Reading the Fine Print on the HSBC GM Rewards Card

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.

Well…

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.

3 responses to Reading the Fine Print on the HSBC GM Rewards Card

  1. Are there any restrictions preventing you from using that card to purchase a Ford (and getting the 5% cash back)?

  2. Many years ago there were no limits as to how much could be applied to a vehicle purchase (and my husband used the rewards twice on GM vehicles). After they put the limits in place we stopped using the card. I have no idea what a GM Supplier Discount is, I’ll Google it now.

  3. For what its worth most dealerships won’t allow you to use a credit card to buy a car because they don’t want to get hit with the merchant fees.