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I keep hearing about people using a GM Card during their purchase. I've purchased 3 GM vehicles in the last 7 years and I don't have a GM Card. What am I missing out on?
I see, if the interest rate is competitive, I'll get one. ThanksIceMan said:The GM card is a MasterCard credit card. You earn a certain percentage on charges that can be used and deducted from the cost of a new car purchase.
Here in Canada the GM card is no longer available and we can't accumulate anymore. I was lucky enaugh to use my "GM money" and put them towards my truck (it covered my leather interior ;D) We have untill 31 Dec 2017 to redeemIceMan said:The GM card is a MasterCard credit card. You earn a certain percentage on charges that can be used and deducted from the cost of a new car purchase.
1.) How soon before they stopped your points from accruing did they tell you the program was ending?CFRTim said:Here in Canada the GM card is no longer available and we can't accumulate anymore. I was lucky enaugh to use my "GM money" and put them towards my truck (it covered my leather interior ;D) We have untill 31 Dec 2017 to redeem
http://www.gm.ca/gm/english/services/gm-card/frequently-asked-questions
They informed me around the same time the program was endingColt Hero said:1.) How soon before they stopped your points from accruing did they tell you the program was ending?
2.) Are you getting 6 full years to redeem because you were 1 year into your 7-year accrual "window" (if that's the program you're in), or is it the same termination date for everyone??
Thanks for the reply.Colt Hero said:1.) How soon before they stopped your points from accruing did they tell you the program was ending?
2.) Are you getting 6 full years to redeem because you were 1 year into your 7-year accrual "window" (if that's the program you're in), or is it the same termination date for everyone??
Valsequinox:
You really want to pay your bill off in full every month to make the GM Card worthwhile. If you're carrying balances and paying interest you're kind of defeating the purpose, but I guess it's still better than nothing. Also, the program has changed over the years (downgraded each time) to the point where it may not be worthwhile at all anymore when you compare the discount to deals from other manufacturers. Originally the plan allowed you to accrue $7000 over 7 years. Then it was downgraded (around 1998) to $3500 over 7 years. Then it was downgraded even further to: "You can accrue as many points as you want - and keep them forever, but we'll (GM) tell you how many points you can use (based on model) when you go to purchase". Typically, the maximum number of points you can use (with the current program) is around $1500 (which is not that great).
So my advice is:
1.) Don't charge more than, say - $30,000 over three years to get these $1500 "points". If you do, you'll just be accruing points that you may never use.
2.) Don't think that just because you have this extra $1500 discount that you won't be able to find a better deal with the competition. $1500 is not a big discount - especially if that's the only discount you're getting!
I've made up my mind not to get the card, thanks for the input.bowtieman said:I had the Gm card for many years, and had about $2500 worth of points. Well when the new credit card laws went into place back in 08 or 09(don't ask alot of confusing legal stuff not many people were aware of lol) they raised my interest rate from 2.9% on my balance to over 30%. Madness and criminal, I was a customer with them for 10years and never late on a payment and they wouldn't work with me, so I was forced to close the account and transfer the balance to a reasonable rate. In the process they cancelled my points. Of course a few years later when I am actually ready to purchase a new GM car, and I don't have the points.
Yes they are doing away with the points I think, because my brothers GM card points are going down $200 every month. Insane. He was gonna transfer the points over to me for this new Equinox purchase, but we couldn't since I already had a GM card account.
I would never do business with GM card again, since they go back on their word with the points! There is alot other cards out there were you can get cash back, as long as you pay em off monthly haha since you might as well save your money you spent on intrest and use it towards a down payment lol
You shouldn't have closed the account! You should've just kept it open and made the minimum charges every year to keep the card active so you could eventually use the points! Sometimes you only need to make one charge per year to keep a card active! But whatever it was, you should've done it because $2500 worth of points is $50,000 worth of purchases! Can't believe you did that.bowtieman said:I had the Gm card for many years, and had about $2500 worth of points. Well when the new credit card laws went into place back in 08 or 09(don't ask alot of confusing legal stuff not many people were aware of lol) they raised my interest rate from 2.9% on my balance to over 30%. Madness and criminal, I was a customer with them for 10years and never late on a payment and they wouldn't work with me, so I was forced to close the account and transfer the balance to a reasonable rate. In the process they cancelled my points. Of course a few years later when I am actually ready to purchase a new GM car, and I don't have the points.
Yes they are doing away with the points I think, because my brothers GM card points are going down $200 every month. Insane. He was gonna transfer the points over to me for this new Equinox purchase, but we couldn't since I already had a GM card account.
I would never do business with GM card again, since they go back on their word with the points! There is alot other cards out there were you can get cash back, as long as you pay em off monthly haha since you might as well save your money you spent on intrest and use it towards a down payment lol
I have gotten about $8700 in discounts on the last 4 cars I've bought, $3500 on The Equinox alone plus another $1500 rebate. The best part is they have never collected any interest from me.Valsequinox said:I see, if the interest rate is competitive, I'll get one. Thanks
Me too !Don B said:The best part is they have never collected any interest from me.