Anybody have experience with the GM Card? I'm thinking about getting one
- Thread starter b0mbrman
- Start date
mugs
Lifer
- Apr 29, 2003
- 48,924
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Are there limits on how much you can earn toward a car? i.e. X% of the cost of the car? I seem to remember hearing about some restrictions. If you do get it, you may want to consider also getting a Citi Dividend Platinum Select Mastercard and using that on all of your gas and grocery purchases. 5% cash is better than 5% toward a GM vehicle. Use the GM card for things that Citi doesn't give you 5% on.
I've had the GM card for years, bought 2 cars already, soon to buy another. I have the orginal plan, no limit on how much I get off, or which cars. Max I can accrue though is $500 per year for 7 years, or $3500. I have $3000 now, will probably buy a New Silerado.
The best two things about the card are the GM dollars (I think I've got something like ~2,000-2,500 saved up last I looked) and unlike most credit card issuers these days I can't even remember one time they have called me at home to bother me with some crappy "credit protector, consumer goods discount, etc., etc." offer. If they call it's about your actual account.
- Oct 28, 1999
- 62,387
- 8,154
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I'd honestly look elsewhere.
The incentives really aren't that great anymore. Max discount you can build up on a vehicle is ~$1500 unless it's a totally unwanted car and they bump up the allowance more.
That, and they are REALLY stingy on credit limit. I've had our card for 4 years now, I've got a credit score of over 750 and I've had to beg and plead to get my credit limit bumped up from a measly $1500 to $3500. They've refused me twice now to bump it up any more than that.
I've got some other cards that would happily give me $10,000 limits if I want them.
The incentives really aren't that great anymore. Max discount you can build up on a vehicle is ~$1500 unless it's a totally unwanted car and they bump up the allowance more.
That, and they are REALLY stingy on credit limit. I've had our card for 4 years now, I've got a credit score of over 750 and I've had to beg and plead to get my credit limit bumped up from a measly $1500 to $3500. They've refused me twice now to bump it up any more than that.
I've got some other cards that would happily give me $10,000 limits if I want them.
I don't shop credit cards too often so I wasn't aware of what cash-back deals are out there...I will do a bit of research
As for the limits, it varies by vehicle but for most of the ones I'd be interested in, the allowance is capped at $1,000 - Link
Wow, that is awesome...wish that was still available.
Ah, that kinda sucks.
It might not be too bad for me though because I keep my credit card balances at zero by paying online...
Oh yeah...also note that I don't need a credit card (already got one that I use frequently and a higher limit one for emergencies). I'd only switch for the benefits...
I hadn't realized they had put greater limits on the discount amount since I got my card, I'm under the original plan (3,500) as well. Oh well, that isn't as good as the original deal then but I suppose it's still ok. ~$1,000-1,500 will work out to roughly 17-25 bucks off your monthly over a 60 month term, not bad considering it's "free money" if you would have been putting those charges on most other cards anyway.
That's what I'm thinking...I will definitely look into other incentive type credit cards before I pull the trigger though. Too bad no other car manufacturers offer something like this...or do they?
PricklyPete
Lifer
- Sep 17, 2002
- 14,714
- 164
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There are restrictions on how much you can earn toward a car, but those amounts change all the time and they run special promotions all the time where they will increase the amount you have and also increase how much off of each car.
At the end of the year sales blitz they had this past year, they sent me a certificate that bumped by GM Card earnings to $2500 against a list of about 15 vehicles which included the Tahoe, Colorado, Equinox, etc. On top of that, there were already a range of rebates on all of the vehicles as well. If I was interested in the Colorado, I could have gotten $2500 off of the truck for rebates...talked the salesman down another $2K+ and then slapped them with an additional $2500 GM Card discount. Too bad I didn't like the Colorado too much.
At the end of the year sales blitz they had this past year, they sent me a certificate that bumped by GM Card earnings to $2500 against a list of about 15 vehicles which included the Tahoe, Colorado, Equinox, etc. On top of that, there were already a range of rebates on all of the vehicles as well. If I was interested in the Colorado, I could have gotten $2500 off of the truck for rebates...talked the salesman down another $2K+ and then slapped them with an additional $2500 GM Card discount. Too bad I didn't like the Colorado too much.
my parents have it, but they also got in before they changed the limits.
they've bought two cars with it, both way under invoice. they went during holiday sales weekends, then used the bonus, and for their last purchase (silverado) got an extra 1,000 off for financing.
it's not bad if you know you're going to purchase a GM vehicle. my parents used that card to charge tuition and housing for me when i was in college.
they've bought two cars with it, both way under invoice. they went during holiday sales weekends, then used the bonus, and for their last purchase (silverado) got an extra 1,000 off for financing.
it's not bad if you know you're going to purchase a GM vehicle. my parents used that card to charge tuition and housing for me when i was in college.
RedRooster
Diamond Member
- Sep 14, 2000
- 6,596
- 0
- 76
I've had mine for 5 years, basically because it was the only card I could actually get when I was still going to school. I realize though, that there's absolutely nothing in the GM lineup that I'd consider buying even with a discount. With the exception of the Corvette, but the only way I'm affording that is winning the lottery anyways, so I wouldn't need a discount. 
I really wish I could transfer the credit I've accrued on it, to someone else who might actually use it.
If you're positive you'll buy a GM product, then it's worth it, but if you just want a safe rewards card because you don't know what else to get, definately go with a Citi cash back card. That's what I have now, and would rather just cut up my GM card, but that bit of credit is still credit and I hate to throw it away.
I really wish I could transfer the credit I've accrued on it, to someone else who might actually use it.
If you're positive you'll buy a GM product, then it's worth it, but if you just want a safe rewards card because you don't know what else to get, definately go with a Citi cash back card. That's what I have now, and would rather just cut up my GM card, but that bit of credit is still credit and I hate to throw it away.
I have had a GM Credit Card for over 10 years. I have purchashed 4 cars using money back from it.. but they recently changed some of the terms and conditions and it no longer makes sense for me. I think they bumped the % down to 1%, and raised the maximums or something like that... also they really changed the rules with being able to use the earned $$ with the GM employee discount. Using the bonus cash plus GM discount I walked out of the dealers with some sweet deals with little or no money down. Those days are over now.
Lets just say I don't use that card any more. The CitiBank Platinum has some pretty nice returns...
Lets just say I don't use that card any more. The CitiBank Platinum has some pretty nice returns...
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