As GM Authority covered earlier this year, General Motors has launched a new My GM Rewards Loyalty program for Buick, Cadillac, Chevy, and GMC customers. Notably, the new My GM Rewards card offers unprecedented value for GM fans.
The new My GM Rewards card issuer is Goldman Sachs in partnership with MasterCard, whereas the previous car issuer was Capital One. Customers who register for the new card receive immediate Gold-tier status in the My GM Reward program, and critically, receive 7x points on every dollar spent on GM purchases, and 4x points for every dollar spent elsewhere. The points can then be used towards the purchase or lease of a new GM vehicle, as well as for new parts, accessories, paid Certified Service, and select OnStar and Connected Services plans.
The 7x points on GM purchases and 4x points everywhere else is a very generous proposition, indeed. By comparison, the majority of cards out there only offer a maximum of 3x points, whereas just a handful offer 4x points or more.
GM Authority Executive Editor Alex Luft recently interviewed the Director of GM Rewards and GM Card Julie Heisel, as well as Managing Director, Consumer Cards at Goldman Sachs John Lazzati, to discuss the details of the offer.
According to Heisel, a “GM purchase” includes any customer touchpoint inside GM’s digital and physical footprint, including a new vehicle, certified-pre-owned vehicle, GM Financial, and OnStar. Depending on the finances, a customer could also use the card to put money down on a new car or truck.
“So 4 percent everywhere and 7 percent at GM is a superior value proposition than what used to exist with the old product,” Lazzati added. “Combining that superior value product with that card and the loyalty is going to get GM enthusiasts into their vehicles faster, paying for service more, buying more product which we’re super excited about. And now with digital integration, we have with the card in your mobile app, you can use it anywhere.”
According to Heisel, MasterCard and Goldman Sachs have a long history of partnerships, so it was a natural fit when creating the new program. But what about current holders of the previous-generation GM rewards card? Lazzati explains that they will be “converted” to the new program:
“They will have that superior value proposition and get all the new digital features that we talked about, and be integrated into the market ecosystem,” Lazzati told GM Authority. “The other thing that we’ve done is very different from what used to exist, because we’ve seamlessly integrated the card with the loyalty program, so if you log into your credit card account you see all your points right there, you can click on it and take you right into the GM site where you can redeem, shop, etc. Vice versa, if you’re in the GM account, you can come right back into the card. So it’s a much more integrated experience and consumer friendly and provides more opportunities to use points.”
Additionally, the credit limits for existing customers carry over to the new program at a 1-to-1 ratio, as do all their points and history. With regard to the new card design, there are four available, each of which represents one of GM’s U.S. brands. Heisel added that further card designs may be considered if customers want to expand on that.
Further details include integration with the Marcus by Goldman Sachs app, while with the myBrand app also provides a way for customer to view their points. Finally, credit limits are assigned based on the individual profile of each customer.
Comments
Lotta people think it sucks including me.
Weird that you have something negative to say. No, no it isn’t.
So, don’t get one.
if that card would have stayed with the original issuer i would have around 25000 points but they sent my card to 1 place then to capitol 1 and now with marcus , so the way i see it they can take their incentive programs and shove them where the sun dont shine
Had one of these cards for 20+ years now. Saved at least $10k off new cars since then with points redemptions.
Used to enjoy the GM card when it was HSBC, then when Cap1 took over it all went downhill.
Looking forward to giving this Marcus card a chance – especially since it’s managed by GS, which also does the AppleCard, which has been a superior credit card experience.
Lmao Goldman Sachs could care less about gm they are a titan in the financial industry gm is a nothing. GS is getting paid that’s all they care about.
GS isn’t a titan in consumer/retail business. Other than GM, their only other products are the Apple Card and Marcus personal loans/CDs. In this market, they’re nothing compared to Chase, BofA, Wells Fargo, Capital One, AMEX, Discover…
I had Marcus (i.e. Goldman) for a month but decided against using the card anymore….. Everything is such a supreme hassle as compared to the smooth sailing with Capital One….
Its a lousier deal too…. You used to accrue 5 points for every dollar spent now its only 4…
I prefer to use the special categories of Discover where they still give you 5 points per dollar.
Lmao you have no clue what you’re talking about. The fact you just said GS isn’t a titan were you joking? Then you say they are nothing compared to discover, bofa, and Wells Fargo lol. Sure JPMorgan is the biggest bank that’s no secret but to say all those other companies are in front of GS is crazy.
