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My GM Rewards® Mastercard® review: An ideal rewards card for GM lessees

A niche card for the GM loyalist.

 /  15 min
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Snapshot

4.1

Bankrate rating
Info
Rating: 4.1 stars out of 5

Bottom line

The My GM Rewards Card earns high-throttle rewards on both eligible GM and everyday spending for staggeringly few fees, but the card’s limited redemption options may only make sense GM car owners or lessors.

BEST FOR GM PAYMENTS & LEASES
Image of My GM Rewards® Mastercard®

My GM Rewards® Mastercard®

  • Rewards value
    Rating: 4 stars out of 5
    4 / 5
    APR
    Rating: 4 stars out of 5
    4 / 5
    Rewards flexibility
    Rating: 2 stars out of 5
    2 / 5
    Features
    Rating: 3 stars out of 5
    3 / 5
Good to Excellent (670 – 850)
Info
Recommended Credit

Intro offer

Info

N/A

Offer valuation

Info

4X - 7X

Rewards rate

Info

Annual fee

Regular APR

My GM Rewards® Mastercard® Overview

GM’s My Rewards Program already offers solid loyalty rewards for nearly all things GM: eligible new and used vehicles, parts and accessories, dealership service and more. But the My GM Rewards® Mastercard® takes things up a notch, boasting a generous rewards rate on both everyday and GM-specific spending. It also offers several valuable perks, like a $100 annual statement credit each year you spend $1,500 on fuel.

That said, the card’s redemption restrictions and other fine print may leave you idling. You can only redeem points toward an eligible GM purchase or — by taking a big cut in point value — for gift cards from a partner merchant.

While the My GM Rewards Card earns kudos for its low fees and high rewards rates, its limited redemption options make it worthwhile only for a niche audience: GM loyalists who plan to use the card for nearly all spending and save up rewards to offset the cost of a GM vehicle or other GM expenses. 

But since rewards can’t go toward fleet vehicles or be combined with employee discounts, this card is mainly helpful for leasing new vehicles.

  • Credit Card Cash Back

    Rewards

    • 7X points on GM Certified Service, GM Genuine Parts, ACDelco Parts, eligible accessories and most OnStar and GM Connected Services plans purchases
    • 4X points on all other purchases

    Expert Appraisal: Good
    See our expert analysis

  • Rewards

    Welcome offer

    • 15,000 points after spending $1,000 on purchases within the first three months - that's $150 in value when you redeem with GM.

    Expert Appraisal: Unimpressive
    See our expert analysis

  • Credit Card Apr

    0% intro APR offer

    • Purchase Intro APR: 0 percent intro APR for 9 months
    • Balance Transfer Intro APR: N/A
    • Regular APR: 20.24 percent to 29.99 percent purchases APR variable, based on creditworthiness (rates as of 8/1/2023)

    Expert Appraisal: Good
    See our expert analysis

  • Credit Card Search

    Rates and fees

    • No annual fee
    • No foreign transaction fees 
    • No cash advance fees
    • No penalty APR

    Expert Appraisal: Exceptional
    See our expert analysis

  • Congrats

    Other cardholder perks

    • Automatic Gold Tier status
    • Up to $50 each year towards detailing
    • World Elite Mastercard benefits
    • $100 statement credit if card is used to pay for 6 months of electric bills or if you spend $1,500 on fuel per calendar year at eligible gas stations

    Expert Appraisal: Good
    See our expert analysis

What are the pros and cons?

Pros

  • Checkmark

    Remarkably low rates and fees — no annual, foreign transaction, or cash advance fees and no penalty APR.

  • Checkmark

    It has one of the best rewards rates for general purchases at 4X points.

  • Checkmark

    Carries World Elite Mastercard benefits, which is impressive considering there’s no annual fee.

  • Checkmark

    Relatively long intro APR could be helpful for large expenses like car repairs.

Cons

  • The 15,000-point welcome offer is only worth up to $150, but requires spending $1,000 within the first three months.

  • Unless you’re redeeming for a new vehicle, leased vehicle or non-vehicle GM purchases, there’s an annual redemption value cap of $250 per year for gift cards and $1,000 for eligible used vehicles.

  • The World Elite Mastercard benefit tier doesn’t include driving-based perks like roadside dispatch service, auto rental collision damage coverage, travel insurance or even basic purchase protections.

  • Doesn’t offer balance transfer opportunities to cardholders

Why you might want the My GM Rewards Card

While the My GM Rewards Card is tied specifically to GM dealerships, it has some broader benefits that could be worthwhile for cardholders. The rewards rates are great for GM vehicle owners who use the dealership services but also want a card that can be useful for general purchases. There’s also the added bonus of the card having fewer fees than most, making it a good no-annual-fee option for the GM loyalist.

