topic Re: BuyPower Card in Credit Cards

BuyPower Card

HenryJumbo — Sat, 01 Nov 2014 04:38:33 GMT

Hey!

Okay so I'm thinking of adding another card to my little collection.

Pros

* My first Mastercard

* 5% for the first $5,000 and 2% on any categories

* Points can be redeem towards a new vehicle.

Cons

* Limited redemption options

For the sake of arguement let's say I earn $20,000 in points, can I apply that entire total towards a vechile, or is there limitations on how much you can apply per vechile? Is there anything I'm missing?

Thx

Re: BuyPower Card

Anonymous — Sat, 01 Nov 2014 04:45:30 GMT

@HenryJumbo wrote:
Hey!

Okay so I'm thinking of adding another card to my little collection.

Pros
* My first Mastercard
* 5% for the first $5,000 and 2% on any categories
* Points can be redeem towards a new vehicle.

Cons
* Limited redemption options

For the sake of arguement let's say I earn $20,000 in points, can I apply that entire total towards a vechile, or is there limitations on how much you can apply per vechile? Is there anything I'm missing?

Thx

Let's say you spent $1,000/mo...

It would take you 41 years to earn $20,000 in points!

Re: BuyPower Card

pipeguy — Sat, 01 Nov 2014 04:51:27 GMT

I've got this card - just got it in September - my understanding and I've double checked, is there is no limit in how much you can use toward a single vehicle. The BuyPower site even suggests that you should make your best deal first and use the BuyPower credit "like cash" to be subtracted from the bottom line.

5% of the first $5000 = $250

2% on say another $20,000 = $400

Total credit banked $650 a year after speding $25k

Saying you spend $25,000 per year through the BuyPower card and you save your credits for 10 years yu'd have a $6500 net credit on a new GM car, so yeah it's a good deal, but it's not a great deal thatll get you a new car for next to nothing.

Re: BuyPower Card

Anonymous — Sat, 01 Nov 2014 04:52:17 GMT

@pipeguy wrote:
I've got this card - just got it in September - my understanding and I've double checked, is there is no limit in how much you can use toward a single vehicle. The BuyPower site even suggests that you should make your best deal first and use the BuyPower credit "like cash" to be subtracted from the bottom line.

5% of the first $5000 = $250
2% on say another $20,000 = $400
Total credit banked $650 a year after speding $25k

Saying you spend $25,000 per year through the BuyPower card and you save your credits for 10 years yu'd have a $6500 net credit on a new GM car, so yeah it's a good deal, but it's not a great deal thatll get you a new car for next to nothing.

It's like a nice little savings plan.

Emphasis on little

Re: BuyPower Card

pipeguy — Sat, 01 Nov 2014 04:57:39 GMT

@Anonymous wrote:
PG quote ... snip...
It's like a nice little savings plan.

Emphasis on little

Bingo !

However, it's also 12 months at 00.00 % APR which I consider a bonus

Re: BuyPower Card

Anonymous — Sat, 01 Nov 2014 05:11:41 GMT

@pipeguy wrote:
@Anonymous wrote:
PG quote ... snip...
It's like a nice little savings plan.

Emphasis on little
Bingo !

However, it's also 12 months at 00.00 % APR which I consider a bonus

True...but then again..the risk of a cruddy SL with a so-so score. lol.

Re: BuyPower Card

jsucool76 — Sat, 01 Nov 2014 05:29:11 GMT

How is this any different than using say...a chase freedom/discover IT for category spending, and then a citi double cash /fid amex for everyday spending?

Which would then give you 5% and 2% cash back that you can use for ANYTHING, not just a car. Shove it in a savings account with an abysmal interest rate.

Re: BuyPower Card

One7 — Sat, 01 Nov 2014 05:58:26 GMT

@jsucool76 wrote:
How is this any different than using say...a chase freedom/discover IT for category spending, and then a citi double cash /fid amex for everyday spending?

Which would then give you 5% and 2% cash back that you can use for ANYTHING, not just a car. Shove it in a savings account with an abysmal interest rate.

Re: BuyPower Card

Anonymous — Sat, 01 Nov 2014 16:42:58 GMT

This card has been around FOREVER through many incarnations (think 5% unlimited cb in the 90s). The current rewards structure doesn't seem to have redemption caps per vehicle or points expiration like past cards, which is good. The effective $250 yearly cap on 5% kind of stinks though.

If you have good enough credit to get the Barclays Sallie Mae and/or the US Bank Cash+ cards (or even a Chase Ink card) and combine with the Citi Double Cash, I agree with the people who said you'd be pointlessly shoe horning your redemption options with BuyPower card. If your credit is borderline though, I'd imagine it'd be much, much easier to get approved for a Capital One card (co-branded, no less) vs any of those other cards I mentioned.

Re: BuyPower Card

pipeguy — Sat, 01 Nov 2014 17:24:22 GMT

@jsucool76 wrote:
How is this any different than using say...a chase freedom/discover IT for category spending, and then a citi double cash /fid amex for everyday spending?

Which would then give you 5% and 2% cash back that you can use for ANYTHING, not just a car. Shove it in a savings account with an abysmal interest rate.

I think for the most part, THAT wouldn't happen "for a car", whereas the GM BP card "savings account" is only able to be used for that new GM car. For me, I get 0% APR for a year, I get $250 (5% of $5000) put away every year that I can't spend on something else and I get the WEMC benefits if I need them. This is just one of many (too many) cards I have, but for me, it's worth it to have an extra $1000 or $1500 saved per se towards my next car especially since I buy mostly GM vehicles. Just because it works for me, does not mean its the best option for anyone else.

I have to admit I do like the Cadillac Card design but that's just a feel good BS kinda thing they toss in as marketing.

