Review of the GM Card



The GM Card was last reviewed on 19th August 2005

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 vehicle
  • Has no annual fee and you can potentially get a low apr
  • Rebates 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.

Summary - 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 purchases
  • Earn unlimited rebates
  • No annual fee


Negatives
  • Can only redeem for NEW vehicle
  • Cannot use rebates for SAAB, Saturn and HUMMER H1
  • Limited 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

If you already have the GM Card and want to comment on it, you can post your review here.





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