My GM Rewards Card™ Review: Should You Get This Card?

Generally speaking, compared to alternative possibilities, credit cards from certain automakers don’t give much value. This is because they frequently don’t have useful benefits or have minimal earning potential. All of that is intended to change with the My GM Rewards CardTM, which replaces the GM BuyPower Card and offers rewards for both new and existing GM (General Motors) car owners.

The advantages and disadvantages of this new card, as well as the process for accumulating and using points, will all be covered in this review. You may use this to determine whether or not you 

Every qualified purchase earns you points with the My GM Rewards Card, which you can use to pay various GM-related fees. This covers the purchase of a brand-new or certified-used GM car and any qualifying services, repairs, and accessories. Some of GM’s product lines include Cadillac, Chevrolet, GMC, and Buick.

This card probably wouldn’t make sense if you don’t drive a GM vehicle or aren’t interested in purchasing a new or pre-owned GM vehicle. The redemption choices are designed to be used with GM purchases, which may not be to everyone’s preference.

However, this card could be suitable if you already own a GM vehicle or intend to join the GM family. Although spending your points would still be restricted, it may make sense if you incur many GM-related costs. Additionally, having a 0% intro APR on purchases for an entire year after the account is opened, followed by a variable APR range of 17.99% to 27.99%, may be helpful.

My GM Rewards Card: Pros And Cons

Pros

• Generous welcome offer: After you spend $1,000 during the first three months, you’ll earn 15,000 points.
• Rewards earning: My GM rewards card purchases get 7X points, while all other qualified purchases earn 4X points.
• $0 annual fee: Because there is no yearly charge to consider, it is simpler to benefit from any perks you may receive.
• No foreign transaction fee: The My GM Rewards Card has no international transaction fees, even though it is not a travel card. This can be useful if you require a card to make international purchases.
• My GM Rewards: The second-highest membership tier in the My GM Rewards program, the Gold Tier, is automatically granted to Cardmembers.
• Fuel or electric vehicle statement credit: Once you spend $1,500 on eligible gasoline purchases or pay six electric bills in a calendar year, use this offer to get a $100 statement credit.
• Vehicle detailing allowance: When you use your card to pay for describing at a participating GM dealer each calendar year, you’ll get a $50 budget for vehicle detailing.
• GM redemptions: Use your points to pay for services, accessories, and parts, select OnStar and GM Connected Services plans, new or certified pre-owned GM vehicles, and other eligible GM costs.
• Mastercard World Elite benefits: Cardholders can access Mastercard concierge services and deal with Fandango, Lyft, HelloFresh, ShopRunner, and DoorDash. Additionally, you get $50 in deductible protection for your cell phone with coverage up to $800 per loss.

Cons

• Limited redemptions: You may only use your points to pay for GM-related fees or to purchase gift cards. The value of your points for redemption on gift cards is significantly less than what they would be worth for other redemption alternatives.
• Limited potential for everyday use: Although this card offers a higher-than-average rewards rate, you probably wouldn’t want to use it for regular purchases because you might not have a consistent way to cash in your benefits.
• Not a travel card: The My GM Rewards Card could appear to be a travel card because there are no international transaction fees and some good travel advantages through Mastercard World Elite, but that is not the case.

Accumulating Points

Here is an example of how the My GM Rewards Card may help you accumulate points. The point valuation used to determine these values is one cent per point.

Keep in mind that this is a projection. How much you spend and where it will define the actual value.

Year one earnings: $1,440.00

Year two payments: $1,340.00

It should be noted that these earnings were determined using the redemption rate applicable to utilizing points toward purchasing a certified pre-owned GM vehicle and that this redemption option has a limit of 100,000 points per calendar year. The value of the points decreases significantly if you exchange them for gift cards.

If you include the $100 gasoline or electric vehicle bill credit and the $50 car detailing allowance, your profits might increase by $150.

Top Ways To Earn

With most rewards cards, using the card as much as possible for regular costs is the best method to collect points. However, if you can’t use your card for everything, use it at least in the bonus categories (if applicable).

You may earn 4X points on all other eligible purchases and 7X on GM purchases with the My GM Rewards Card. You would want to use your card when you visit a GM dealer and need to pay for parts or services because you have a 7X earning rate on many GM-related purchases.

Boosting Your Redemptions

When comparing credit cards, most reward programs provide various ways to redeem points. With the My GM Rewards Card, you may save the following items:

• Eligible new cars or certified pre-owned GM vehicles
• Certified service, accessories, and parts
• Select OnStar and GM Connected Services plans
• GM Financial
• GM Protection Plan
• Gift cards

For GM-related goods, you usually get a cent per point value. For instance, 100,000 points would entitle you to $1,000 off the price of a qualifying certified pre-owned GM car.

You receive a significantly reduced point valuation of .0025 cents per point for gift cards, though. To maximize the value of your points, you should limit your redemptions to GM-related purchases.

FAQs

Is There Any Minimum Credit Score?

To be eligible for a card like the My GM Rewards Card, you usually need a solid or outstanding credit score. Good credit starts at 670 on the FICO Score scale, while excellent credit is 800 or higher.

How Can Reward Points Be Used?

My GM Rewards card points may be used to purchase certified services and parts, select OnStar and GM Connected Services plans, as well as other GM services and eligible new or certified pre-owned GM cars.

How Can I Redeem My Rewards?

For the most part, you must go to a GM dealership to use your My GM Rewards card points. Inform the dealership if you want to use points toward purchasing an eligible GM vehicle or servicing your vehicle. Log in to your account at MyGMRewards.com to redeem points for gift cards.