By JLP | August 3, 2012
NOTE: Notice there are no links to sign up for the credit card. That’s because I don’t hawk credit cards here at AFM.
Received a GM Rewards Card offer in the mail today. This particular card offers 0% APR on purchases and balance transfers for 15 months (3% balance transfer fee with a $15 minimum) and 5% cash back on purchases. They make it a point to say that there is no cap on that 5%. Sounds pretty good.
There’s a catch (there’s always a catch, isn’t there?).
Although there is no limit on how much you can earn from the 5% cash back, there are lots of restrictions on how you can apply it towards a vehicle purchase.
For instance, the cashback balance can be used with other discounts EXCEPT any of the following:
• GM Employee Purchase Program; QRD
• GM Dealership Empoloyee Purchase Program
• GM Enhanced Dealership Employee Purchase Program
• GM Supplier Discount Program
• the Credit Union Member Discount from GM
In addition, there is a cap on how much you can apply towards a purchase:
For 2012 models (these amounts are subject to change), you can redeem:
• up to $1,000 on the Chevrolet Cruze or Buick Verano; and
• up to $1,500 on the Chevrolet Silverado or Cadillac CTS; and
• up to $2,000 on the GMC Yukon, and
• up to $3,000 on the Chevrolet Corvette or Cadillac Escalade
I suppose it’s better than nothing but I’m pretty sure we would do better using the supplier discount.