Rewards cards offer consumers the chance to earn cash or points for popular prizes. GM’s line of rewards cards is perfect for consumers who are passionate about GM vehicles and equally passionate about earning rewards. The card rewards shoppers with virtual money toward the purchase or lease of a select group of GM vehicles. Capital One Bank issues the card, but GM offers consumers the earnings program. It is the company’s way of thanking people for supporting GM for so many years.
Cardholders who obtain the GM rewards card will have an unlimited earning potential as well as other bonuses:
Qualifying for a GM Rewards Card
The GM rewards card is also known as the BuyPower card. Consumers have to be 18 years of age and reside in the United States to apply for this product. Furthermore, they must have credit scores that are either good or excellent. A good credit score is one that is more than 700 points on the FICO scale. An excellent score is one that is above 750 points. To maintain a good or excellent credit score, a consumer must make consistent timely payments and stay below 50 percent of his or her available balance usage.
GM Rewards Credit Card Benefits
One of the best benefits of the GM rewards credit card is its unlimited earning potential. Cardholders can earn monetary rewards from any purchase. The card company does not place earning potential into categories or cap the amount that one person can earn. Therefore, a consumer who is motivated to purchase a new GM vehicle could use his or her card to save money for a number of years. Additionally, rewards do not expire on this card.
Each year, the cardholder has the ability to earn 5 percent cash back on the first $5,000 worth of purchases he or she makes. After the initial $5,000 of spending, the cash back rate goes down to 2 percent, but the earning potential is unlimited. A person who has a $5,000 limit on his or her card has the potential to earn $250 per year. Five years of using this card could create a nice down payment for a GM car or truck.
Redeeming Earnings
The redemption process is quite simple. A cardholder who is ready to purchase a new GM vehicle will select a vehicle and notify the dealer that he or she is a BuyPower cardholder. The dealer with then deduct that customer’s earnings from the price of the vehicle.
Eligible Vehicles
The GM rewards credit card allows for discounts only on certain General Motors vehicles. Cardholders can use their earnings to get discounts on vehicles such as the Chevrolet Spark, Volt, Sonic, Camaro, Corvette, Impala, Malibu and more. Cadillac models such as the CTS and ETR are also eligible. The Buick LaCrosse and Regal are additional vehicles that are eligible for rewards.
Features and Benefits
Cardholders can enjoy Premium World Elite MasterCard features along with the many other benefits this card has to offer — including extended warranties, price protection, identity theft resolution services, concierge services, travel perks, travel accident insurance, trip cancellation service, rental insurance, travel assistance services and more.
The GM rewards credit cards has quite a few desirable features. Consumers who obtain approval today can enjoy a 0 percent APR for the first 12 months. After the introductory offer expires, the APR will be 11.9 percent, 15.9 percent or 19.9 percent. The APR for cash advances is 24.9 percent, and the penalty APR is 29.4 percent. The card company charges a $35 late fee and a $25 returned payment fee. No annual fee is associated with this card.
Consumer Rankings
Consumers have rated the GM rewards credit card with an overall score of four stars. Most cardholders complimented the reward structure while others appreciated the lack of an annual fee.
Bottom line: If you have good enough credit to qualify for the GM BuyPower card, the rewards can really add up and pay off.
