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Buying or leasing a car is a huge financial undertaking for many. And with high car prices come high car-maintenance costs. The My GM Rewards Card™ card can potentially help lower some of those car-related expenses.
The $0-annual-fee card, issued by Goldman Sachs, earns rewards for General Motors Co. purchases as well as everyday spending. Those rewards, however, are only valuable toward GM-specific costs. This means that if you don't have your eyes set on a GM car or don’t already drive one, you’ll want to consider hitching a ride with a more flexible general cash-back card instead.
Here are five things to know about the My GM Rewards Card™.
General Motors previously had a branded card issued by Capital One, the BuyPower Card from Capital One®, which stopped accepting applications in 2021.
1. It offers a revved up rewards rate
The card earns 7 points per dollar spent at GM and 4 points per dollar spent everywhere else. Eligible GM purchases include GM Certified Service, parts and accessories purchased at GM dealerships or online, as well as some OnStar® and Connected Services plans.
While cardholders earn the highest rate for GM-rated purchases only, they’ll still earn 4x on all other spending – which is much higher than the industry flat-rate standard. That means that $1,000 spent on the card for everyday purchases earns $40 in points. Because you’re earning such a high rate on more than just GM purchases, it’s easy to rack up points.
According to the issuer, cardholders are able to use the My GM Rewards Card™ to pay for a portion of a car’s down payment. But, note that not all dealerships and auto lenders will allow the use of credit cards to pay for a car purchase, so you’ll have to check with your dealership to see what its credit card rules are. Additionally, some dealerships will charge a convenience fee if you pay for a vehicle with a credit card.
2. Redemptions options are GM-focused
Points earned with the card are worth a cent each, and they don’t expire.
While there are a number of redemption options you can choose from, the road bump here is that they are strictly GM specific. Plus, there are limitations on the amount of points that can be redeemed toward certain options:
Redeem points toward the purchase or lease of an eligible new GM vehicle. For this option, there's no limit to the number of points you can redeem.
Redeem up to $250 worth of points per calendar year on non-vehicle GM purchases, within 90 days of making the purchase. This includes purchases of car parts and accessories at GM dealerships, most OnStar or Connected Services plans, SiriusXM subscriptions, as well as Chevrolet, Buick, GMC and Cadillac protection plans.
Redeem up to $1,000 worth of points per calendar year toward the purchase of a pre-owned Chevrolet, Buick, GMC or Cadillac vehicle.
Cardholders can redeem up to $250 per calendar year toward gift cards from eligible stores and restaurants. However, when you redeem points this way, they’re only worth a quarter of a cent each.
If you’re loyal to GM, these redemption options can provide valuable savings. But if you don't drive a GM or plan to buy or lease one soon, a general cash-back card can offer more redemptions value and flexibility.
3. You'll get automatic Gold status
When you’re approved for the My GM Rewards Card™, you’ll get automatic Gold Tier status — the second level of GM’s rewards loyalty program, which typically requires a three-year spend minimum of $45,000.
Gold Tier cardmembers can receive a $100 statement credit for every $1,500 they spend on gas with their card in a calendar year. Alternatively, if you drive an electric car, you can receive a $100 statement credit when you use your card to pay for six electric bills between January and December 2022.
Every calendar year, cardholders can get a $50 allowance when they use their My GM Rewards Card™ for car detailing at a participating GM dealer.
4. There are special offers for new cardholders
When approved for the card, you’ll be eligible for the following:
New cardmembers can earn a bonus, currently: Earn 10,000 points after they spend $1,000 with the card in the first 90 days of account holding. At a penny per point, this welcome offer is worth $100 — which is a decent amount, but won’t go far in covering more costly car-related expenses.
There's also an APR promotion that new cardholders are entitled to: Enjoy an intro 0% APR promotion for the first 9 months, and a variable APR of 14.99% to 24.99% will apply thereafter. This interest-free period can be valuable for financing a major car repair or car part. If a break from interest is what you’re mainly after, though, there are cards that offer much longer 0% APR periods, like the Wells Fargo Reflect® Card. It features a 0% intro APR on Purchases for up to 21 months and 0% intro APR on Balance Transfers up to 21 months from account opening on qualifying balance transfers, and then the ongoing APR of 16.74%-28.74% Variable APR That card doesn’t come with any ongoing rewards, however, so once the promotional period ends, it won’t offer much long-term value.
5. Mastercard perks can sweeten the ride
The My GM Rewards Card™ comes with Mastercard World Elite benefits, which can make holding the card more valuable. These include Mastercard Standard and World-level benefits like zero fraud liability, discounts and memberships with services like DoorDash and Lyft, concierge services and more.
For more card options that offer such benefits, see our list of the best Mastercard credit cards.
» LEARN: Can I buy a car with a credit card?