Re: BuyPower Card

CreditMagic7 — Sat, 01 Nov 2014 17:29:02 GMT

@pipeguy wrote:
@jsucool76 wrote:
How is this any different than using say...a chase freedom/discover IT for category spending, and then a citi double cash /fid amex for everyday spending?

Which would then give you 5% and 2% cash back that you can use for ANYTHING, not just a car. Shove it in a savings account with an abysmal interest rate.
I think for the most part, THAT wouldn't happen "for a car", whereas the GM BP card "savings account" is only able to be used for that new GM car. For me, I get 0% APR for a year, I get $250 (5% of $5000) put away every year that I can't spend on something else and I get the WEMC benefits if I need them. This is just one of many (too many) cards I have, but for me, it's worth it to have an extra $1000 or $1500 saved per se towards my next car especially since I buy mostly GM vehicles. Just because it works for me, does not mean its the best option for anyone else.

I have to admit I do like the Cadillac Card design but that's just a feel good BS kinda thing they toss in as marketing.

I would love to have had even enough of a CLI from just the money they waste printing up those pretty colored new vehcles brochures that arrive with every statement.In the 1st year of having this trick card. CL=$600 EO CLI Request=HP=DENIED!! While other big players like Citi & BofA have smoked this thing flat.

Re: BuyPower Card

Kenny — Sat, 01 Nov 2014 17:40:20 GMT

Hate that you've had that experience of a 600 CL on this card. I got $7500 and was surprised it. Glad, but surprised given that they didn't want to approve me for the Venture.

Re: BuyPower Card

CreditMagic7 — Sat, 01 Nov 2014 17:57:52 GMT

@Kenny wrote:
Hate that you've had that experience of a 600 CL on this card. I got $7500 and was surprised it. Glad, but surprised given that they didn't want to approve me for the Venture.

Well Kenny, i think i'm learning so as not to fall into a same situation with Cap1 or Discover again in the future. Both were mailer preapprovals back a year ago when i was just starting to build a profile and i believe they took a chance at the time. That being said my profile has grown by leaps and bounds, and so has most all cards with these 2 as the exceptions. I would venture a pretty good guess that those mailers at the time were for subpar credit and as such probably not in their calculations as cards expected to grow but only profit them interest alone. Hence Cap1 GM at 600 and Discover 1400 with neither of them budging one iota for any CLI, most recently Cap1 with a wasted HP at that.

So next year as my AAOA recovers i will finally unload them both and i bet any future apps i do with them will have a much better offer, SL, etc.

Re: BuyPower Card

Anonymous — Sat, 01 Nov 2014 18:57:25 GMT

@CreditMagic7 wrote:
@Kenny wrote:
Hate that you've had that experience of a 600 CL on this card. I got $7500 and was surprised it. Glad, but surprised given that they didn't want to approve me for the Venture.
Well Kenny, i think i'm learning so as not to fall into a same situation with Cap1 or Discover again in the future. Both were mailer preapprovals back a year ago when i was just starting to build a profile and i believe they took a chance at the time. That being said my profile has grown by leaps and bounds, and so has most all cards with these 2 as the exceptions. I would venture a pretty good guess that those mailers at the time were for subpar credit and as such probably not in their calculations as cards expected to grow but only profit them interest alone. Hence Cap1 GM at 600 and Discover 1400 with neither of them budging one iota for any CLI, most recently Cap1 with a wasted HP at that.
So next year as my AAOA recovers i will finally unload them both and i bet any future apps i do with them will have a much better offer, SL, etc.

Like I said before. CapitalOne is very much a 2 tier lender. And once you've landed on one tier, You're pretty much stuck.

Use em to rebuild, Cancel. Then reapply a year later and you'll be pleasantly surprised.

Re: BuyPower Card

CreditMagic7 — Sat, 01 Nov 2014 19:00:25 GMT

@Anonymous wrote:
@CreditMagic7 wrote:
@Kenny wrote:
Hate that you've had that experience of a 600 CL on this card. I got $7500 and was surprised it. Glad, but surprised given that they didn't want to approve me for the Venture.
Well Kenny, i think i'm learning so as not to fall into a same situation with Cap1 or Discover again in the future. Both were mailer preapprovals back a year ago when i was just starting to build a profile and i believe they took a chance at the time. That being said my profile has grown by leaps and bounds, and so has most all cards with these 2 as the exceptions. I would venture a pretty good guess that those mailers at the time were for subpar credit and as such probably not in their calculations as cards expected to grow but only profit them interest alone. Hence Cap1 GM at 600 and Discover 1400 with neither of them budging one iota for any CLI, most recently Cap1 with a wasted HP at that.
So next year as my AAOA recovers i will finally unload them both and i bet any future apps i do with them will have a much better offer, SL, etc.
Like I said before. CapitalOne is very much a 2 tier lender. And once you've landed on one tier, You're pretty much stuck.

Use em to rebuild, Cancel. Then reapply a year later and you'll be pleasantly surprised.

Yep, i know now thats right. It's only beating a dead horse to expect anything further with those cards as is.While sock drawered they are at least contributing to AAOA for the time being.

Re: BuyPower Card

Anonymous — Sat, 01 Nov 2014 20:50:43 GMT

You have to really spend a lot on this card to rack up enough points to make a significant contribution towards a car.

Re: BuyPower Card

CreditMagic7 — Sat, 01 Nov 2014 23:44:00 GMT

@Anonymous wrote:
You have to really spend a lot on this card to rack up enough points to make a significant contribution towards a car.

So true that i soon after just used it for the occasional fill up and snacks only.

Re: BuyPower Card

woodyman100 — Sun, 02 Nov 2014 00:35:16 GMT