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.