BuyPower Card

[HenryJumbo]

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

[Anonymous]

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@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

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

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

[pipeguy]

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.  

[Anonymous]

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@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.  

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It's like a nice little savings plan.

Emphasis on little

[pipeguy]

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@Anonymous wrote:

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PG quote ... snip...

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It's like a nice little savings plan.

Emphasis on little

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Bingo !

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

[Anonymous]

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@pipeguy wrote:

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@Anonymous wrote:

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PG quote ... snip...

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It's like a nice little savings plan.

Emphasis on little

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Bingo !

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

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

[jsucool76]

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. 

[One7]

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@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. 

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+1

[Anonymous]

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.

[pipeguy]

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@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. 

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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.