My GM Rewards Card Review

My GM Rewards Card Full Review

Card Type

The My GM Rewards Card is a co-branded rewards credit card issued by Goldman Sachs. It’s geared toward GM enthusiasts who spend a lot on vehicle maintenance or upgrade their car every few years.

Annual Fee

This credit card does not charge an annual fee.

Welcome Offer

You can earn 10,000 points after spending $1,000 on purchases within 90 days of account opening.

Introductory Offer

Qualify for 0% APR on purchases for nine months after account opening, followed by a variable APR of 15.24% to 25.24%. The intro APR offer does not apply to balance transfers.

Rewards

This card offers points on both GM spending and everyday purchases. You’ll earn 4 points per dollar on regular spending and 7 points per dollar the following: 

• GM Certified Service
• GM Genuine Parts and ACDelco Parts
• Eligible accessories
• Most OnStar® and Connected Services plans

When it comes to redemptions, your options are limited primarily to GM vehicle or service spending. There are also caps on redemptions. You can redeem rewards for:

• The retail purchase or lease of an eligible, new GM vehicle in any amount
• The retail purchase of an eligible Certified Pre-Owned vehicle at a participating GM dealership in the United States (maximum redemption of $1,000 in rewards per year)
• Eligible GM service, parts, and accessories purchased from a participating dealer, prepaid OnStar services, or eligible GM Financial monthly charges, and SiriusXM subscriptions (maximum redemption of $250 in rewards per year)
• Gift card options (maximum redemption of $250 in rewards per year)

Fees

Aside from having no annual fee, the My GM Rewards Card also comes with no balance transfer fees, no foreign transaction fees and no cash advance fees. A late payment fee of up to $40 can apply if you pay your bill beyond its due date.

Other Benefits

This card offers a number of benefits related to GM spending. You’ll get automatic Gold Tier status within the My GM Rewards program, which comes with a $100 statement credit for $1,500 in fuel spending pe
r calendar year, or — if you’re a GM electric vehicle owner — a $100 statement credit when you pay six electrical bill payments per calendar year. This card also comes with a $50 vehicle detailing allowance each calendar year when you use your credit card for vehicle detailing at a participating GM dealer.

The My GM Rewards Card is a World Elite Mastercard, so it also comes with quite a few perks beyond GM Rewards. You’ll be automatically eligible for free two-day shipping with ShopRunner, cell phone insurance worth up to $800 (a $50 deductible applies), and discounts with Fandango, Lyft, Doordash, and Hello Fresh. World Elite Mastercards also come with travel perks like concierge services, Mastercard Travel & Lifestyle Services for upgrades and offers from travel brands, Mastercard Airport Concierge, and Mastercard Golf discounts at golf courses and more.

Benefits of My GM Rewards Card

The main benefit of this card is the generous rewards for GM purchases with no annual fee. The annual statement credits toward fuel and detailing can also go a long way in reducing the cost of card maintenance. And with the intro APR offer for purchases for nine months, you’ll have the option to save on credit card interest for a limited time.

Drawbacks of My GM Rewards Card

The biggest downside of this card is how inflexible its points and benefits are. While the earning rates on this card are pretty solid, you can only redeem your rewards for a handful of options, and even then, caps apply.

For example, your rewards would be difficult to redeem if you happen to find a car you like that is not made by General Motors (GM). Also be aware that you can only apply your rewards to new or Certified Pre-Owned vehicles at participating GM dealerships in the United States, so your rewards won’t be helpful if you find a used GM vehicle that does not meet this criteria.

Of course, you can redeem your rewards for up to $250 in gift card options each year, but your rewards value will only be worth a quarter of the redemption value when compared to GM-related options. That means points are worth $25 per 10,000 points versus $100 per 10,000 points.

How to Use My GM Rewards Card

If you decide the My GM Rewards Card is for you, start by earning the 10,000-point welcome bonus with $1,000 in spending within the first 90 days. 

Over time, you can earn 4x points on your everyday spending, but get the most value for and GM purchases that earn 7x rewards. Once you are ready, you can redeem your rewards for an eligible GM vehicle purchase, or for eligible GM service, parts or accessories.

Also don’t forget to take advantage of the card’s annual statement credits. If you have a traditional GM vehicle, make sure you use your card to pay for gas in order to maximize the $100 statement credit offer toward fuel each year. If you have a GM electric vehicle, on the other hand, make sure you use your card to pay your electric bill each month so the corresponding $100 statement credit offer will apply.

My GM Rewards Card Compared to Other Cards

Is the My GM Rewards Card Right for You?

The My GM Rewards Card is best for true GM enthusiasts who spend a lot on vehicle maintenance or accessories or plan to upgrade to another GM vehicle every few years. This card can add value to your spending if you love taking your GM vehicle to the dealership for the purpose of adding upgrades or accessories, or to have your vehicle professionally detailed and cleaned.

Otherwise, you should probably look for a rewards credit card that lets earn rewards in everyday spending categories and redeem your cash back for more flexible options. 

If you like this card’s benefits on fuel spending, for example, you may want a card with bonus rewards at gas stations, like the U.S. Bank Cash+ Visa Signature Card or Bank of America Customized Cash Rewards Card. The Chase Freedom Flex, too, offers rotating 5% quarterly bonus categories (up to limits) and gas is regularly included at least one quarter each year.

Many cash back credit cards offer generous earning rates and welcome offers with no annual fee, and you can redeem cash back rewards for statement credits, gift cards, merchandise, travel and more without any limits or restrictions. Make sure to look into other options you may qualify for before you apply.

Frequently Asked Questions (FAQ)