According to AAA’s 2023 Your Driving Costs study, the average price of a new car is $34,876. This hefty cost can result in high monthly payments that may be difficult to manage, depending on your budget and total down payment.
Fortunately, certain credit cards can help offset the cost of a new car purchase, including the card_name. It offers several perks, including no annual fee, an introductory intro_apr_rate,intro_apr_duration purchase annual percentage rate (APR), and high rewards rates.
My GM Rewards CardTM
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Here’s what to know about the My GM Rewards card, its pros and cons, whom it’s right for, and more.
TIME’s Take
The card_name could be a valuable addition to your wallet if you’re considering purchasing a GM vehicle—especially if you’re already a GM owner. The card offers impressively high rewards, no annual fee, and statement credits you can use to reduce your car-ownership costs. Still, its small welcome offer, limited redemption options, and select redemption caps are drawbacks you’ll want to consider before applying for this card.
Pros and cons
Pros:
- No annual fee
- Introductory 0% APR
- High rewards rate
- Statement credits and allowances
Cons:
- Limited redemption options
- Small welcome offer
Who is the card for?
If you’re a loyal GM customer planning to purchase a new or used GM vehicle soon, the card_name may be worth a look. It lets you earn 7x points on your GM purchases and 4x points on all other purchases, which is a very high rewards rate compared with what many other credit cards offer. In addition to its lucrative rewards, the My GM Rewards also offers several other perks.
However, the card probably isn’t the right choice for those who aren’t interested in purchasing a GM vehicle. Its reward redemptions are focused on GM products and services, so it doesn’t make sense if you aren’t a GM customer.
Marcus by Goldman Sachs, the My GM Rewards issuer, indicates that you’ll likely need a 660 FICO score or a 630 VantageScore to get approved for the card.
Features
The card_name has several features that could appeal to GM loyalists, including the following:
Rewards
You’ll earn 7x points on each dollar you spend with GM and 4x points on all other purchases you make with your card.
Introductory purchase APR
You’ll also benefit from a intro_apr_rate,intro_apr_duration introductory APR on new purchases for the first nine months, which can be useful if you’re planning to use your card to pay for a portion of a new or used GM vehicle.
Statement credits and allowances
Card members can earn a $100 statement credit by spending $1,500 per year in gas or using their card to cover six months of electric bills. Additionally, the card gives you a $50 detailing allowance when you get your car detailed at an eligible GM dealer.
The fine print
The salient points of the My GM Rewards card include:
- A reg_apr,reg_apr_type.
- An introductory intro_apr_rate,intro_apr_duration APR on purchases for nine months.
- A cash advance APR of cash_advance_apr.
- No introductory APR for balance transfers.
It also features potent rewards for money that you spend on GM products and gasoline and electric bills.
Additional hidden perks
In addition to the features above, the My GM Rewards card also comes with World Elite Mastercard benefits, the card network’s highest benefits tier. These benefits include:
- Zero liability fraud protection.
- ID theft protection.
- Emergency assistance through Mastercard Global Services.
- Around-the-clock concierge access.
- Gold concierge access.
- Discounts on select streaming and rideshare services.
- Access to select hotel, flight, and rental car upgrades.
What could be improved
While the card_name features some impressive perks, it also has a few key drawbacks. Its welcome offer is relatively small. Cardmembers earn just 15,000 points (a $150 value) after spending $1,000 in the first three months of card opening.
Its rewards-redemption options are also less than robust, being limited to GM-focused products and services. This is fine for a GM loyalist but not for the everyday consumer. You can redeem your rewards for new, used, or leased GM vehicles; GM-certified services; GM parts and accessories; and GM gift cards. Some reward caps also apply. For instance, you can only redeem $1,000 worth of points when purchasing a used GM vehicle.
Card alternatives
For rates and fees of the card_name, please visit this URL.
Bottom line
If you’re a dedicated GM customer, the card_name might be worth considering, as you can only redeem your rewards for GM products and services. A card that offers more-flexible rewards could be a better choice if you want to redeem your points for cash back, travel, or something else.
Those thinking about applying for the My GM Rewards card should plan to do so quickly, though, as various news outlets have recently reported that Goldman Sachs is planning to discontinue it.
My GM Rewards CardTM
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Frequently asked questions (FAQs)
What is a card_name?
The My GM Rewards card is a credit card issued by Marcus by Goldman Sachs. It offers GM-focused rewards, no annual fee, and other benefits for current and future GM vehicle owners.
Is the GM card being discontinued?
According to November 2023 news reports, Goldman Sachs will be discontinuing its card_name. Existing cardholders can continue earning rewards with their cards.
How do I access my GM Rewards?
You can log into your My GM Rewards dashboard to redeem your rewards or review your points balance.
What is the credit limit on a card_name?
Marcus by Goldman Sachs doesn’t disclose its credit limit for the My GM Rewards card. Instead, your credit limit will likely be based on your creditworthiness.
All information about the Chase Freedom Unlimited® has been collected independently by TIME Stamped and has not been reviewed by the issuer.
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