GM BuyPower card

[Swordsmith]

Just signed up for the BuyPower card. I had a similar CC for airline miles, and I found it fairly modest in usefulness, despite making a concerted effort to build miles using it.

I own a small business, and I have some suppliers that will sell to me on a card as opposed to requiring checks (sadly, some -do- require checks, as do the companies that collect my booth fees, insurance payments, etc. Annoying). This means I was using my entire credit limit, then paying off the card a couple days later, then using my entire credit limit again a couple days later, again and again.

In the end, this amounted to roughly one free round trip plane ride for two to Florida, coach... and not a whole lot of miles left over. Turns out miles are "worth" only about a penny each.

The GM card looks, to be honest, like a similar deal; 5% credit on your first $5k, and then 2% on each dollar spent after that. That means that in order to get $20K in credit I'll need to spend... not quite a Million dollars on the card.

I figure at best I'll be able to manage maybe $100K per year on the card, because so many of my payments will not be able to go on the card. That's only about $2150 in credits per year... a new car every 10 years or so.

My spending limit on the card is a whopping $5K... which sadly is better than the $3K limit on the airline card. This still means I will also be unable to fit some purchases on the card even when it is empty, unless I make two phone calls, each for a half size order. BUT I won't be likely to do that, as I get better volume discounts with larger orders, and I don't want to spend real money in order to get more car credits.

But that's a FREE new car every 10 years or so. I feel a little like Johnny Cash on that... I got it one piece at a time, and it didn't cost me a dime!

Any suggestions as to how to increase the reward level and parlay this thing into cars more often would be interesting, of course!

 

[The Champ]

I have the original GM card - which gives me 5% rewards up to $500.00 per year. I have no cap on how much I can accumulate towards a new car.

I'm not sure, but you may want to look at the fine print on your new card. I know on some of the newer GM cards they restrict how much you can use on the various different GM cars/trucks.

Also, I don't know what kind of car you might be able to buy for "free" in 10 years for $21,500.00...

I only use this card for the first $10,000 of charges each year. After that I start using a different rewards card.

The GM card is part of the reason I was able to by my 2014 Sonic for $9466.00...

 

[Swordsmith]

I have the original GM card - which gives me 5% rewards up to $500.00 per year. I have no cap on how much I can accumulate towards a new car.

This one sounds... better, since there's a $5000 cap per year for the 5% instead of your $500 cap, and like yours, no cap on the 2%, and (from what I read on the website, I may be mistaken) similarly no cap on the amount you can accumulate.

I'm not sure, but you may want to look at the fine print on your new card. I know on some of the newer GM cards they restrict how much you can use on the various different GM cars/trucks.

Pretty sure I read that there's no cap on how much you can use. Certainly an important point to research before I end up with 21500 in credits which I can only use $2150 per car or something crazy like that.

Also, I don't know what kind of car you might be able to buy for "free" in 10 years for $21,500.00...

another good point, I was thinking another LT Sonic, only cost me $16K or so in 2012, I guess it depends on inflation but $21250 doesn't sound completely unreasonable in 2026. Looking backwards, if I had purchased a car for $16000 in 2005, today inflation would make that $19453...according to the Inflation Calculator.

I only use this card for the first $10,000 of charges each year. After that I start using a different rewards card.

I'm not clear on why that makes sense to you. The first $500 are (for you ) the only ones with a large advantage, you get $25 in credit for those, the remainder of your $10,000 only gets you $195 in credit. You're surely in no danger of accumulating more credit than you'd spend on a car, at that rate?

The GM card is part of the reason I was able to by my 2014 Sonic for $9466.00...

That's what I'm talking about! If I can get a car for a massive discount without having to do anything I wasn't going to do already (in this case, spend money on business supplies) it seems to me this is a win.

The airline miles thing... I rarely fly and I ended up accumulating more points than I could use... but not nearly enough points to get an upgrade to first class or such!

