If You Like GM Vehicles, There’s a New Rewards Credit Card for You

General Motors and Marcus by Goldman Sachs are offering loyal GM customers a new credit card option: the My GM Rewards Card, which gives cardholders the ability to turn rewards points into discounts on vehicles and service.

Goldman Sachs Bank USA is issuing the My GM Rewards Card and replacing Capital One as the partner for co-branded cards from GM. Many existing cardholders will get upgraded to the new Mastercard automatically, and Marcus by Goldman Sachs will start servicing existing GM cardholder accounts in late February. New customers now can apply online for the card, which the bank and carmaker announced Monday.

GM also is revamping its loyalty program. The updated version of the My GM Rewards Program includes three membership tiers – Silver, Gold and Platinum. Customers who open a My GM Rewards Card automatically enter the Gold tier and can move up by meeting certain spending requirements. Points won’t expire for cardholders.

At the Gold and Platinum tiers, you can redeem points toward a GM Certified Pre-Owned vehicle, among other benefits.

With the My GM Rewards Card, you earn seven points per dollar on GM spending and four points per dollar on all other spending.

You can redeem your points to help pay not just for an eligible GM vehicle – new or used – but also dealership auto service, parts and accessories, up to $250 per year. With the My GM Rewards Card, you can also redeem for up to $250 in third-party gift cards each year. One point is generally worth 1 cent but is only worth a quarter of a cent when redeemed for a gift card.

Cardholders can redeem an unlimited amount of points toward buying or leasing an eligible new vehicle. The maximum you can apply toward a GM Certified Pre-Owned vehicle is $1,000.

New My GM Rewards Card holders can earn a 10,000-point sign-up bonus by spending $1,000 on the card within 90 days.

You can earn a $100 statement credit each calendar year by spending $1,500 on fuel or, if you own an electric vehicle, after paying utility bills for six months.

The card does not charge an annual fee and comes with a nine-month, 0% introductory annual percentage rate on purchases. After that, the variable APR will range from 14.99% to 24.99%.

If you are a loyal GM customer, you could benefit from the card’s high rewards-earning rate and GM-focused redemption options. Make sure you’re aware of the caps on redemption when considering the card.