5 Things to Know About the My GM Rewards Card

Shopping for or leasing a automotive is a large monetary enterprise for a lot of. And with excessive automotive costs come excessive car-maintenance prices. The My GM Rewards Card™ card can doubtlessly assist decrease a few of these car-related bills.

The $0-annual-fee card, issued by Goldman Sachs, earns rewards for Normal Motors Co. purchases in addition to on a regular basis spending. These rewards, nonetheless, are solely beneficial towards GM-specific prices. Because of this if you do not have your eyes set on a GM automotive or don’t already drive one, you’ll wish to take into account hitching a journey with a extra versatile normal cash-back card as an alternative.

Listed here are 5 issues to know in regards to the My GM Rewards Card™.

Nerdy tip: Normal Motors beforehand had a branded card issued by Capital One, the BuyPower Card from Capital One®, which stopped accepting purposes in 2021.

The cardboard earns 7 factors per greenback spent at GM and 4 factors per greenback spent in every single place else. Eligible GM purchases embody GM Licensed Service, elements and equipment bought at GM dealerships or on-line, in addition to some OnStar® and Related Companies plans.

Whereas cardholders earn the very best fee for GM-rated purchases solely, they’ll nonetheless earn 4x on all different spending – which is far larger than the business flat-rate normal. That signifies that $1,000 spent on the cardboard for on a regular basis purchases earns $40 in factors. Since you’re incomes such a excessive fee on extra than simply GM purchases, it’s simple to rack up factors.

Nerdy tip: Based on the issuer, cardholders are ready to make use of the My GM Rewards Card™ to pay for a portion of a automotive’s down cost. However, observe that not all dealerships and auto lenders will permit the usage of bank cards to pay for a automotive buy, so that you’ll must test together with your dealership to see what its bank card guidelines are. Moreover, some dealerships will cost a comfort payment in case you pay for a car with a bank card.

Factors earned with the cardboard are price a cent every, and so they don’t expire.

Whereas there are a variety of redemption choices you possibly can select from, the highway bump right here is that they’re strictly GM particular. Plus, there are limitations on the quantity of factors that may be redeemed towards sure choices:

• Redeem factors towards the acquisition or lease of an eligible new GM car. For this feature, there isn’t any restrict to the variety of factors you possibly can redeem.

• Redeem as much as $250 price of factors per calendar 12 months on non-vehicle GM purchases, inside 90 days of creating the acquisition. This contains purchases of automotive elements and equipment at GM dealerships, most OnStar or Related Companies plans, SiriusXM subscriptions, in addition to Chevrolet, Buick, GMC and Cadillac safety plans.

• Redeem as much as $1,000 price of factors per calendar 12 months towards the acquisition of a pre-owned Chevrolet, Buick, GMC or Cadillac car.

Nerdy tip: Cardholders can redeem as much as $250 per calendar 12 months towards present playing cards from eligible shops and eating places. Nonetheless, once you redeem factors this fashion, they’re solely price 1 / 4 of a cent every.

For those who’re loyal to GM, these redemption choices can present beneficial financial savings. However in case you do not drive a GM or plan to purchase or lease one quickly, a normal cash-back card can supply extra redemptions worth and suppleness.

• While you’re permitted for the My GM Rewards Card™, you’ll get computerized Gold Tier standing — the second degree of GM’s rewards loyalty program, which generally requires a three-year spend minimal of $45,000.

• Gold Tier members can obtain a $100 assertion credit score for each $1,500 they spend on gasoline with their card in a calendar 12 months. Alternatively, in case you drive an electrical automotive, you possibly can obtain a $100 assertion credit score once you use your card to pay for six electrical payments between January and December 2022.

• Each calendar 12 months, cardholders can get a $50 allowance once they use their My GM Rewards Card™ for automotive detailing at a collaborating GM vendor.

When permitted for the cardboard, you’ll be eligible for the next:

• New cardmembers can earn a bonus, at present: Earn 10,000 factors after they spend $1,000 with the cardboard within the first 90 days of account holding. At a BGTIME Reader per level, this welcome supply is price $100 — which is a good quantity, however gained’t go far in masking extra expensive car-related bills.

• There’s additionally an APR promotion that new cardholders are entitled to: Take pleasure in an intro 0% APR promotion for the primary 9 months, and a variable APR of 14.99% to 24.99% will apply thereafter. This interest-free interval might be beneficial for financing a serious automotive restore or automotive half. If a break from curiosity is what you’re primarily after, although, there are playing cards that provide for much longer 0% APR intervals, just like the Wells Fargo Replicate℠ Card. It encompasses a 0% intro APR for 18 months from account opening on purchases and qualifying steadiness transfers, after which an ongoing APR of 12.99%-24.99% Variable APR. Intro APR extension of as much as 3 months with on-time minimal funds through the intro and extension intervals. That card doesn’t include any ongoing rewards, nonetheless, so as soon as the promotional interval ends, it gained’t supply a lot long-term worth.

The My GM Rewards Card™ comes with Mastercard World Elite advantages, which may make holding the cardboard extra beneficial. These embody Mastercard Normal and World-level advantages like zero fraud legal responsibility, reductions and memberships with companies like DoorDash and Lyft, concierge companies and extra.