CheyenneZR1

Just received in the mail that my GM rewards card thru Capitol One is being automatically changed over to Marcus by Goldman Sachs starting in January 2022 and completed by Feb 2022. They are eliminating the cash back feature so you will only be able to get points that can be used for service, parts and cars. They are changing the point system so it looks like you are getting more points but the exchange rate appears to be less, For every 10,000 points under the new system you get a $250. credit where as under the Capitol One card you received $300. credit. With the new credit card you will not lose any points under expiration as you did with the Capitol One card. Also, they will remove any points you get from new commercial purchases, they claim they have way of determining this. So, it looks like less point value ( it appears to be 2.5% instead of the 3% I was getting with Capitol One) and commercial purchases along with no cash redemption. You might be better off using the Capitol One or Citi cards that give you 2% on all purchases and you can redeem for cash anytime.

range96

What is a commercial purchase?

CheyenneZR1

Commercial purpose is business purchases. If for example you are in the car repair business and you purchase items from a distributor or dealer they consider that a business purchase and not eligible

Savoy2001

So I have roughly 1500 dollars as of now that I can use towards the z06 when that happens. I’ll have less money in rebate form to use towards that car next year under the new card? Am I understanding correctly?

I don’t care about cash back as that was never my intention for that card.

Cajun TurboZ

Are you sure you can use GM points for the C8Z? I know they exclude highly desirable vehicles sometimes and the C8Z is likely the most highly desired Chevy ever produced.

CheyenneZR1

More information will follow leading into the change over. Here is the points they highlighted so far and they provided a phone number for more information as well. You can log into your account for more information. It does say no redemption caps for an eligible new GM vehicle but it has not listed the 2023 model year yet either.
1. You'll keep the value of all your unused earnings
2. You will get 7 points for every $1. spent on eligible GM purchases
3. You will get 4 points for every $1. spent everywhere else
4. No annual fee
5.Your points will no longer expire
6. NO redemption caps on an eligible, NEW GM vehicle
7, There is no cashback feature after January 9th 2022

ZL-1

GM card has so many different card deals. Waiting to see if some of them will be carried over unchanged with Goldman. My “GM World Card” from 1992 gives me 5% up to $10,000 per year for 7 years, then the earliest points start to expire. Buying a new corvette every few years, I have never had points expire. The GM World Card point system was grandfathered in when Capital One took over from HSBC. I’m hoping for the same when Goldman Sachs takes over from Capital One.


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JerriVette

When it goes from percentages to points per dollar i get lost.


Ill keep what I have and use the points to service the vehicle as I believe you can still redeem $250 for service costs spent at a gm dealership.

my capital one card redemption was 5 percent for the first five grand spent then 2 percent there after each calendar year or anniversary date...i dont remember which.

Although I pay the bill in full every month i think I spend about 60 grand on credit cars a year...

normally that would be 250 for the first five grand and then 2 percent for the next 55 grand...so thats about 1350 each year if Im doing my math correctly...when the new card comes out ill ask what the same 60 grand of charges is worth...the points system throws me off.

if anyone can fill me in on what 60 grand worth of charges is worth off the price of a new car with this points system that would be appreciated...if its easier you can do 50 grand ..not including money soent at a dealership etc... 60000 x 4 points = 240000 points a year....

what is 240000 points worth when buying a car? Thats where they lose me and I just go back to a card that says 2 percent cash back directly into my checking account each month when I pay the bill in full etc.. BoA is easy...

most corvette guys are not going to go for this points accumulation crapola over time..its too easy to change as time goes on and its abstract.


too bad they are switching. I liked capital one bank

now we are switching to a bank I dont believe I've used for years.

I figure itll be two or three years till my number comes up for a z06... and I had been thinking to get my girl the rumored corvette awd cuv ev ..after all she was sweet enough to listen about my corvettes ive bought new driven as daily drivers...

She was excited when I said Id buy her one so if they ever come out with one..lill get one for her.

which card is the gm card at the time doesnt really matter. I usually get anywhere from 2000 to as much as 6900 off with the credit card bonus points.


kind of fun