Time to product change old GM Mastercard?

[James3]

I have an old GM card from 2004. I don’t remember what it was called originally, but these days, GM refers to it as the “Copper Card,” which I learned from a woman on the phone. I never product changed this card to the “Buy Power” card from Capital One or anything else it may have been called over the years. There is no information about this card on the website, but the rewards are as follows for this card if anyone is interested:

5% earned on all purchases, which expire after 7 years. Earnings are only valid toward the purchase or lease of a new GM automobile

I have the option to do a product change to the “My GM Rewards” card, which earns 4 points/dollar on all purchases, and 7 points/dollar rewards on GM purchase, which never expire. In addition to vehicles, the rewards additionally have the option of being used on other GM affiliated services (parts, OnStar, Satellite radio)

Does anyone have any thoughts about whether I should product change this card? The benefits of this card have been a mystery to me for a while, especially as I won’t need to buy a car anytime soon.

[Lou-natic]

The $100 yearly statement credit for $1,500 gas spend is pretty handy. Otherwise if you don't own or plan to purchase/lease a new GM product I think its use is more limited. Which makes sense because that's the target market for the card.

[James3]

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@Lou-natic wrote:

The $100 yearly statement credit for $1,500 gas spend is pretty handy. Otherwise if you don't own or plan to purchase/lease a new GM product I think its use is more limited. Which makes sense because that's the target market for the card.

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Thanks, I didn't know about that benefit, but I live in a city with great usable public transit, so I haven't had a car in 9 years. This is primarily a sock drawer card, but I hold onto it in case my circumstances change. I don't have so many credit cards that keeping this one is a burden.

[NoMoreE46]

I am surprised you haven't been changed to a newer card.  In any event, I would PC this card.  Rumbling about Amex might take over the Apple and GM card portfolio from GS.  Having the newer card will probably be easier to deal with.

[James3]

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@NoMoreE46 wrote:

I am surprised you haven't been changed to a newer card.  In any event, I would PC this card.  Rumbling about Amex might take over the Apple and GM card portfolio from GS.  Having the newer card will probably be easier to deal with.

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On a forum elsewhere for GM card owners, I found that there are other people like me that have the "Copper Card" with the older version of the reward program. Some people have an even older version of the reward card from around 30 years ago.

With all the disorganization with the transition from Capital One to Goldman Sachs (It took over 7 months for me to be issued a new card), I haven't been wild about the idea of a product change and the possibility that someone at Goldman will open a new card for me rather than transfer the existing account. But yes, in principle I agree that having the reward program updated now (while keeping the orginal opening date) may be a good idea if Goldman plans to sell their credit card business.