Written by
India Davis
India Davis is an editor specializing in credit cards and updates. She believes in putting the reader first and carrying out a brand’s voice to its fullest potential. She has lived and worked in three different countries and hopes to explore more of the world post-pandemic.
Edited by
Ashley Parks
As a Bankrate credit cards editor, Ashley Parks is fascinated by the ways people can make credit cards work for them when armed with the right knowledge.
Aug 14, 2024 / 13 min Share on social mediaAt Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity , this post may contain references to products from our partners. Here's an explanation for how we make money .
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Rating: 4.1 stars out of 5The My GM Rewards Card earns big rewards on eligible GM purchases and everyday spending for staggeringly few fees, but the card’s limited redemption options may only make sense for GM car owners or lessors.
Add to compareBest for GM payments & leases
*The information about the My GM Rewards® Mastercard® has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.
Add to compare Recommended credit score: ( 670 - 850 )Info Hover to learn more
A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.
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Earn 15,000 bonus points after spending $1,000 in your first 3 months - that's $150 in value when you redeem with GM.
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Earn 7X total points for every $1 spent on GM purchases. Earn 4X points for every $1 spent on all purchases.
20.24% to 29.99% variable purchase APR based on creditworthiness. Rates as of 8/1/2023
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Our writers, editors and industry experts score credit cards based on a variety of factors including card features, bonus offers and independent research. Credit card issuers have no say or influence on how we rate cards.
Reward Details
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On This Page Jump toGM’s My Rewards Program offers solid loyalty rewards for nearly all things GM: eligible new and used vehicles, parts and accessories, dealership service and more. But the My GM Rewards® Mastercard® can take these rewards to another level. The card boasts a generous rewards rate on everyday purchases and GM-specific spending. It also offers several valuable perks and annual statement credits.
However, you’ll only get the full one cent per point value when you redeem points toward an eligible GM purchase. Other options come with a big cut in point value.
While the My GM Rewards Card earns kudos for its low fees and high rewards rates, its limited redemption options make it worthwhile only for a niche audience of GM loyalists.
Credit Card Cash BackExpert Appraisal: Good
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Expert Appraisal: Unimpressive
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Expert Appraisal: Good
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Expert Appraisal: Exceptional
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Expert Appraisal: Good
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Checkmark The card has remarkably low rates and fees, and no annual, foreign transaction, or cash advance fees.
Checkmark It has a great rewards rate for general purchases at 4X points. Checkmark A relatively long intro APR could be helpful for large expenses like car repairs.The 15,000-point welcome offer is only worth up to $150 and is mediocre compared to other no-annual-fee cards.
There’s an annual redemption value cap of $250 per year for statement credits with a poor redemption rate of 0.25 cents per point.
Redemptions toward purchasing eligible Certified Pre-Owned GM vehicles are capped at $1,000 per calendar year.
While the My GM Rewards Card is tied specifically to GM dealerships, it has broader benefits that could be worthwhile. The rewards rates are great for GM vehicle owners who use the dealership services but also want a card that can be useful for general purchases. There’s also the added bonus of having fewer fees than most cards, making it a good no-annual-fee option for the GM loyalist.
This card’s rewards program may seem one-note at first: You’ll earn the most on eligible purchases with GM and a lower flat rate on all other purchases. Couple this earning structure with the linked My GM Rewards loyalty program, however, and you’ll also earn on many other GM purchases.
The My GM Rewards Card earns 7X points on eligible GM purchases, including paid service, parts, accessories, WiFi at GM dealerships and select OnStar and GM Connected service plans. All other spending will earn 4X points.
Luckily, you can also earn extra rewards on other GM expenses through the My GM Rewards program with your Gold status, including 1X points per $5 spent on new GM vehicles and leases at a GM dealership, 2,500 points per pre-owned vehicle purchased at a GM dealership and 500 points per Protection Plan (i.e., extended coverage for certain repairs) purchased at a GM dealership.*
This combination provides solid rewards-earning value that can help build towards additional savings on GM expenses.
*Participating GM dealerships include Chevrolet, Cadillac, GMC and Buick dealership locations. Pontiac, Saab, Saturn, Hummer (H2, H3) and Oldsmobile owners may also be able to earn rewards on service, parts, etc. at these locations.
The card comes with a 0 percent intro APR offer on new purchases for your first 9 months as a cardholder, after which the ongoing variable APR of 20.24 percent to 29.99 percent (based on creditworthiness) applies. While this offer is far from the longest intro APR period out there, retail cards often don’t come with intro APR offers. While there’s no balance transfer offer, the intro APR could allow you to chip away at large expenses like car repairs.
Retail cards and other co-branded cards are infamous for high rates and fees, but the GM Rewards card’s fees are among the best we’ve seen in this category. There are no annual fees, foreign transaction fees or cash advance fees to worry about. Compared to even the best no-annual-fee cards, this card will impact your budget less than most.
A useful card-exclusive perk is up to a $100 statement credit back when you purchase $1,500 of fuel at eligible gas stations per calendar year (after offer activation) or when you make six electric bill payments per year if you’re charging an electric car (requires linking your electric vehicle to your My GM Rewards account). You can also get a $50 allowance toward vehicle detailing at a participating GM dealership. However, the value isn’t as much of a bargain considering full detailing packages can typically cost upwards of $200.
The My GM Rewards Card also carries World Elite Mastercard benefits, including partner perks and travel services. Highlights include:
This card lacks auto-centric perks you might expect from a car rewards card and greatly restricts your redemption opportunities and value. You’ll miss out on common benefits like roadside dispatch service, auto rental collision damage coverage, travel insurance or purchase and extended warranty protections for large purchases.
As a new cardholder, you can earn 15,000 bonus points after spending $1,000 on purchases within your first three months. Welcome bonuses aren’t often available on niche co-branded cards and a $1,000 spend should be relatively easy to reach in the first three months, especially if you use the card for your everyday spending or large expenses like a car repair.
However, this offer weighs in at a maximum value of $150 if you redeem for eligible GM purchases and can plummet to nearly $38 if you redeem points for statement credits. A $150 bonus value is mediocre for a card with no annual fee. Many competitors offer at least a $200 value for an equal or lower spending requirement.
Though there many ways to earn rewards with the My GM Rewards card, the redemption process is tangled in restrictions. The ideal redemption is for a credit towards an eligible GM purchase at one cent per point. Conversely, redeeming for a statement credit will slash your point value by 75 percent down to 0.25 cents apiece. Statement credits are limited to $250 worth of redemptions per year (100,000 points).
There’s no limit when redeeming toward eligible GM purchases, but you can only redeem $1,000 worth of points (100,000 points) per year toward eligible pre-owned vehicles. To cover your GM purchases, you can redeem your points either at the dealership or through your online account for a statement credit. Along with statement credits, purchasing or leasing new or used vehicles, you can redeem for the following:
Since you can only use your points once you receive your next billing statement, you can’t put the windfall of points you earn from buying a vehicle toward the cost of the vehicle itself. You’ll have to use your rewards toward future GM purchases, which means you’re essentially locked into buying from the dealership. You also can’t combine points with other discounts, packages or promotional offers, including the GM Fleet vehicle incentive program or any GM or GM-affiliated company employee discounts.
Selecting rival cards to compare to the GM Rewards card is tricky since most cards don’t offer rewards tailored to car dealership or automotive purchases. A good zero-interest or flat-rate cash back card could be a rewarding option for vehicle-related purchases if you have enough money in the bank to cover it.
