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The GM Card was last reviewed on 8th September 2006
Summary - We recommend the GM Card to the GM afficionado who is looking to use reward points to buy a new GM car as it
Pays 5% rebate on ALL purchases, of which up to $3,500 can be used towards a purchase of a new GM vehicleHas no annual fee and you can potentially get a low aprRebates are valid for a good 7 years
5% Rebate on ALL purchases - The GM Mastercard pays a 5% rebate on ALL purchases. You can earn unlimited rebates. These can be used towards a purchases of a NEW GM car, truck or SUV (excluding Saturn, Saab and HUMMER H1). Rebates expire in 7 years. Though you can earn unlimited rebates, you can only use a certain amount on any particular GM model. For most parts, you can use anywhere around $1,000 to $3,500 of rebates for each new GM purchase. You can use the rebates over what other deals GM offers except for The GM Supplier purchase programs, GMO, GMS and PEP, The GM Dealership Employee Purchase Program and The GM Supplier Purchase Program).
Annual Fee and APR - There is no annual fee. The apr is either prime rate plus 4.99% (Floor of 10.99%), 9.99% (Floor of 15.99%) or 11.99% (Floor of 17.99%). The monthly balance is calculated using the average daily balance method (including new purchases). You also get a 0% introductory apr for the first 12 billing cycles on both purchases and balance transfers.
Verdict - The GM Card is the only auto credit card that pays you 5% rebate for ALL purchases and lets you earn unlimited rebates. No other credit card allows you to earn faster rebates. The only catch is you can only use a certain amount of rebates (anywhere between $1,500 to $3,500) for each new GM vehicle that you buy. We would recommend the GM Card to those looking to use their reward points towards the purchase of a new GM vehicle.
Positives
Only credit card that lets you earn 5% rebates on ALL purchasesEarn unlimited rebatesNo annual fee
Negatives
Can only redeem for NEW vehicleCannot use rebates for SAAB, Saturn and HUMMER H1Limited to using a certain amount of rebate towards the purchase of each GM vehicle
| GM Card |
| Reward Benefits |
| Rebate Formula |
Earn 5% rebate for every purchase made with your GM Mastercard
Redeemable for purchase or lease of NEW GM car,truck or SUV (excluding Saturn, Saab or Hummer H1) |
| Rebate Expiration |
7 Years |
| Caps on Rebates |
Earn unlimited rebates |
| Travel and Insurance Benefits |
| Travel accident insurance |
| Other Benefits |
| 24 hour customer service |
| Cost/Fees/Interest rates |
| Introductory rate |
0% APR for first 12 billing cycles (purchases and balance transfers) |
| Annual Fees |
No annual fee |
| Purchase APR |
P+ 4.99% (Floor 10.99%), P+ 9.99% (Floor 15.99%), P+ 11.99% (Floor
17.99%) |
| Balance Transfer APR |
P+ 4.99% (Floor 10.99%), P+ 9.99% (Floor 15.99%), P+ 11.99% (Floor
17.99%) |
| Cash Advance APR |
P+15.4 (20.99% Floor) |
| Min Finance Charge |
$0.50 |
| Grace Period |
20 days |
| Balance Calculation Method |
Average Daily Balance (including new purchases) |
| Balance Transfer Fee |
3%, min $15.00
No balance transfer fee for introductory period |
| Cash Advance fee |
3% ,min $15.00 |
| Over-the-credit-limit fee |
$35.00 |
| Late Payment fee |
$19.00 - less than $100
$29.00 - $100 to $1000
$39.00 - $1000 and above |
Apply for the GM Mastercard
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