Rewards Rate: Best flat-rate value on the market 

This card’s rewards program may seem one-note at first: You’ll earn the most on eligible purchases with GM and a lower flat rate on all other purchases. Couple this earning structure with the linked My GM Rewards loyalty program, however, and you’ll also earn on  many  other GM purchases.

The My GM Rewards Card earns 7X points on eligible GM purchases, including paid service, parts, accessories, WiFi at GM dealerships and select OnStar and GM Connected service plans. All other spending will earn 4X points.

Luckily, you can also reap extra rewards on other GM expenses through the My GM Rewards program, including 1X points per $5 spent on new GM vehicles and leases at a GM dealership, 2,500 points per pre-owned vehicle purchased at a GM dealership and 2,500 points per Protection Plan (i.e., extended coverage for certain repairs) purchased at a GM dealership.*

This is a great value, even when you compare it to what you’d earn with the best 2 percent flat-rate cash back cards: Around $65 if you used it to cover everything but the protection plan and the car itself (a little over $3,200 in total charges).

*Participating GM dealerships include Chevrolet, Cadillac, GMC and Buick dealership locations. Pontiac, Saab, Saturn, Hummer (H2, H3) and Oldsmobile owners may also be able to earn rewards on service, parts, etc. at these locations.

Intro APR: A rare addition

The card comes with a 0 percent intro APR offer on new purchases for your first 9 months as a cardholder, after which the ongoing variable APR of 20.24 percent to 29.99 percent (based on creditworthiness) applies. While this offer is far from the longest intro APR period out there, it’s still a welcome feature, as retail cards often don’t come with intro APR offers. While there’s no balance transfer offer, the intro APR could allow you to chip away at large expenses, like car repairs, while skipping interest for a while.

Rates and fees: A unique, low-cost retail card

Retail cards and other co-branded cards are infamous for parades of high rates and fees, but the GM Rewards card’s fees are among the best we’ve seen in this category. There are no annual fees, foreign transaction fees, cash advance fees or even a penalty APR to worry about.

Compared to even the best no-annual-fee cards, this card will impact your budget less than most. No-annual-fee cards are a dime a dozen and several of them waive foreign transaction fees and the penalty APR. However, it’s very rare to find a card with no cash advance fees, which makes this card a great option if you need emergency cash. 

Benefits: Some valuable statement credits and a few extras

A card-exclusive perk is an up to $100 statement credit back on $1,500 of fuel at eligible gas stations per calendar year (after offer activation) or when you make six electric bill payments per year if you’re charging an electric car (requires linking your electric vehicle to your My GM Rewards account). If you’re interested in a cosmetic touch-up, you can also get a $50 allowance toward vehicle detailing at a participating GM dealership as well (essentially a credit for the service if utilized; no activation required).

These two benefits are easily the card’s most valuable, and could net even average spenders at least $100 back in their wallet every year. However, the $50 detailing value isn’t as much of a bargain considering full detailing packages can typically cost upwards of $200.

The My GM Rewards Card also carries a bevy of World Elite Mastercard benefits, including partner perks and a few travel services. Highlights include:

  • DoorDash: Existing DashPass members receive $5 off their first two orders each month, and new members get a free three-month membership
  • Lyft: Receive a $5 credit each month after three rides or purchases
  • ShopRunner: Free two-day shipping on all orders

Why you might not want the My GM Rewards Card

This card lacks many basic auto-centric perks and it greatly restricts your redemption opportunities and value. You’ll miss out on common benefits like roadside dispatch service, auto rental collision damage coverage, travel insurance or purchase and extended warranty protections for your large purchases. 

Welcome Offer: The value drops quickly

As a new cardholder, you can earn 15,000 bonus points after spending $1,000 on purchases within your first three months. Welcome bonuses aren’t always available on niche co-branded cards and a $1,000 spend should be relatively easy to reach in the first three months, especially if you use the card for most of your everyday spending or large expenses like a car repair.

However, this offer weighs in at a maximum value of $150 if you redeem for eligible GM purchases and can plummet to nearly $38 if you redeem points for gift cards. A $150 bonus value is below average, even for a card with no annual fee. Many competitors offer at least a $200 value for the same (or a lower) spending requirement.

Redemption: Highly restrictive

Though there are a ton of ways to earn rewards with the My GM Rewards card, the redemption process is tangled in restrictions, leaving you with two main redemption choices: credit towards an eligible GM purchase or gift cards from partner merchants. And although it’s the only way to use your rewards outside of GM discounts, we’d recommend against gift cards since this option will slash your point value by 75 percent down to 0.25 cents apiece.

