*** Updated New Info: GM Credit Card Holders....a change could be in your future

[Anonymous]

My brother has had the GM card from the start.  Been through several ownership changes.  He was a GM guy at the time and it was useful for him.  But the utility of the card has eroded over the years, and I'm not sure what the attraction of it is any more.  I would guess GS wants it because it has, at this point, a lot of older, financially stable card holders who haven't kept up with better products that are available to them.  The card's a turkey as far as I'm concerned.

[fatcomic]

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@Anonymous wrote:

My brother has had the GM card from the start.  Been through several ownership changes.  He was a GM guy at the time and it was useful for him.  But the utility of the card has eroded over the years, and I'm not sure what the attraction of it is any more.  I would guess GS wants it because it has, at this point, a lot of older, financially stable card holders who haven't kept up with better products that are available to them.  The card's a turkey as far as I'm concerned.

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The only real benefit is 5% cash back that can be used towards a down payment on a GM vehicle.  The 5% CB is capped at $2,500 a year I think, I don't use mine because Cap1 has basically given such low credit limits that makes the cards useless to most holders.  I think the largest CL I've seen from anyone on here was either $1,000 or $1,250 - most are only $500 or $750.      I think Cap1 might be glad GS is taking them over, I think they have given up on this product a long time ago.   

[Anonymous]

Funny. Though when i read the title I immediately assumed it was false or slightly incorrect, I can't believe for one minute that Cap1 would ever sell themselves. That would be the deal of the century no doubt, and personally don't see GS being able to afford lock stock and barrel. 

[Yankee2]

I had the GM Extended Family card since 2003. (Closed in 2019)

Originally the 1% was an attractive feature, but credit cards have changed a lot in 16 years....

There was a comment of low CL, mine was $17,500, but that was also before Capital One had it.

I was going to keep it for credit history (my second oldest card)  but with only 1% back, and only redemtions in $50 increments, it wasn't worth keeping. 

[sxa001]

I wouldn't mind things getting shaken up at CapitalOne, but alas the article was wrong.

My stepbrother has(d) the GM card.  AFAIK, he used a bunch of points (or whatever they are with the card) towards his truck.  I guess if you don't have a bunch of other cards and can put the bulk of your spend on this card over a number of years to use towards a vehicle it can work out.  I personally don't want to be locked in to a single manufacturer when I go vehicle shopping.  

[FinStar]

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@fatcomic wrote:

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@Anonymous wrote:

My brother has had the GM card from the start.  Been through several ownership changes.  He was a GM guy at the time and it was useful for him.  But the utility of the card has eroded over the years, and I'm not sure what the attraction of it is any more.  I would guess GS wants it because it has, at this point, a lot of older, financially stable card holders who haven't kept up with better products that are available to them.  The card's a turkey as far as I'm concerned.

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The only real benefit is 5% cash back that can be used towards a down payment on a GM vehicle.  The 5% CB is capped at $2,500 a year I think, I don't use mine because Cap1 has basically given such low credit limits that makes the cards useless to most holders.  I think the largest CL I've seen from anyone on here was either $1,000 or $1,250 - most are only $500 or $750.      I think Cap1 might be glad GS is taking them over, I think they have given up on this product a long time ago.   

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There's been a few members that have reported decent CLs on the GM card.  Mine's $15,500 (opened mid-2016), but they stopped giving CLIs long ago.  So, it should be interesting once GS acquires the GM card portfolio.  It would be nice if the rewards program could be a bit more flexible.

[NoMoreE46]

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@Anonymous wrote:

Funny. Though when i read the title I immediately assumed it was false or slightly incorrect, I can't believe for one minute that Cap1 would ever sell themselves. That would be the deal of the century no doubt, and personally don't see GS being able to afford lock stock and barrel. 

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It appears that Message 7 was possibly moved/merged into this original posting....

[coldfusion]

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@NoMoreE46 wrote:

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@Anonymous wrote:

Funny. Though when i read the title I immediately assumed it was false or slightly incorrect, I can't believe for one minute that Cap1 would ever sell themselves. That would be the deal of the century no doubt, and personally don't see GS being able to afford lock stock and barrel. 

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It appears that Message 7 was possibly moved/merged into this original posting....

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2 threads discussing the same topic were merged.

[Charmante]

When should this occur? It's great, because I literally found this because I was inquiring about opening a GM Card, as it would be beneficial for me -- but immediately decided NO once I read Capital One... So this would be a YES for me...

[OmarGB9]

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@Charmante wrote:

When should this occur? It's great, because I literally found this because I was inquiring about opening a GM Card, as it would be beneficial for me -- but immediately decided NO once I read Capital One... So this would be a YES for me...

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It appears it already did.