GM BuyPower Card from Capital One

Robin Saks Frankel  in  Rewards How we rate our cards  |  Advertiser Disclosure
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Recommended Credit Score

Good to Excellent (670 - 850)

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

Annual Fee:
$0
Purchase Intro APR:
0% intro on purchases for 12 months
Regular APR:
15.15%, 19.15%, 22.15% or 25.15% (V)
Terms and Restrictions Apply | Rates and Fees

Bankrate Rating

This card offer is currently unavailable on Bankrate. To see more cards in this category, please visit our 0% apr category page.

Editor’s note: This offer may no longer be available.

General Motors fanboys (and girls), here’s your credit card. If you plan to buy or lease a new Chevrolet, Buick, GMC or Cadillac in the next few years, the GM BuyPower Card from Capital One could help you save for that down payment — or to buy more car than you could otherwise afford.

On the other hand, if you’re not planning to bring home a vehicle in the GM family any time soon, this card is worthless.

Review

Cardholders earn 5% back on their first $5,000 in purchases every year. After that, all spending on the card earns 2% back. If you owned this card and made just $5,000 in purchases with it, you’d earn $250 a year.

That’s not too shabby for a card that carries no annual fee.

And since the rewards don’t expire as long as your account is in good standing, you could build them up over the course of several years and use them when you’re ready to buy or lease. The rewards can be used in addition to some other GM discounts, if you’re eligible for one.

The card comes with another nice benefit: 0% introductory APR on purchases for the first 12 months on purchases.

That being said, unless you want to be locked into using rewards solely toward a new GM, we’d steer clear of this one and choose a card with greater redemption flexibility. Get a rewards card that lets you use your earnings however you’d like, or just gives you money back.

Who should get this card

If you’re yearning for a new Chevrolet, Buick, GM or Cadillac, this card can help you save toward that goal. The card gives generous rewards back on spending towards a new car within the General Motors family.

The rewards don’t expire and you can apply them on top of any other dealer incentives, potentially netting you a new car for less. You can also use the rewards to make dealer upgrades and add features like a killer sound system or a plush leather interior.

Advantages
  • Earn cash to make a down payment on your new GM vehicle.
  • There’s no annual fee or foreign transaction fees.
  • Introductory 12-month, 0-percent APR on purchases.
Disadvantages
  • Since you can only use these rewards to buy or lease a new GM vehicle, you’re unable to apply them to another brand or even a used GM car.
  • You’d have to spend heavily on this card to earn enough rewards to make a dent in the price of a new car. If you spend $1,000 a month on this card, you’d earn only $390 in rewards over the course of a year. (You'll earn $250 on the first $5,000 (5% rewards) and $140 on the remaining $7,000 in spending (2% rewards).

Fees and APR

  • This card charges no annual fee.
  • There is no foreign transaction fee for purchases made outside the U.S.
  • Standard APR is a variable 19.24% .

Extras, perks and using rewards

Once you agree on a price for your new or leased GM car, your dealer can deduct the value of your rewards from the total price. You can use your rewards as a down payment or against the total purchase price. The rewards earned on this card can only be applied toward the purchase or lease of a new GM vehicle. They cannot be redeemed for cash or a cash equivalent.

This card comes with World Mastercard benefits which include travel protections, worldwide assistance and concierge services.