There’s no limit to how many points you can redeem toward a new vehicle, vehicle lease or select non-vehicle GM purchases, but you can only redeem $1,000 worth of points (100,000 points) per year toward eligible pre-owned vehicles. Gift cards are limited to $250 worth of redemptions per year (100,000 points). To cover your GM purchases, you can redeem your points either at the dealership or through your online account for a statement credit. Along with gift cards, new or used vehicles and vehicle leases, you can redeem for the following:

  • Service at a GM dealership, including oil changes, tires, tire rotations, wiper replacement and brake and engine repairs
  • Eligible accessories, including wheels and floor liners
  • GM Genuine and ACDelco parts
  • Select OnStar and GM Connected Services plans
  • SiriusXM subscriptions
  • GM Protection Plans for Chevrolet, Buick, GMC and Cadillac vehicles
  • GM Financial monthly charges

Since you can only use your points once you receive your next billing statement, you can’t put the windfall of points you earn from buying a vehicle toward the cost of the vehicle itself. You’ll have to use your rewards toward future GM purchases, which means you’re essentially locked into buying from the dealership. You also can’t combine points with other discounts, packages or promotional offers, including the GM Fleet vehicle incentive program or any GM or GM-affiliated company employee discounts. 

How the My GM Rewards Card compares to other rewards cards

Selecting rival cards to compare to the GM Rewards card is tricky since most cards don’t offer rewards tailored to car dealership or automotive purchases. That said, a good zero-interest card or flat-rate cash back card could be a rewarding option for vehicle-related purchases if you have enough money in the bank to cover it.

Image of My GM Rewards® Mastercard®

My GM Rewards® Mastercard®

Annual fee

$0

Intro offer

15,000 points
Info

Rewards rate

4X - 7X
Info

Recommended Credit Score

Good to Excellent (670 – 850)
Info
Image of Wells Fargo Active Cash® Card
Bankrate Score
See Rates & Fees , Terms Apply
Apply now Lock
on Wells Fargo's secure site

Annual fee

$0

Intro offer

$200 cash rewards
Info

Rewards rate

2%
Info

Recommended Credit Score

Good to Excellent (670 – 850)
Info
Image of Capital One Walmart Rewards® Mastercard®

Capital One Walmart Rewards® Mastercard®

Annual fee

$0

Intro offer

5%
Info

Rewards rate

1% - 5%
Info

Recommended Credit Score

Fair to Good (580 – 740)
Info

Best cards to pair with the My GM Rewards Card

Since the My GM Rewards Card is only valuable for GM-brand spending, there’s a sea of rewards cards that can maximize your earning potential on other purchases. However, this card still has a rewards rate that many no-annual-fee cards cannot beat. So, to make up for what this card is lacking, it may be best to go up a tier.

Who is the My GM Rewards Card right for?

While it carries useful benefits for most credit card users, this card is geared towards a very specific audience.

Bankrate’s Take — Is the My GM Rewards Card worth it?

If you’re willing to funnel all your rewards toward the cost of a GM car or service, parts and repairs at a GM dealership, then the My GM Rewards Card can offer terrific rewards value and some solid perks with remarkably few fees. Yet, the card’s laundry list of restrictions means only GM loyalists who spend thousands on GM purchases will see much benefit. You should mainly consider the My GM Rewards Card if you usually swap out leased vehicles or service several vehicles at the dealership.

How we rated this card

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150+
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50+
rewards programs valued
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1800
data points analyzed
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We rate credit cards using a proprietary card scoring system that ranks each card’s estimated average rewards rate, estimated annual earnings, welcome bonus value, APR, fees, perks and more against those of other cards in its primary category.

Each card feature is assigned a weighting based on how important it is to people looking for a card in a given category. These features are then scored based on how they rank relative to the features on other cards in the category. Based on these calculations, each card receives an overall rating of 1-5 stars (with 5 being the highest possible score and 1 being the lowest). 

We analyzed over 150 of the most popular rewards and cash back cards to determine where each stacked up based on their value, cost, benefits and more. Here are some of the key factors that influenced this card’s overall score and how the score influenced our review:

Frequently Asked Questions

*The information about the Capital One Walmart Rewards® Mastercard®,  GM BuyPower Card® and My GM Rewards® Mastercard® has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer. 

Written by
India Davis
Editor, Credit Cards

India Davis is an editor specializing in credit cards and updates. She believes in putting the reader first and carrying out a brand’s voice to its fullest potential. She has lived and worked in three different countries and hopes to explore more of the world post-pandemic.

Edited by Editor, Credit cards

* See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information. However all credit card information is presented without warranty. After you click on the offer you desire you will be directed to the credit card issuer's web site where you can review the terms and conditions for your selected offer.

Editorial Disclosure: Opinions expressed here are the author's alone, and have not been reviewed or approved by any advertiser. The information, including card rates and fees, is accurate as of the publish date. All products or services are presented without warranty. Check the bank’s website for the most current information.