{Edit to add}
Here's the text on the offer:

• 5% Earnings on your first $5,000 in purchases every year
• Unlimited 2% Earnings on purchases after that
• Earnings that don't expire
Best of all, there's no limit on the amount you can earn or redeem, so you can use your Earnings toward part, or even all, of your new vehicle. Plus, you can combine your Earnings with most current GM offers and incentives for even greater savings.

I know, fine print might contradict that somewhere... but it sure looks like I could, in theory, "earn" any car they have, free and clear, if I just spend enough on the card.

 

[The Champ]

I get 5% on the first $10,000 in purchases - or a "cap" of $500.00 per year in accumulated rewards.

Hopefully that clarifies that issue.

I looked at the GM Card site - and I agree that it "sounds" like you could redeem all your points on any qualifying vehicle.

I emailed them and asked the specific question:

"If I applied for and was accepted for the GM BuyPower Card and I "earned 10,000 points over 4 years, could I redeem all 10,000 on the purchase of a new Camaro?"

I'll let you know what they say.

I know that my wife and I could easily rack up 2500 points per year and will consider switching to that new card if that is how it works.

 

[The Champ]

I got a response - and it appears that you can use all earned points.

 

[laborsmith]

The BLUE GM Card, aka the old GM Card allowed $500 points per year for seven years and all points could be used at one purchase. That is no longer available.

There are several new GM Cards with their own limits. (All have points starting to lapse month by month on completing seven years like the old card.) The card Swordsmith has seems like one that has no limit on accumulation but specific limits on vehile line: $3000 for Corvette, $1000 for Malibu. $500 on Sonuc, etc. There are top offs about every six months so if you have $500 you can get say $2000 off the Malibu.

There are also the Business and the Family Cards which accumulate points at 1% but can be used with the Employee and the Supplier Program Plans, which the first two can not.

Laborsmith

 

[The Champ]

The BLUE GM Card, aka the old GM Card allowed $500 points per year for seven years and all points could be used at one purchase. That is no longer available.

That is the one I have.

There are several new GM Cards with their own limits. (All have points starting to lapse month by month on completing seven years like the old card.) The card Swordsmith has seems like one that has no limit on accumulation but specific limits on vehile line: $3000 for Corvette, $1000 for Malibu. $500 on Sonuc, etc. There are top offs about every six months so if you have $500 you can get say $2000 off the Malibu.

The limits you are talking about - are exactly what I was referring to when I responded to Swordsmiths original post.

But in looking at the GM Card website - I couldn't find any limitations for the "BuyPower Card".

That's why I emailed them to get more info.

This is the response:

Dear Mr. XXXXXXX,



Thank you for contacting the Buypower Card Redemption Center. We are committed to providing you with the highest standard of Buypower Cardmember Services.



The new Buypower Card is a credit card that rewards you with Earnings on every purchase you make, these earnings are redeemable toward the retail purchase or lease of a new Chevrolet, Buick, GMC or Cadillac vehicle. Every year, you receive 5% Earnings on the first $5,000 in credit card purchases. After that, you receive unlimited 2% Earnings on all other purchases for the remainder of your Account year. Your Account year begins on 1st day of the month your Account was opened. There is no limit to the amount of Earnings you can accumulate or how much you can redeem toward your new Chevrolet, Buick, GMC or Cadillac, and Earnings do not expire. You can also combine your Earnings with most current GM offers and incentives.

However, Earnings may not be combined with GM Employee Purchase Program, GM Dealership Employee Discount, GM Supplier Discount, GM Employee QRD Purchase Program/Company Owned Vehicle Program, GM College Discount Program, GM Military Discount Program, Credit Union Member Discount from GM or any other GM Card Product Earnings Program, including GM Business Card Earnings.



If you should require additional information about the Buypower Card, or if you have any questions regarding the information provided, please call the Buypower Card Redemption Center toll-free at 1-800-947-1000, prompt 4. Your questions and comments are extremely important to us. Thank you for using the Buypower Card.



