GM Card - any points from the purchase itself, using card?
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Thread: GM Card - any points from the purchase itself, using card?

  1. #1
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    Default GM Card - any points from the purchase itself, using card?

    Question was in the subject. I know about the $1,000 limit, or current GM allowance. That sets up an immediate $20,000 bogie of spending with the card, to get there (5% cash back/purch). So, again, with say a $7,500 credit limit, after spending 12,500, could I get to the $20,000 by putting a portion on the card at time of purchase?

    I heard dealers might balk at a negotiated price, because they eat the Master Card fee. I have no idea if that is true, but if it isn't I would like to use the card on the car and get it that much sooner.

  2. #2
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    The points have to have gone through a billing cycle. You can't use the earning points off a purchase currently "underway". However, watch for mailers. I have a mailer now in-hand that I want to use this week - for an additional 1500 off (totaling 2500). I signed up for the card in Sept 2011. Business travel and paying bills off the card has added up to 1300+ in earnings so far.

  3. #3
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    Does the mailer come to you as a GM Cardholder, or some other sign-up? And when you say "1500 off" are you saying from MSRP, or additional allowance on your maximum (volt=$1000)? Thanks

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  6. #4
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    Quote Originally Posted by pjwood View Post
    I heard dealers might balk at a negotiated price, because they eat the Master Card fee. I have no idea if that is true, but if it isn't I would like to use the card on the car and get it that much sooner.
    The way the whole game with rewards cards works is that dealers pay something like 1.5% to MasterCard, and the GM Card gets a significant portion of that.

    Dealers can accept money via credit card; I believe most will accept the deposit on a credit card (a $500 deposit costs them under $10 in CC fees). For, say, $20,000, it would cost them perhaps $300.

    If you just walk into a dealership and say "I'll take that car there!", they will be happy to let you pay with a credit card (assuming, of course, they have some type of iron-clad way of making sure you cannot do a chargeback). That's because someone not negotiating will typically pay a couple thousand over invoice, so a couple hundred dollars is no big deal.

    But, if you negotiate down to the lowest price the dealer is willing to pay (where they may only be getting a couple hundred dollars on the deal), there is no way they would cough up an extra $300 to close the deal.

    To boil it down, a dealer may accept the credit card -- but you'll ultimately be the one paying the fees. If those fees are less than the benefit you would get, go for it!
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  7. #5
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    It may vary by state, but I believe some places have limits on how much of a car you can put on a charge card. I remember when I bought a car a few years ago I used my credit card for the down payment. I then used my debit card for the fees and stuff. The salesman commented on how that was a good way to get around the limit that you can put on a charge card. I didn't realize there was a limit and thus wasn't trying to get around it. I just never use my checkbook so didn't think to bring it.

  8. #6
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    pj - it is an additional "bonus earnings" usable at time of purchase. So, allowance max is 1000. I have 1300 in booked earnings. I would be able to use 2500 total earnings to buy a Volt - only until Monday, July 2. It's the 2nd "bonus earnings" mailer I've received. The sales manager at Stingray said these come out every 3 months or so to GM Cardholders who have a certain minimum amount of earnings booked already.

  9. #7
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    FYI.

    3-4 weeks after getting my volt, I got a GM credit card mailer. 5% rebate is the norm, but they are currently offering 10% for the first 6 months. I bet if you call them up directly, they can send you an application with the promotion. Sounds like a great way to earn points if your Volt is a 1-2 years away, but that is still a lot of shopping to do--maybe if you have a business of some sorts that can allow to purchase supplies on credit cards. (I am not familar with the details of the GM credit card. I think people are describing a cap on benefits on the purchase of a Volt, though.)

    But like most other bonus cards, you do not want to carry a balance--the interest will eat up any potential bonus or incentives. In the case of using the credit card to discount the Volt (I do not think it will work because you don't usually get the rebates/points until after an item is charged; then it takes the next billing cycle to post into your account before it can be used), I do not think it would be good idea if there is the 0% incentives going around.

    If you want to use the GM Card promo, I am assuming you plan to pay the amount off on the next bill cycle to prevent any interest charges. Then, you should consider that the money you plan to charge on the GM card is probably better thrown into a savings accounts (or money market) with 1-1.5+% interest. At the end of the 6 years 0%, that money (which may be used to pay off the remaining balance of the loan), will probably give you better than a 5% return.

    -KyleH
    Last edited by KyleH; 06-29-2012 at 11:20 AM.

  10. #8
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    My GM Card was a 0% HSBC card for 1-year. I have a balance on mine, but will be paying it off entirely before the interest kicks in in September, 2012 (one year after issuance). HSBC won't be happy for all the lost interest. But anyway - Capital One is taking over the GM Card business. HSBC has sure had issues in the USA. They are closing their local branches around Buffalo (about 200 of them). Maybe other cities too.

  11. #9
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    Bonaire, I'm going fast with the card (day camps, arborists, travel..), so I have no earnings over even a full billing cycle, yet. I take it that, as a cardholder, I could be seeing a mailer at some point. Dunno how long it would take me to get to 50k in credit card spending, though ($2500/%5 bonus earnings). This also sounds like part of the new program, and not a grandfathering of the old $500 max per year plan.

    I don't run a balance. I'm actually swapping into a credit union, from BOA, and with other new cards/joint accts/etc, I am on account number overload, right now. Bonds are my job, so I hope not to make mistakes on the basis points.

    The initial question has been answered. Can't do the card at Volt purchase, and simultaneously receive the points. Thanks all.

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  13. #10
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    If we could apply the GM card's 5% cash back to ALLY lease payments, that could be a sweet deal.

    5% of $5,000 monthy would be $250 towards a $350 lease payment.

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