BuyPower Card®: A GM credit card for car buyers

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In a Nutshell

The BuyPower Card® offers 5% of your first $5,000 of purchases during each account year as earnings, and then 2% back on all purchases after you meet that $5,000 limit. But you can only redeem your rewards toward a new car from Chevrolet, Buick, GMC or Cadillac — making this GM credit card useful only to people who plan to buy a GM vehicle.

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Pros Cons
Earn 5% of your first $5,000 in purchases each year (2% rewards on all purchases after) Cash back can only be redeemed toward General Motors cars
No annual fee No sign-up bonus

Core features

Here are a few key things to know about the GM BuyPower Card®.

Use the card anywhere you shop

Unlike a store credit card — many of which can only be used at the store that issues them — the GM BuyPower Card® is actually a World Elite Mastercard® issued by Capital One. This means that you can use this GM credit card at any retailer that accepts Mastercard.

Great rewards-earning rate

The BuyPower Card® offers 5% in rewards on the first $5,000 you spend on purchases each year, regardless of where you spend it. After you meet the spending threshold, you’ll get 2% rewards on all purchases.

That 5% rewards rate on purchases is pretty impressive, even with the spending cap. Most rewards credit cards with rates that high only offer them on certain purchase categories or retailers. Cards that don’t have special rewards categories usually offer closer to 1.5% or 2% cash back rewards on purchases.

Rewards can only be redeemed for a new General Motors car

One of the biggest downsides of the BuyPower Card® is that you can only redeem your rewards when purchasing or leasing one of these new GM cars: Chevrolet, Buick, GMC or Cadillac.

You cannot redeem your rewards for cash back, travel, airline miles or other perks, which can make it difficult to use the rewards that you earn.

Other things to know

Here are some of the other things that you should know about the BuyPower Card®.

  • Rewards don’t expire as long as your account is open.
  • There’s no limit to the rewards you can earn or redeem at one time.
  • Your card comes with all the benefits of a World Elite Mastercard®.

Understanding your points and redemption options

Buying a new car is a process that’s already fraught with stress and complicated sales tactics and terms. But a credit card that helps you defray costs could be a huge help.

This GM credit card aims to keep things as simple as possible. You go through the car-buying process as usual — visit a GM dealer, look at new cars, and negotiate until you can agree on a price. You might even be able to take advantage of special vehicle offers to reduce the price further.

Once you’ve agreed on a price, you can use your rewards to add upgrades, as part of your down payment, or to simply reduce the purchase price even further.

One thing to note though: You can’t combine a GM employee discount with BuyPower Card® rewards.

Who this card is good for

The BuyPower Card® could be a good option for people who know exactly what General Motors car they plan to purchase in the next few years, and those who don’t have any other credit card rewards goals to work toward.

The 5% rewards rate on all purchases is unusual among credit cards, but remember that you only get 5% on the first $5,000 in purchases each year (and then it’s scaled back to just 2%), plus you really only have one redemption option. For most people, the single redemption option could make it difficult to justify using this card over others.

Not sure this is the card for you? Consider these alternatives.

If you still want a credit card that offers rewards that can be redeemed when purchasing a car, but don’t think that the BuyPower Card® is right for you, consider these alternatives.