Sincerely,



Buypower Card Redemption Center

 

[laborsmith]

Definitely newer rules than I have.

Laborsmith

 

[Swordsmith]

For someone who uses their card only in a normal way, the card Champ has might be better, you get 5% of your purchases all the way up to $10000 worth of spending, while this new BuyPower card only gives 5% on the first $5000, dropping down to 2% for the other $5000. But if like me you're going to be using it to pump lots and lots of cash, loading and emptying the card over and over, being not being limited to only $500 worth of credit per year is a worse limit. Yeah, I'll have to use $17500 worth of credit to get to where Champ's card puts him at $10000 in credit used, but I plan to try for about 100K per year, which would leave me at $2150 in points each year, compared to $500 in points with "his" plan.

Glad to see more confirmation of the features I'm most interested in, that there's no upper limit on points earned or accumulated and no upper limit on points spent per car, not even by car type.

I also appreciate seeing one of the questions I hadn't gotten around to asking yet answered; what does a "year" consist of.

Your Account year begins on 1st day of the month your Account was opened.

I would have preferred it be January to January, so I could get my $5000 in now and then again in just a couple months... but I guess it doesn't affect what I will do with the thing, if anything it makes it even easier. I was thinking I would make an extra effort to do some spending right away... but it doesn't really matter -when- the spending takes place until I'm about to buy.

When I buy, strategically I should do so shortly after the next "new" year, and make a point of doing another $5000 so I get the benefit of that extra bump, instead of spending the same money in the prior year and only getting 2% on that same spend.

 

[Swordsmith]

Card arrived last night, and still looks as promised, with the unlimited earning and unlimited application and no expiration.

It's (probably due in part to my lackluster credit rating) 19.9% APR, which I don't care much about since I tend to pay it off the day after incurring each debt, as the interest only applies to amounts that aren't paid off each month.

But an additional pleasant surprise, it's 0% APR for the first year.

 

[The Champ]

But an additional pleasant surprise, it's 0% APR for the first year.

If you decide to use that - please put the monthly payments into an interest bearing account and make SURE you pay the entire balance off at 11 months - just to make sure you don't end up with 19.9% interest occurring and making you a slave to the card.

 

[dannyg]

The BLUE GM Card, aka the old GM Card allowed $500 points per year for seven years and all points could be used at one purchase. ... There are top offs about every six months so if you have $500 you can get say $2000 off the Malibu.

I've had the old blue one for about 10 years. In that time I got the earnings up to around $750 (whoopee). But last Feb they offered me $3000 topup plus $250 from the local dealer for a total of $3250...a little over 20% of the MSRP of my Sonic LS. No question that got me to buy my first NEW car. Not sure how/when they offer topups...but they got me to buy so it worked!

 

[Swordsmith]

If you decide to use that - please put the monthly payments into an interest bearing account and make SURE you pay the entire balance off at 11 months - just to make sure you don't end up with 19.9% interest occurring and making you a slave to the card.

Yeah I got bit by a similar deal on a washing machine back when I was a kid.

But in my case I'll be paying off that card every couple days, the interest on it will never apply, whether it's zero or the 29.9% "penalty" level.

 

[gijoefontaine]

as like some other rewards cards, I'm curious to see if they will still have this card in 10years.

 

[The Champ]

as like some other rewards cards, I'm curious to see if they will still have this card in 10years.

FWIW - I've had my version (discussed earlier) that gives me 5% on the first $10,000 I put on the card each year since 1995.

And I've used it on the purchase of 4 new vehicles in that time - to the tune of a little under $10,000 total (years ago, I didn't always max out the earnings each year).

 

[sonic13rs]

We have the original card also. Last statement shows I have redeemed $15,054 (got card in Aug '92) and I have $1,446 in new earning that we will use on a 2017 AWD Trax (I want the new 1.4) in Jan 17 (when they add a kicker). We have gotten our last 3 cars in Jan-Feb using up all points. :banana: