GM BuyPower Card from Capital One: Get Your Dream GM Car
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Credit cards come with features of all sorts that aim to fit a myriad of lifestyles. There are many different types of rewards programs that award the purchases made with a card with cash back, points, and miles, which can convert into extra cash for spending or free travel. Capital One and GM, however, offer a program with the GM BuyPower Card from Capital One®, that awards all purchases made with the card for rewards that can be used toward the purchase or lease of a new Chevrolet, Buick, GMC, or Cadillac vehicle.
The GM BuyPower credit card also includes virtually no fees and an introductory APR on purchases. If you plan on purchasing a GM vehicle, you may want to consider this card to help cut down on some of the expense.
How This Card Works
You can earn 5% rewards on the first $5,000 spent with the card each year, with the year starting when you open your account. After you have reached the $5,000 cap, your purchases earn 2%, which is unlimited. Rewards earned with the card do not expire. There is no annual fee.
Intro APR: Enjoy a 0% introductory APR on purchases for 12 months from your account opening. Afterward, a standard variable APR of 14.15%-24.15% will apply, based on your creditworthiness.
You can redeem your rewards at any time toward the purchase or lease on a new Chevrolet, Buick, GMC, or Cadillac vehicle. When you purchase your vehicle, your rewards can be deducted from the purchase price, which lowers your monthly payments. Your rewards can also be used to pay for upgrades such as leather seats, all-weather floor mats, or premium sound systems.
Other Benefits
World Elite MasterCard benefits. The GM BuyPower card includes benefits by World Elite MasterCard such as concierge serve for assistance in purchasing tickets, buying gifts, and making dinner reservations, $1 million in travel accident insurance against accidental death or dismemberment, and car rental insurance through MasterRental. Additionally, if you find that a purchase made with your card is available at a lower price within 60 days, MasterCard will reimburse you for the price difference through MasterCard’s price protection feature.
Pros
Introductory APR. There is an introductory APR of 0% for purchases from 12 months of account opening. If you are planning on making a large purchase, this gives you a year to pay it off without paying any interest on the purchase.
No annual or balance transfer fees. There is not only no annual fee for the card, but also no balance transfer fee. Although the introductory APR of 0% is not offered for balance transfers, if you have a balance on a card with a higher APR, you can save money transferring and paying it off, without paying a balance transfer fee. The balance transfer fee with credit cards is typically the greater of $5 or 3%, which means on a balance of $5,000 you can save about $150 just in fees.
No foreign transaction fee. There is also not foreign transaction fee with this card. If you travel abroad frequently, you definitely want to make sure you maximize your earning potential by using a rewards card that does not charge a foreign transaction fee, which can be as much as 3% on foreign purchases with other cards.
No rotating spending categories. Often, rewards cards offer special spending categories that earn more cash back but you have to sign up for those categories every three months. Other cards also usually offer higher awards only on specific purchases such as airfare, grocery, or gas, which limits the categories that earn the most rewards. This card awards the maximum 5% award on all purchases up to $5,000 per year, and then your purchases earn a flat rate of 2%.
High rate of rewards. There are virtually no other credit cards which allow you to earn as much as 5% rewards in any category, on any purchase. Although there is a limit of $5,000 in spending per year to earn the 5% rewards with the GM BuyPower credit card, it still allows you to earn as much as $250 in rewards each year, plus an unlimited 2% on the rest of your purchases, which, even at 2%, is still competitive with the rewards earned from other credit cards.
Cons
No sign-up incentive. Many rewards cards offer incentives or sign-up bonuses to attract new customers which result in extra cash back or, in the case of travel rewards cards, free flights or hotel stays if you spend a certain amount with the card within a designated time frame. Although the GM BuyPower card offers an introductory APR for purchases, there is no extra bonus available for new customers. (See also: Best Credit Cards Offering Sign-Up Bonus Cash)
Limited redemption options. The rewards earned with Capital One's GM BuyPower Card can only be redeemed toward the purchae or lease on new Chevrolet, Buick, GMC, or Cadillac vehicles. You do not have the option to redeem for cash or spend your rewards on gift cards or other merchandise. The upside of this, however, is that you can redeem your rewards at any time without accumulating a certain amount of rewards first. (See also: Best Cards for Earning Cash Back)
Who This Card Is Best For
It goes without saying that the GM BuyPower Card from Capital One® is best for those who plan on eventually purchasing or leasing a Chevrolet, Buick, GMC, or Cadillac vehicle. It's great for anyone who's trying to save for their dream GM car — all their credit card purchases can contribute to this cause.
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