GM Card Earnings Changing

[GreenRado]

Just got this letter this week - it says that as of Aug 1, 2003, the GM card earnings will drop to 1%, rather than the 5% we earn now.  I knew it had to end sometime.

 

If not used before the Aug. 1, 2003 deadline, the amount "becomes" 1% max.  

 

So, just in case any of you weren't aware of this, and interested in picking up a new vehicle next year, might be a good idea to jump before Aug.  ???

[Stepside Z]

Looks like it is not really worth while to keep my card then.

[DigUout]

There's a cap on how much you're allowed to use anyway.  I think it's $2500 - $3000 on trucks.  

 

I took $4600 as a down payment from a guy on his GMAC card, on a truck and it was turned down.  Had to call him back and ask for more cash down.  He wasn't real happy..... :ooh:

[mcali17]

I think you guys are confusing a bunch of different issues.

If you have the original Gold or Black GM card that was first introduced you still get 5% earnings on your purchases. With this card there is a $500 per year, 7 year limit on your earnings, which means you can only earn $3500 every 7 years. Then your last months earnings expire and are replaced with your most recent months earnings.

 

If you have the "New" GM card. The earnings were 5% a year, but this is no limit on how much you can save. The limit comes in on the vehicle. Each GM vehicle has a limit on the amount of earnings you can apply toward that specific vehicle.

 

Now, you may be right about the change form 5% to 1% on the "new" GM card, but I thought this only had to do with if you already received a GM Supplier or Employee discount. They are putting a limit on how much you can apply if you already receive this kind of discount. If you go the www.gmcard.com, they are still advertising 5%.

 

I still have the old card, I never switched to the new and I won't. That is still the best deal. Plus, you should also pickup a Citi Bank Drivers edge card. This lets you earn from 1% to 3%, and you can use your earnings for any car, new or used, and even to pay for repairs that you charge to the card.

[GreenRado]

The letter isn't real clear, but I think you're right, mcali17.  It could be interpreted to mean 5% applied in combinatoin w/ new vehicle purchase program discount will no longer be available, but it's not explicit whether you get the full 5% toward a new vehicle if you don't participate in the new vehicle purchase discount program.  So if this is correct, it's only employee and supplier discounts that can no longer apply 5% - bummer.

 

Anybody know with certainty?

 

Also, the 1% towards a new car appears to be for the new "GM Extended Family Card".  And actually, the 5% doesn't seem to be such a great deal now that there seem to be so many incentives - I'm sure hoping the 0% financing continues thru the end of the year!!  Plus I need to use up around $1,500 before the Aug '03 deadline anyways.

 

Thanks for the correction!

[97Z71]

I think you guys are confusing a bunch of different issues.

If you have the original Gold or Black GM card that was first introduced you still get 5% earnings on your purchases. With this card there is a $500 per year, 7 year limit on your earnings, which means you can only earn $3500 every 7 years. Then your last months earnings expire and are replaced with your most recent months earnings.

 

If you have the "New" GM card. The earnings were 5% a year, but this is no limit on how much you can save. The limit comes in on the vehicle. Each GM vehicle has a limit on the amount of earnings you can apply toward that specific vehicle.

 

Now, you may be right about the change form 5% to 1% on the "new" GM card, but I thought this only had to do with if you already received a GM Supplier or Employee discount. They are putting a limit on how much you can apply if you already receive this kind of discount. If you go the www.gmcard.com, they are still advertising 5%.

 

I still have the old card, I never switched to the new and I won't. That is still the best deal. Plus, you should also pickup a Citi Bank Drivers edge card. This lets you earn from 1% to 3%, and you can use your earnings for any car, new or used, and even to pay for repairs that you charge to the card.

It must be the "new" card, I have the old and did not receive the letter.

[Shaners]

I was kind of under the impression that the GM Card credits would no longer be allowed when purchasing a vehicle with GMS discount.