges through this portal. Payments can be made online, by phone, or by mail, and the due date is typically 21 to 25 days after your statement closes.
When a Goldman Sachs Card Makes Sense for Your Situation
A Goldman Sachs card is worth considering if you have good credit, spend regularly on purchases where you want cash back, and do not want to manage multiple cards with different bonus categories. The no-annual-fee version is a low-risk option if you want a Mastercard from a major bank without paying a yearly cost.
The card is less useful if your credit score is below 670, if you carry a balance month to month (the interest charges will quickly exceed any cash back you earn), or if you want rewards tied to a specific category like groceries or gas. It is also not the right choice if you need a card with a 0% introductory APR period, since Goldman Sachs cards do not typically offer that feature.
If you travel internationally, the lack of a foreign transaction fee is a genuine advantage. If you use the card only for online shopping or a few specific merchants, the flat cash back rate may be lower than a card with category bonuses, so compare the math before you open it.
Comparing Goldman Sachs to Other Mastercard Options
Many banks issue Mastercard products, and the choice between them depends on your credit score, spending habits, and whether you want rewards. A card with no annual fee and flat cash back (like the Goldman Sachs Bank Mastercard) is similar to cards from other issuers like Citi or Capital One, but the specific cash back rate and approval odds vary by bank.
If you want higher rewards in specific categories, a card from Chase, American Express, or Discover may offer better value, though those cards often require higher credit scores or charge annual fees. If you are rebuilding credit, a secured card (where you deposit cash as collateral) from any issuer may be easier to open than an unsecured card, even from Goldman Sachs.
The key difference with Goldman Sachs is that it is a major investment bank, so customer service is available during business hours and disputes are handled through Mastercard's standard process. Smaller or online-only banks may have lower fees but less robust support.
Frequently Asked Questions
Can I use a Goldman Sachs card if I have a low credit score?
Goldman Sachs cards typically require a score of 670 or higher, so a lower score will likely result in denial. If you are denied, you can call the reconsideration line and ask if new information changes the decision. If not, a secured card from any issuer may be a better starting point.
What happens to my cash back rewards if I close the card?
Any unredeemed cash back will be forfeited when you close the account. Redeem your balance before you close the card, or request a final statement credit. Once the account is closed, you cannot recover the rewards.
Does Goldman Sachs offer a 0% introductory APR period?
Goldman Sachs cards do not typically include a 0% intro APR offer. If you need a period of interest-free borrowing, you will need to look at cards from other issuers like Chase, Citi, or American Express.
How long does it take to receive my physical card after approval?
Physical cards usually arrive within 7 to 10 business days. You can use a temporary card number online when ready after approval. If your card does not arrive within two weeks, contact Goldman Sachs customer service to check the status.
Will opening a Goldman Sachs card hurt my credit score?
The hard inquiry will lower your score by a few points temporarily, usually recovering within a few months. Over time, on-time payments and low balances will help your score recover and grow. Closing the card later will have a larger impact because it reduces your available credit.