GM BuyPower Business Card from Capital One®

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GM BuyPower Business Card from Capital One®

Rewards rate

1%–5%

Annual fee

$0

Intro offer

$2,000

Regular APR

18.49% Variable APR

Recommended Credit Score

Excellent  (740 - 850)
The information about the GM BuyPower Business Card from Capital One has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

GM BuyPower Business Card from Capital One® Overview

The BuyPower Business Card from Capital One offers some pretty decent earning categories that can help business owners rack up a lot of rewards in a short amount of time. Earning 5 percent back on select GM purchases can be fruitful if you have a Chevrolet, Buick, GMC or Cadillac vehicle already and frequently pay for parts or service. On top of that, earning 3 percent back on gas, dining and office supply store purchases makes this card immensely lucrative for anyone who spends a lot in those categories.

Still, it’s important to remember that this card comes with some real limitations, particularly when it comes to how you can cash in your rewards. You can rack up a lot of cash back with this card, but you can only redeem points toward a new or leased Chevrolet, Buick, GMC or Cadillac vehicle.

What are the pros and cons?

Pros

  • Earn exceptional rewards on GM parts and services (5 percent back) purchases along with gas, dining and purchases at office supply stores (3 percent back). You’ll also earn 1 percent back on everything else you buy — and all with no annual fee.
  • This card doesn’t have an annual fee, nor does it charge foreign transaction fees.
  • You can qualify for free employee cards, which can help you earn even more rewards on purchases your employees make.

Cons

  • Rewards earned with this card can only be redeemed for a new or leased Chevrolet, Buick, GMC or Cadillac vehicle. This means that to actually get value from your rewards you’re locked into these car brands — you can’t cash in your points for statements, gift cards or anything else.
  • This card doesn’t come with any meaningful travel protections or cardholder perks.

How much are points worth?

Rewards earned with the BuyPower Business Card from Capital One are worth one cent each when redeemed toward the purchase of a new or leased car or truck from participating brands.

How to redeem rewards

To cash in your rewards, all you have to do is visit a GM dealer and find a new car or truck you want to buy or lease. From there, you’ll negotiate a fair sales price and tack on any dealer incentives. Your rewards can be redeemed at the very end of the process, taking a significant chunk off of the sales price of your dream car.

Is the BuyPower Business Card from Capital One worth it for you?

Should you sign up? That really depends on whether you are a GM loyalist who upgrades to a new or leased Chevrolet, Buick, GMC or Cadillac vehicle every few years. If you plan to upgrade your vehicle anyway, earning rewards that can be used to knock down the purchase price is a real no-brainer.

However, the opposite is also true. If you aren’t 100 percent certain you’ll be buying or leasing a new vehicle from one of these automakers in the near future, then it doesn’t make sense to sign up for this card. In that case, you should consider a rewards credit card for business that lets you cash in your points in more than one way. Fortunately, many business credit cards let you redeem points for statement credits, travel, gift cards, merchandise and more.

Get the most value from the BuyPower Business Card from Capital One

There’s really only one way to make sure you get a ton of value out of this business card. By using it for all your business purchases, and especially purchases made in bonus categories, you’ll rack up considerably more rewards over time.

However, you should also work towards this card’s initial bonus offer. You’ll earn $500 in bonus cash when you spend $5,000 on your card within three months, plus you’ll earn another $1,500 in bonus cash when you can spend $50,000 on your card within six months. That’s $2,000 in bonus rewards you can use toward a new or leased car or truck, which represents a pretty big discount.

Also note that the rewards earned with this card can be used on top of other dealership incentives you can qualify for. In fact, BuyPower says on their website that you should “agree on your best price after taking advantage of vehicle offers” then use rewards from this card to reduce your total owed even more.

Should you sign up?

Signing up for the BuyPower Business Card from Capital One makes a lot of sense if you’re a GM enthusiast who upgrades their car or truck every few years anyway. You might as well earn rewards that can knock down the sticker price and reduce your monthly payment in the process.

Then again, this card isn’t ideal for someone who likes to own their vehicle for a longer period, or someone who wants to cash in rewards for anything other than a new vehicle, like gift cards, statement credits or travel. If you want flexibility in how you redeem your rewards, make sure to check out other rewards credit cards that offer a lot more flexibility.