@WES dont get rid of that old GM card. I still have mine from 1992 where we get 500 per year to save at 5% from purchases x 7 = 3500 and if you do it right and order a car they will freeze the loss of the savings that roll off when you prove you ordered or are buying a care…for up to 3 months effectively letting me use about 3800 on my last purchase aka Volt. I will keep that. This new Marcus I am not impressed with yet based on the migration they did very sloppily.
I’m keeping my old card too! And they are not forcing those who have the old card to give up those benefits. Don’t get me wrong, the new GM Card and Rewards programs are fantastic, but for those who have the old card it is an even better value
The way I took it everybody who has any gm card is going to this new program.
I have the card from the ’90s and have been asked several times in the past if I would like to switch to the latest program,not this time.
“So 4 percent everywhere and 7 percent at GM is a superior value proposition than what used to exist with the old product,”
This is a line of BS crap.
The old card was 5% EVERYWEHRE now it’s 4% The average user is going to be earning less now, how is this “superior” to the old card?
If you had the original 5% card you get to keep it. This new one replaces the later Buy Power card and is for new cardholders. I am keeping my original 5% card which I have maxed out every year for almost 30 years since it is arguably the best rewards card ever. The original 5% card hasn’t been available to new cardholders for several decades. This new 4% card is definitely one of the best new rewards cards available and better than the old Buy Power card with it’s very low cap on 5% earnings.
I have the original 5% everywhere card. Everyone that has this 5% card is grandfathered. When Capital One took over, the card benefit went into the toilet. And now that Marcus taken over from Capital One, while the Marcus card might be better than Capital’s, it’s still not as good as the 5% original.
I have the old card and converted to the new card. It was 2% everywhere and 5% on the first 5k, so not much. The card is fantastic, I have 8k saved up and it will be a few years before I shop and have nearly double that to take off the next truck.
If I have read the fine print correctly, you can only redeem $1000 at a time. So, instead of putting a cap on your earnings each year, it’s a cap on what you can spend.
$1000 is a new benefit for people who purchase a certified pre-owned.
This is not a card for people who carry a balance as the interest rate is high,only charge what you can pay off next month,you should be able to find a card that has half the interest rate.
I doubt this program costs gm a dime,the people who carry a balance plus the transaction fees cover the costs of the program.
Only broke people get a gm credit card. Get your money up broke boys.
Unbelievable, the article is very informative and interesting, thank you for this material. Had one of these cards a few years ago, but gave up using it because I wouldn’t say I could save money with it. I see people upstairs talking about saving a few thousand, when I had it was literally a few hundred. Let’s see if the Marcus card can fix my opinion. As a citizen of the states who uses Bazoocam USA all the time, I am looking forward to the guide from AppleCard.
I have purchased two new cars with the old GM card. My last purchase was 2017 Encore. At the time of purchase it had an MSRP of $25,200. GM was offering a $4,100 cash assistance plus I had around $3,300 in reward $$. I paid somewhere around $17,850 for my Encore.
So where’s the sign up link, wtf!!!
You’re about 20 years too late
Probably closer to 30 years too late at this point.
This is a big loser for me, I don’t think they let you combine your points with other discount programs you may be eligible for. I guess I can use up the points I had for parts, but I doubt it will be for a vehicle. I wonder if Honda has a credit card.
I believe it’s only the Supplier and employee discount that don’t stack with this.
The points from the card and the My GM Rewards program do combine now.
Well, I called them today, to see what the story is. According to the Rep, everything is staying the same, hopefully she was telling the truth.
We shall see.
I saved many thousands since I bought my 1999 Olds Intrigue and other cars with factory incentives it was amazing. But I’m looking at other cars which are hybrid or PHEV and probably won’t get an electric GM.
Unfortunately like most gm rollouts this has been bungled from the beginning. Transition has not been smooth. Ten days for electronic payments to clear is ridiculous in 2022. gm/gs are like long lost family, both having been bailed out by the government.
We need all the help we can get these days.
I’m looking forward to seeing how this works out. I’ve bought my GM cars using the older versions for year’s, saving considerably. Last dealer 1 1/2 years ago: “We can only use $2K against you purchase (since I had already got $1K off through COSTCO. . . what are you trying to do to us”?
