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Discussion Starter · #1 ·
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?
 

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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.
 

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Discussion Starter · #3 ·
IceMan 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.
I see, if the interest rate is competitive, I'll get one. Thanks
 

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IceMan 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 redeem

http://www.gm.ca/gm/english/services/gm-card/frequently-asked-questions
 

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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
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!
 

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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??
They informed me around the same time the program was ending
I think is the same termination date foe everyone. Read their statement from the link in my previous post
 

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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 :mad:. 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
 

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Discussion Starter · #8 ·
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!
Thanks for the reply.
 

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Discussion Starter · #9 ·
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 :mad:. 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've made up my mind not to get the card, thanks for the input.
 

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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 :mad:. 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.

Also, as far as your brother's points going down $200 every month - that can happen if you hold the points beyond the 7-year accrual "window". It's a sliding "window", so they start lopping off the points you accrued in the first year month by month ... and it's whatever number you accrued that month, not a flat amount like $200. Typically it would be something like $50 - $100. But don't forget - you're also accruing new points currently, so you're only losing the difference - which, if your spending pattern is fairly consistent, should be close to zero.

I think if I was going to buy a GM car I would STILL consider the new GM card (with the less-attractive "Redemption Allowances" rules). Just don't charge all outdoors on it because you'll just be earning points you may never use. Instead, get an idea on what you think GM will let you use pointswise, then make enough charges to reach that number figuring a 5% benefit. Let's say you think you'll want to buy a family sedan in the future and GM typically allows $1500 toward such a vehicle currently. Charge up to $6000 on your GM Card, then switch your charges to another rebate card (maybe a 5% gas card or a hotel or airline card - which are usually the standard 1% deal). Most people could get their GM points in just ONE year! What the heck - you might as well do it. Even if you might buy another make, it'll at least give you another option that you can bounce off the other deals available at your time of purchase.
 

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Valsequinox said:
I see, if the interest rate is competitive, I'll get one. Thanks
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.
 

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Don B said:
The best part is they have never collected any interest from me.
Me too !

:cheers:
 

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I only paid interest ONCE - but I actually MADE MONEY on the deal ! When I intially signed up for the GM card, they offered the 'balance transfer' thing - but they also gave points to do it !!! (Bet you they don't do THAT anymore). Well, what they DIDN'T say (and what I learned the 'hard way') was interest started accruing from the moment I did the transfer. I don't quite remember exactly WHEN I found out this was the case (I think it was still very early in the "window"), but the bottom line was the points I received ended up being worth more than the interest charge, so I made out. But I was still pretty mad about it. Also, the 'balance' being transferred was still within the grace period, so I wasn't carrying a balance there.

*** NEVER CARRY A BALANCE ON A CREDIT CARD *** if you can help it.
 

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I used $3k worth of GM card points to my 2011 Nox last Christmas. Now I accrue almost another $1k already. I put everything I can on the card and pay off every month, only one bill to pay. I still have the original card that have the max limit for anniversary year of $500 earned points and max accumulation of $3.5k for 7 years. Once I max out, I use my airline card. For 5% and I actually use the points, it is the best out there. Too bad the program does not exist for new card member.
 
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