Just saw a commercial for the Buy Power Credit Card. Apparently Chevy, GMC, Cadillac and Buick have teamed with Capital One to make a credit card that, every time you use it, earns points that can be applied for a new car from the 4 brands mentioned.
While it reeks of being a big scam, I am somewhat intrigued. You’d probably have to spend 100k to get 5k credit towards a new car.
I’ve had a GM card for years that is the same thing. You get points etc. that can be traded in on cars. Last I checked I had zero credits. Within the last year or so they were bought out by Capitol One but kept the GM logo and separate accounting. I canceled Cap One some years ago when they started getting greedy with their interest rates and vowed not to use them again but now if I want to keep my GM card, have no choice. At least its not Citibank which I refuse to do business with. (Arab owned and userus)
Interesting. Never heard of it before
How many points do you get for using the credit card? I believe other auto companies have them too.
I’m aware of the program because it gets mentioned a fair amount on the corvette message boards. From the website it appears that you get 5% back on the 1st 5,000.00 then 2% back on everything above that. I personally wouldn’t get much back but others probably use a credit card enough to make it worthwhile.
"I believe other auto companies have them too."
Yup!
Ford has (or–at least–had) something similar, and for quite a few years, I used the Subaru MasterCard issued by Chase. After applying the very generous rebates that I earned with that card, it enabled me to pay a grand total of something like $30 for my 60k & 90K services at the dealership on my 2001 Outback, and I still had enough cash credits left over to take $700 off of my best deal on a 2011 Outback Limited 3.6R.
Unfortunately, Subaru recently ended their relationship with Chase, so that card is now dead in the water, but the take-away from all of this is that some car companies do establish very appealing credit card terms with certain banks. If you can find one of them, they tend to be much more lucrative than other “cash back” credit cards.
I’ll be buying my next car in around 2023. I have no idea what brand I’ll buy at that time, so I’d rather use a regular cash-back credit card than one tied to a specific brand, even if the amount coming back to me is less.
Had one of these cards administered by MNBA. Crooked bank. Delayed my bill to arrive 12-15 days after the bill closing date on very same day I’d need to send in the bill to avoid late fees, time after time. Cancelled the card and gave up the points. I won’t buy GM ever again anyway.
BTW has anybody here noticed every credit card seems to make the “payment due” date on a weekend or holiday every month, bill after bill? Seems smarmy to me right on the surface of it. Or maybe its just me…
Im with you @lion9car . I might get a 2014 car, but it wont be until 2024 haha
I got suckered on a Delta airlines card that accrued “airmiles” for travel discounts. As I was on my way to Greece I thought I could accrue quite a few only to discover it was limited to domestic miles. I immediately canceled the scam card.
Didn’t the Federal government issue rules a few years ago forcing credit card companies to get the bills out in plenty of time? I thought so, but have been wrong before.
I do know my e-mails from Visa and Discover come quite a few weeks before payment is due. Since I am not in the States, I have no idea when the paper bills come.
I don’t use credit cards and I don’t buy new. I guess that will just leave me with saving money. I can live with that.
“I guess that will just leave me with saving money”
Totaling the rebates on my Subaru MasterCard, my Costco Amex card, and my Citibank Visa card, I banked ~$1,200 last year. In my book, that equates to saving…
I imagine it’s just another “rewards” card like your Alaska Airlines Visa or your Delta Skymiles Visa that give you miles for air travel for every so many dollars spent, or the Shell Mastercard that gives you cents off per gallon for every regular purchase you make using that card, or the Discover card that somehow just gives you cash back for spending a certain amount. Nothing new.
You do realize that these rewards cards are able to give you such deals by charging merchants a higher transaction fee for these cards than standard Visa/Mastercard or debit cards, don’t you? And that these businesses that are tired of paying for your Hawaiian vacation just raise prices across the board for everyone to compensate for the expense.
I prefer getting cash back, miles or a car discount are too restrictive for me.
I had a Shell card for years that was fuel only with 5 cents off per gallon. About 12 years ago as I was filling my car the attendant informed me that my current card was being replaced with the new Shell MasterCard and handed me an application. I had a VISA with zero balance and really had no desire for a Master Card. I did like the fuel discount so I sent the application. I was denied because my divorce was less than 24 months prior. Huh! My disposable income had quadrupled following the divorce! Actually I appreciated Shell/MasterCard making a decision that I really wasn’t sure of for me.
I guess I’m with missleman. I will never, just out of plain stubbornness, use a credit card for rebates, etc. I understand I could get maybe a thousand or two a year but I’m not going play their game. Many a financial life has been ruined with these things being so easily available. I know people that will use a credit card for groceries, gas, chicken at KFC, and stamps. They screw the retailer out of 2% and get a few pennies for doing it. Nope, not me. Keep your dirty money. I don’t want it. I use a credit card for hotels and airlines and that’s about it.
Just another stupid voter wising up.
I use a CC for just about everything, and get no perks with mine, although theres no yearly fee. I like that it gives me a little bit of time or a safety net, should an emergency come up and I need cash. It also especially helps if you buy things online and theres some sort of discrepency, or someone uses it fraudulently, youre protected.
^
I also use my credit cards for almost everything, and I incur no annual fees.
Not only does this help with my budgeting, but–as Fender1325 mentioned–it also gives me consumer protections that are simply not available to those who pay with either cash, check, or a debit card.
And, for those who think that I am courting “financial ruin”, I have always paid-off the balances in full each month, and I never charge more than 5% of the credit limit that is permitted on each card.
Clearly everyone should do what they perceive to be in their best financial interests, but for those of us who actually have the self-control to limit our spending (and who invest the rebates, with very pleasing results), this is truly a no-brainer as far as I am concerned.Its a gimmick of course,there is always pressure on you to use that card that gives peanuts back,kinda like using Manufacturers coupons-Kevin