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Cap 1 GM BuyPower card

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Anonymous
Not applicable

Cap 1 GM BuyPower card

Anyone have this card? What do you think of it? Was wondering if this is considered a prime card, since it looks like an excellent credit needed card. What is your limit, score when approved, profile, income etc. Just wondering what people thought of this card
Message 1 of 16
15 REPLIES 15
core
Valued Contributor

Re: Cap 1 GM BuyPower card

First you get ripped off on the card (loss of opportunity) and then you get ripped off paying dealership prices on a new car.  Where do I sign up?

Message 2 of 16
Anonymous
Not applicable

Re: Cap 1 GM BuyPower card

I heard the amounts they actually apply towards getting a new vehicle are very small
Message 3 of 16
CreditCuriosity
Moderator Emeritus

Re: Cap 1 GM BuyPower card

Not a good card at all unless you want a 600 WEMC Smiley Happy.. granted some people get better limits, but that is someones old limit they got on that card..  Anyways, alot better rewards cards out there that you can get more $ for and a better CL then that card and you can buy whatever foreign or domestic car you would like.  rewards kinda suck on that card tbh.

Message 4 of 16
Anonymous
Not applicable

Re: Cap 1 GM BuyPower card

Thanks!
Message 5 of 16
happypill
Valued Contributor

Re: Cap 1 GM BuyPower card

Let's separate the card itself from the rewards.

 

As far as the rewards go, I'm not a fan of GM.  My last few cars have been imports, but before that I had a Mustang and an Explorer.  So for me, GM rewards are not valuable at all.  Of course, that isn't the case for everyone.  Some people prefer GM or have specific GM cars they are interested in (like a pickup).  Each person can really decide for themselves if GM rewards interest them.

 

With regards to the card, there some pluses and some limitations.

1. 5% rewards on anything (not category limited) is hard to beat.  Again, whether you value GM rewards is a separate question.  I can't think of many other ways to get 5% rewards on everything.

2. Cap on rewards is low.  If I recall correctly, just the first $5k in spending per year, so $250 per year.  So, it's going to take you a LONG time to pay for a car with rewards only.  Of course, it's also going to take a long time to pay for a $30k trip around the world with airline points only.  This is definitely not an everyday spend card you would use for an entire year, but for the first $5k, the reward rate is really tough to beat.

3. It's a no-fee WEMC.  One of the only ones of its kind.  If you want what WEMC offers and don't want to pay a fee, this is one of the only options.

4. You might end up with a decidedly non-WEMC CL, although it probably relates to your credit worthiness; and I think most people would prefer an approval for a low amount to a denail because you don't quality for $5k minimum or whatever.

5. Single HP, which is a lot better than other Cap1 products.

 

So, just many cards, there are pluses and minuses.  For someone who wants a GM product sometime down the road, this could be a good way to save for a down payment.  For someone who wants a WEMC, this might be the easiest point of entry.  For others, it's probably not that interesting, but denegrating the card because it's GM rewards isn't that useful because it's already obvious.

Message 6 of 16
kdm31091
Super Contributor

Re: Cap 1 GM BuyPower card

I recieve mailers for it sometimes. Outside of saving up for a GM (which as others noted will take a very long time on rewards only because of the caps) it doesn't seem like a useful card, but as since it is the "GM Buypower" card I guess you cannot expect well rounded rewards.

Message 7 of 16
B335is
Moderator Emeritus

Re: Cap 1 GM BuyPower card

It only pulls EQ unlike other Cap1 backed cards (with the exception of Saks WMC upgrade). Mine was instant approved for $7500 last year. It requires a separate login from other Cap1 cards and they send me BT offers all the time.

The rewards are mediocre but compared to other automobile cards, which ones aren't mediocre? BMW, Lexus, Chrysler credit cards are all lousy.

Message 8 of 16
Anonymous
Not applicable

Re: Cap 1 GM BuyPower card

Gotcha. A lot of great info thanks again!
Message 9 of 16
EddieK
Established Contributor

Re: Cap 1 GM BuyPower card

I used to have a GM card years ago.  Not sure if it's changed, but when I had it, you received a max of $500 back/year up to $3500 and 7 years.  What I didn't know was that after you reached the maximum, if you did not use the rewards towards a new GM purchase, you'd lose some of those rewards each year.  I didn't realize this until I was in the finance office ready to use my $3500 only to be told it was just a little over $3000 at that point.  First lesson I learned was to not keep the card.  Second lesson I learned a few years later when I sold the car, never buy a new GM vehicle.

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Message 10 of 16
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