If you’re saving up for a new car, will an automaker’s bespoke rewards card help you get there faster?
It certainly seems that way; the My GM Rewards Card™ offers a whopping 4x back on all purchases, plus 7x back on GM services, parts, and accessories.
Even if you don’t have a Camaro or a Cadillac to service yet, 4x is still a heckuva whole lot. Plus, the card has no annual fee, a $150 sign-up bonus, and up to $150 worth of annual statement credits.
So what’s the catch? Let’s investigate.
Key Features
- Earn rates: 7x points per $1 spent on select GM purchases; 4x points per $1 spent on everything else
- Welcome offer: 15,000 points after spending $1,000 within the first three months
- Redemption value: Points worth $0.01 each when applied to GM products, vehicles, and services; $0.0025 each when redeemed for gift cards
- Statement credits and extra discounts: Up to $150 in annual statement credits and discounts for fuel and vehicle detailing
- Extra benefits: Cardholders automatically qualify for My GM Rewards Gold Tier status and World Elite Mastercard benefits
- Intro APR: 0% APR for the first 12 Months on new purchases. Then the ongoing rate of 17.24% – 27.24% Variable, based on creditworthiness applies.
- Annual fee: None
In-Depth Analysis
Earn Rates
Easily the most eye-popping feature of the My GM Rewards Card™ is the ability to earn at least 4x points on everything you buy.
Yep; whether it’s gas, groceries, even a Ford Mustang keychain — doesn’t matter, you’ll earn 4x points on it.
Custom meme generated using imgflip.com. IP Source: The Oprah Winfrey Network
On top of that, you’ll earn an impressive 7x points on all eligible GM purchases, including services, parts and accessories purchased at participating My GM Rewards Card™ dealerships or online.
I couldn’t find a list of “participating” dealerships online, but not to fear — I called around, and three separate GM sales managers told me they’ve never heard of a GM dealer not participating in My GM Rewards.
Redemptions
My GM Rewards points can only be redeemed for their full value ($0.01 each) when applied to a GM purchase. That list includes:
- Purchase or lease of an eligible new GM vehicle
- Purchase of an eligible Certified Pre-Owned GM vehicle
- GM Certified Service, GM Accessories, or GM Genuine Parts and ACDelco parts sold at a participating GM dealership
- Select OnStar®, SiriusXM, and GM Connected Services Plans
- GM Vehicle Protection Plans
There are also limits on how many points you can convert within each category in a single calendar year.
Lastly, outside of GM products, you can convert points to gift cards — but at a loss of 75% of their maximum value ($0.025 each).
Here’s’ a full breakdown:
| Redemption option | Redemption value | Maximum redemption amount | Exceptions |
|---|---|---|---|
| Purchase or lease of an eligible new GM vehicle | $0.01 | Unlimited | Fleet vehicles, GM Employee Discounts, GM Company-Owned Vehicle Discount, Supplier Discount, some other offers |
| Purchase of an eligible Certified Pre-Owned GM vehicle | $0.01 | $1,000 per calendar year | Fleet vehicles, GM Employee Discounts, GM Company-Owned Vehicle Discount, Supplier Discount, some other offers |
| Certified GM services, parts, and accessories; OnStar and Connected Service plans and SiriusXM subscriptions; Vehicle Protection Plans | $0.01 | $250 per calendar year | None listed |
| Gift cards to various stores, restaurants, and merchants | $0.0025 | $250 per calendar year | None listed |
If you want to get any meaningful value out of your My GM Rewards points, you can essentially only redeem them for GM products. Even then, there are low ceilings on how much you can redeem at once.
Fuel/EV Statement Credits and Vehicle Detailing Discount
The card starts to look a lot better when you factor in some bonus statement credits.
For starters, there are two ways you can get the $100 “fuel” statement credit:
- Spend $1,500 on gas in a calendar year, or
- As the owner of a GM electric vehicle, use your My GM Rewards Card™ to pay for six months of electric bills.
A $100 fuel credit is quite a substantial draw for those who meet either of the above conditions. If you spend $1,500 on gas in a given year, the fuel credit is equivalent to nearly 7% cash back on that spending. That’s very competitive with the best gas cards out there.
The My GM Rewards Card™ also includes a $50 “allowance” toward a vehicle detailing service at a participating GM dealer. For reference, basic washes and details tend to start at $25 and $125, respectively.
Fees and Interest Rates
The My GM Rewards Card™ offers 0% APR for the first 12 Months on new purchases, and charges no annual fee.
It also charges no fees for transfers, balance transfers, foreign transactions, or cash advances.
In fact, about the only fee this card charges beyond its regular, variable APR is a late payment fee of up to $40.
For more cards that help you avoid fees, check out our lists of the Best No Annual Fee Credit Cards and the Best Credit Cards For International Travel.
My GM Rewards Gold Tier Benefits
Once you receive your My GM Rewards Card™ and enroll in My GM Rewards, you’re automatically elevated to Gold Tier status.
Curiously, while this is touted as a perk, My GM Rewards Cardholders already have all the bonuses of Gold Tier status — and more. Enrolling doesn’t seem to get you anything extra, except one step closer to Platinum status which adds GM Exclusive Experiences and a Dedicated Member Support Specialist.
World Elite Mastercard benefits
Since the My GM Rewards Card™ is a World Elite Mastercard, you’ll gain instant access to a suite of money-saving benefits like:
- $5 in Lyft credit for every three rides taken per month
- Three months of free DoorDash DashPass plus $5 discount on your first two orders each month
- Complimentary ShopRunner membership
- Complimentary grounds passes for PGA Tournaments
And more. You can check out the full list of World Elite Mastercard benefits here.
