Capital One is enhancing its co-branded General Motors credit card by eliminating caps on rewards along with expiration dates.
The new GM Card made its debut Wednesday and will still offer 5 percent back on the first $5,000 in purchases and 2 percent back after that. All rewards earned on the card go to the purchase or lease of a new Chevrolet, Buick, GMC or Cadillac. The card features no annual fee, and there's no cap on the amount of rewards that can be used toward the vehicle purchase or lease.
The card replaces the previous GM credit card that was originally offered through HSBC. Capital One assumed the co-branded credit card after it bought HSBC's credit card business last year. Existing cardholders can call Capital One to get the new card and transfer rewards they already have earned.
The new card comes in a vertical design and offers five options -- a generic design, and four others featuring Chevrolet, Buick, GMC and Cadillac themes.
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