And the question is how many points = $1? If if it does not at least match the original card I still have of 5% dollar savings of $500 a year x 7 = 3500 off your new purchase…NO THANKS.
Correct, nowhere do I see what the value of a point is. Capital One gave you an updated $ amount every month. I’ve had my card since inception of the program and have saved over $15K.
Is there any way to stick with the old program, or are you forced on to the new one?
The original 5% card stays as is. I believe you have to get this new card to replace the Buy Power card and all other GM cards. Since this card is better than all other GM cards except for the original 5% card, everyone should be a winner here.
I have no idea why anyone has any problem with this new card. The only card better than this new Marcus one is the original 5%-$10k/year limit card which continues unchanged. The original 5% card has not been available to new cardholders for a very long time (20 years?). I believe this new card replaces the Buy Power card and all other GM cards except for the original 5%-$10k/year limit card. Since this card is better than all other GM cards except for the original 5% card, everyone should be a winner here. Absolutely nothing to complain about except for the botched rollout by Marcus.
The original GM card NEVER had a $10K limit. The most you could ever accumulate was $500 per year up to a maximum of $3,500.
Actually, originally there were two cards, one had a $500 earnings limit and the other had a $1000 earnings limit, both with a 7 year cap. GM learned the hard way, and the card with the $1000 earnings limit was dropped completely about 3-5 years from its start.
I still have the original. I meant you earn 5% on up to $10k in spending per year. So yes $500/year in earnings for up to 7 years for a total of $3500 in earnings. That is what I get for trying to be succinct.
Trouble is, gm all but pulled the plug on cars, therefore I no longer have any actual use for the benefits of my “new” Marcus gm card. Don’t want a $70K monstertruck or a 6,000 lb electric p3nis enlarger. Don’t want a Chinese or Korean SUV/CUV. Too frugal to pay $90K for a 6MT CT5-V Blackwing although it’s tempting. That leaves 6MT LT1 Camaro in that beautiful Wild Cherry Tintcoat as the sole surviving option and even that’s too nice to drive daily, so it’d just end up moving into the “collection” and the museum’s all out of floor space.
This is where I’ve been for some time. I want (basically) the Chevy SS, or better, one of the Cadillac sedans with a NA V8 so it doesn’t cost $100k.
It’s a good thing there is nothing to buy right now and I can defer the purchase for a couple years, but when it comes time I don’t know that GM will have anything I want to buy.
I’d like to say gm blew it with the SS, but you can find all kinds of dumb looking import SUVs and CUVs, sedans and the aforementioned monstertrucks, etc clogging US highways and byways, but I’d hate to bet my life on sighting a single Holden-Chevrolet SS or Pontiac G8 in a solid 6 months of daily commuting. You can lead a horse to water, but you can’t make him drink as they say.
Way too many dumb Americans, but then again it’s a global thing as you couldn’t get enough Australians to buy their own badass cars with the majority choosing to ship their jobs to Asia rather than purchasing 1/2 price domestic V8 5 Series BMW slayers. Australians put their country right out of the auto manufacturing business and America’s been heading down the same path for decades. But what do you expect when half the population’s hellbent believing America’s fundamentally bad and therefore its traditional automobile manufacturers are damned by association no matter how good their product may actually be.
Wild Cherry Tintcoat is discontinued, and with dealer markups, your points will be negated anyway.
Their service is awful. About all their website allows you to do is pay the bill. Have to call them for everything else. Which is 30-45 wait only to be placed in another queue to wait.
Marcus sucks
Spoke to a Rep today, who told me nothing is changing, so I guess we’ll see what happens. I hope she’s right, or I’m done.
Not sure, but I think the old Capital One GM card had rental car/loss of use coverage and extended warranty on purchases. The Marcus GM card does not appear to have this. Can anyone give me info on this.
What I would like to know is what was the calculation for points for dollars?
It’s all fun and good that you get seven points here and four points over there for every dollar you spend, but if it requires hundreds of thousands of points just to redeem $5,000 off a new vehicle, then I would say that it is a worst trade-off. But I’ve never seen anything that tells me what the conversion rate is.
A point is 1%
GM’s most loyal customers, those buying cars with various discounts, cant use points earned on the card to buy a new GM car.
Why can’t card holders use their points to buy new GM cars in Canada and Mexico?