My GM Rewards® Mastercard® Review
If General Motors is your favorite brand, this is the credit card for you. The My GM Rewards Mastercard could help you spend a little less on your next vehicle purchase and even save on some products and services along the way.
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Key Features
descriptionEditor Analysis:
- There are some nice statement credit opportunities with this card, including ones for fuel purchases and even car detailing (details below).
- Earning four points per $1 spent on everyday purchases means your GM Rewards points can add up quickly.
- You can redeem points earned with this card for everything from new or certified used car purchases, to your SiriusXM subscription and more.
- This is a highly specialized card. For most people, a more general cash-back or rewards card will be more valuable.
There’s no doubt that buying the right car model is a huge decision for most consumers, but what if a brand works to sweeten the deal of this important purchase when you’re not even behind the wheel? That’s exactly what General Motors has done with its CardName, which allows you to earn rewards toward your next vehicle purchase. And you can earn those rewards whether you’re at the dealership or not.
What is the CardName?
The CardName, issued by Goldman Sachs, combines loyalty rewards for GM enthusiasts – so they can get something for purchases they make at the dealership – with rewards for everyday purchases that are not car-related. This card ups the ante for members of the My GM Rewards program, which is the overall loyalty program allowing you to earn points toward your next GM purchase. Card members enjoy automatic gold status within the program, which opens doors to higher rewards earning overall.
What are the benefits of the card?
The CardName offers several benefits, beyond those of the basic My GM Rewards program, to consumers:
- No annual fee, foreign transaction fees or cash advance fees
- An introductory 0% APR for the first 9 months, then RegAPR
- 15,000 bonus points after you spend $1,000 on the My GM Rewards Mastercard in the first three months of opening an account
- Earn seven points for every $1 spent at a General Motors dealership for products and services, such as GM Genuine Parts, ACDelco Parts, GM Certified Service, OnStar, and GM Connected Services plans
- Earn four points per $1 spent on your other purchases
- 24/7 customer service available
- Mobile app available from Google Play and the Apple Store
- $100 statement credit when you spend $1,500 in fuel at eligible gas stations in a calendar year or a $100 statement credit for using the card to pay six months of electricity bills
- $50 allowance per calendar year toward vehicle detailing services at a participating GM dealer.
- Enjoy discounts with a variety of merchants and services including Fandango, Lyft, DoorDash, and ShopRunner services
- Travel concierge services
- Identity theft protection
- Rewards don’t expire as long as the card is still active
How do I redeem My GM Rewards points?
There are a few opportunities to redeem points, but the rules vary slightly among them:
- Redeem unlimited points toward the purchase or lease of a new GM brand vehicle, whether you’re in the market for a car, SUV or truck. Points are worth $.01 each, so 20,000 points are worth $200 off your eligible GM purchase.
- Redeem points when purchasing certified pre-owned GMC, Cadillac, Chevrolet and Buick vehicles. In this case, the card allows you to redeem up to $1,000 (that’s 100,000 points) every calendar year.
- Redeem points for non-vehicle GM purchases, up to $250 (25,000 points) annually. These rewards purchases are applicable to SiriusXM subscriptions, OnStar or Connected Services plans, and car parts and accessories sold at GM dealerships. In addition, $250 in points can be applied to protection plans for GMC, Buick, Cadillac, and Chevrolet vehicle purchases.
- Redeem up to $250-worth of points each year for gift cards. IMPORTANTLY: Each point redeemed toward a gift card is worth $0.0025, so 100,000 points equals $250. Obviously, this is not an ideal redemption in terms of value.
Potential Downsides of the CardName
Although there are a number of ways to earn points with this card, which can make this an attractive option, the redemption of these points is limited. If you’re not already a GM consumer, or don’t plan to be one anytime soon, the card isn’t for you. Remember that redeeming for gift cards doesn’t yield good value, so if you aren’t looking to use the points toward something GM-related, you’re likely better off with a more general rewards card.
How the CardName Compares to Other Cards
Depending on your needs and purchasing habits, the CardName may be a good deal. But, just like purchasing a car, it’s a good idea to shop around and see what else is out there when it comes to choosing a credit card. Here are some other options to consider.
CardName vs. CardName
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The CardName and CardName both allow cardholders to earn rewards on their purchases, with Double Cash customers receiving 2% cash back on purchases, which is broken down to 1% when you buy any item and 1% when you pay. Those rewards are more straightforward when it comes to redemption – it’s just 2% cash back. Officially, you could commit to banking those rewards and using them toward the purchase of your next vehicle. (Citi is a CardRatings advertiser)
For many people, a straight cash-back rewards card will make more sense and offer plenty of flexibility. What you won’t get in this case, is the credits for detailing and fuel purchases that you can get with the GM card. Furthermore, the Citi card offers an intro 18 months 0% APR on balance transfers (then, RegAPR), but there’s no intro 0% period on purchases like the GM card offers.
CardName vs. CardName
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CardName cardholders can earn a $200 cash-back bonus when you spend $500 in the first three months of opening the account, compared to the 15,000 bonus points the CardName offers for spending $1,000 in the first three months. And, remember, that GM bonus can only be applied to car-related purchases; whereas the Flex bonus, and all its rewards, are awarded as Chase Ultimate Rewards points. Those points can be redeemed for cash back, travel or even combined with Ultimate Rewards point earned through other Chase cards. As with all the comparison cards on this list, the Chase card will offer more flexibility than the GM card, but that’s to be expected when comparing a branded card to a non-branded general rewards card.
On an ongoing basis, CardName cardholders earn 5% back on up to $1,500 spent in categories that rotate quarterly (activation required); 5% on travel booked through Ultimate Rewards; 3% for dining and drugstore purchases; and 1% back on all other purchases. On the other hand, the CardName provides seven points for every $1 spent on General Motors purchases and four points for every $1 spent on all purchases.
Information related to Chase Freedom FlexSM has been collected independently by CardRatings and was neither reviewed nor provided by the card issuer
CardName vs. CardName
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Like the My GM Rewards Card, the CardName does not charge an annual fee, and there is an introductory 0% APR offer, although the Blue Cash introductory period is 15 months long and applies to both purchases and balance transfers (after the intro, the APR becomes RegAPR). American Express is a CardRatings advertiser.
CardName members can earn a $200 statement credit after you spend $2,000 in purchases on your new card within the first six months. On an ongoing basis, earn 3% cash back at U.S. supermarkets, U.S. gas stations and on U.S. online retail purchases on up to $6,000 per year in purchases in each category, (then 1%). Earn 1% cash back on other purchases.
Is the CardName Worth It?
If you’re a big fan of the GM brand, the CardName could offer solid value for your wallet. If you’re not, however, and don’t plan on purchasing a GM vehicle, all of the points you earn will be in limbo until you do. In this case, other options are a better choice.
Disclaimer:The information in this article is believed to be accurate as of the date it was written. Please keep in mind that credit card offers change frequently. Therefore, we cannot guarantee the accuracy of the information in this article. Reasonable efforts are made to maintain accurate information. See the online credit card application for full terms and conditions on offers and rewards. Please verify all terms and conditions of any credit card prior to applying.
This content is not provided by any company mentioned in this article. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any such company. CardRatings.com does not review every company or every offer available on the market.
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