I would love to upgrade to a C6 soon, and my wife needs a Tahoe. I just applied for the GM Card, and we should be able to accumulate $2,000-3,000 worth of credit within the next year.

Has anyone had any problems with this card? Has anyone redeemed their points for a C6? Any comments or issues with the GM Card would be greatly appreciated.

Thanks!!

 

in one year...
how much would you have to use your card to earn that much?

 

You get 5% back towards the purchase of a car.
I have used my GM card on my last 4 car purchases.

 

I've heard that the C6 was restricted and you could only use $1000 from the card. Other "popular" models are probably treated the same.

 

thats what I was thinking... you'd have to charge $60k in the next year to get 3k towards a car... I am sure a lot of people do just that though.

 

Yeah, if you just applied that means you get the "new" card which caps how much you can apply to a new vehicle purchase. In the case of a Corvette I believe it is $1000. For those of us old timers that have the "old" card the only real limit is $3500 per vehicle since we can only earn $500 per year and the earnings expire after seven years. On my 04 I was able to redeem $2200 since I have the old card.

So you are capped at $1000, but the good news is that you can earn that $1000 right away, whereas it would take me two years due to the $500 per year cap.

Make sense?

 

Good post Z-man and right on, gotta luv the OLD card.
Problem for me is I am now a GM Supplier and they have a "special card" but I lose 20% if I switch over..... what to do.

 

I've had the GM card for years and have redeemed rebates back on probably 6 new cars. No problems what-so-ever. The new card has limits on what you can cash in at one time, so be sure you read the fine print.

 

I have the GM Card and have been very satisifed with the rewards. Nice thing about the GM Card is that GM gives you additional points throughout the year to be used within certian time frame. For example, my wife an I bought a 2004 GMC Yukon in Aug. and applied $3,000 in GM rebates that we accumulated in 1 year, $1,500 of which was a freebe for signing up for the card.

In December the GM Card gave me an additional $2,000 towards the purchase of a new 2005 model ($1,000 Max for Corvette & 1st year models) or left over 2004 models (all $$$ could have been applied to any GM 2004 car) so long that I used it before Jan 3. The GM Card rebates can be stacked on top of any factory and financing rebates.

The GM Card is the best card for the money if you enjoy purchasing new cars every three years. All in all the GM Card is well worth it.

 

I hope you plan on paying off your balance every month, unless you have the limited 0% thing going. Otherwise there is no point in earning 5% when you are paying 18% (give or take) in interest charges.

 

After the year of 0%, it has a prime rate. I usually never carry a balance anyway.

 

One last thing. GM gave me a very large credit line along with debt consolidation checks with 0% for nine months as part of the welcome package. These checks allowed me to access the line of credit without a cash advance charge. So I wrote a check to myself and deposited the large amount of $$$ into a 6mth CD that earned 2.5%. At CD maturity (paid GM Card in full), I got a small amount of interest income and from GM, I got 5% in rebates (of my total credit line). So my effective rate of return on GM's dollar was 6.125% (annualized).

In finance, we call this arbitrage, risk free and guaranteed return.

 

I've had my GM card since 1996, and redeemed my earnings on several vehicles, including my Corvette. I had the "Old" card, but changed to the new one since I like driving a new car, and didn't like the $500 annual limit on the old card. Another good thing about GM Card are the offers they send to their customers from time to time. My Pontiac GTP was financed through GMAC, and a week before I went to purchase my Corvette, a $2000 certificate arrived in my mail sent by GM Card and GMAC. It offered me the first 2 months worth of financing to be paid using the certificate, up to $2k.

I had Kerbeck finance the non-cash part of my Corvette, with $1000 monthly payments. Once the $2 grand was applied to my GMAC Corvette account, 2 months later I paid the GMAC balance with my HELOC, as I intended to do at the time of purchase. After GMAC's interest charges, it worked out to be roughly $1500 in additional discount. Without the GM Card, my Corvette would have been an additional $2500.

They also offer bonus GM Card money from time to time. So far, my GM card has saved me about $4000 on vehicles since 1996. Had they offered the New GM Card, I probably would have saved even more since 1996.

PS. Nice move, WHT...

 

One thing to keep in mind, unless the rules changed once again on January 1, you may have another option. I haven't checked the new rules.

If you know someone who works for GM, and I assume you do, you can use the GM in the Driveway program. This gives you supplier pricing and it lets you use the earnings from your old GM card. That's how I bought my 04. I got if for supplier pricing and I used my $2200 in earnings.

 

CE2004

Thanks. Let me know if you need a junior corporate officer. In New Mexico there is very little room for advancement because of the lack of corporations. I'm willing to relocate, but for some reason people think I'm from MEXICO and would require a work permit.

Take care.

Jeff

 

first I've heard of that.

 

I've used an average of $1,100.00 on my last 3 Tahoes from my GM Card with no problem!

 

I used $3500.00 dollars from the GM card towards the family van in 2000. Paid cash for the vette

 

Check it out.

https://www.gmfamilyfirst.com/pages/ff_login.jsp

 

Thanks for all of the great replies. To answer a few questions, yes, we do pay the balance every month. Second, we charge absolutely everything. Last year, we charged $48,000 on our American Airlines card, but we've accumulated more miles than we could possibly use in the next couple of years. So, I thought I'd do the GM card, and accumulate $2,400 per year towards a new car (versus the $400-500 worth of airline tickets we were accumulating).

The GM Card credit on the Tahoe is capped at $3,500, and the C6 at $1,000. So, in less than two years, we should be able to accumulate this amount in discounts, which works well with our purchase schedule.