New GM credit card

emptypockets · ‎10-16-2013

Issued by Cap One

http://m.freep.com/autosbusiness/article?a=2013310160024&f=1235

CC's: AMEX (4), Alliant Visa, PenFed AMEX, Pen Fed Promise, Citi (3), Chase (5), US Bank Cash+, Huntington Voice, Nasa Plat Cash Visa, Barclay's Visa, Discover IT, Cap One QS, BOA (2), BMW Visa, 5/3 Real Life Rewards MC; FNBO Amex; Comenity Visa/MC (3), Ebates Visa Siggy, Nordstrom Visa, Walmart MC, Sam's Club MC; A few assorted store cards.

Current Scores (09/2017): EQ My Fico: 786; TU MyFico: 799; EX (My Fico): 797

MrFlower · ‎10-16-2013

I was hopping until "cannot combine the credit card rewards with their GM Employee/Friends and Family/GM Supplier discount". I really wish GM/Cap would up the 1% for the family card. Would make the gm card worth having.

Creditaddict · ‎10-16-2013

WHAT??? 5% for first $5k each year and 2% for all others with no categories or cap??

What if you don't buy or lease a car or currently earn one... then to the rewards turn into .5% or something to use as cash or??

andre181 · ‎10-16-2013

@Creditaddict wrote:
WHAT??? 5% for first $5k each year and 2% for all others with no categories or cap??
What if you don't buy or lease a car or currently earn one... then to the rewards turn into .5% or something to use as cash or??

Doesn't sound like it. Sounds like rewards can only be used towards the purchase or lease of a new GM vehicle. You cash the rewards in at the time of purchase so it act like a down payment.

I was really excited about this too, until I read can't be combined with GM supplier discount. The company I work for is a GM supplier and the discount is pretty good so it would be awesome to combine this with that. Oh well!

FinStar · ‎10-16-2013

@andre181 wrote:
@Creditaddict wrote:
WHAT??? 5% for first $5k each year and 2% for all others with no categories or cap??
What if you don't buy or lease a car or currently earn one... then to the rewards turn into .5% or something to use as cash or??
Doesn't sound like it. Sounds like rewards can only be used towards the purchase or lease of a new GM vehicle. You cash the rewards in at the time of purchase so it act like a down payment.

I was really excited about this too, until I read can't be combined with GM supplier discount. The company I work for is a GM supplier and the discount is pretty good so it would be awesome to combine this with that. Oh well!

+1

What a bummer! It's a very interesting looking card indeed.

B335is · ‎10-16-2013

@andre181 wrote:
@Creditaddict wrote:
WHAT??? 5% for first $5k each year and 2% for all others with no categories or cap??
What if you don't buy or lease a car or currently earn one... then to the rewards turn into .5% or something to use as cash or??
Doesn't sound like it. Sounds like rewards can only be used towards the purchase or lease of a new GM vehicle. You cash the rewards in at the time of purchase so it act like a down payment.

I was really excited about this too, until I read can't be combined with GM supplier discount. The company I work for is a GM supplier and the discount is pretty good so it would be awesome to combine this with that. Oh well!

Yeah I was excited for a minute as well. Bummer, it's probably the best looking Cap1 card I've seen in awhile.

Creditaddict · ‎10-16-2013

So what you literally forfeit all rewards if you don't lease or buy a car?!!

lithium78 · ‎10-16-2013

It's too bad Ford doesn't offer a card like that. I only buy Fords because I'm a green car enthusiast and GM's only decent green car is the Volt (which is prohibitively expensive for my budget.)

Starting Score: TU: 566
Current Score: TU: 741 (Discover FICO); EQ: 755 (MyFico) EX: 774 (FAKO)
Goal Score: 800
Take the FICO Fitness Challenge

Creditaddict · ‎10-16-2013

Okay now went to website.
Guess they offer such high rewards because it is only for car purchase or lease use.
They do have family version to combine discounts of employees but for sure lower rewards but also can be used for cash back.
The business version is still chase backed.

Man if I was buying a gm talk about the best card out there let alone best capital one!!!

daybreakgonesXe · ‎10-16-2013

Seems very interesting...

Although I don't want to get it right away, it's on the top of my list for when I'm ready in the next couple of years. Chevy has some very affordable cars in their line-up, and I could see myself using these rewards toward a new car in my future!