GM Rewards Provides Insights On Card Rewards Programs
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Throughout the 2022 calendar year, GM Authority has covered numerous aspects of the latest GM Rewards loyalty program, from the unique experiences on offer, to the sort of value that’s on offer, to the different cards available to customers. Now, in a new survey, GM is providing further insight into how customers are using their credit card rewards programs.
The recent My GM Rewards Card survey was conducted by Goldman Sachs on behalf of My GM Rewards Card between September and October of 2022, with a total of 2,085 Americans surveyed, each of whom have a credit card. Per My GM Rewards Card, 69 percent of Americans surveyed indicate that they are more likely to put specific purchases on certain cards in order to earn redeemable rewards.
Additionally, the survey found that nearly a quarter of customers surveyed (23 percent) consider the purchase of a new vehicle or home as one their biggest financial priorities for the next five years. What’s more, nearly a third of the drivers surveyed (31 percent) plan to purchase or lease a new hybrid or electric vehicle. As covered extensively in the past, GM is in the midst of a transition to all-electric powertrains, with plans to convert its entire light-duty passenger vehicle lineup to EVs by 2035.
The recent My GM Rewards Card survey also found that 82 percent of those surveyed who have at least one active credit card currently use a card with a rewards program, while the majority of those surveyed (60 percent) redeem credit card rewards monthly, or every few months. Finally, 41 percent of those surveyed named “no annual fees” as their top priority when applying for a new credit card.
GM launched its new My GM Rewards loyalty program early this year, offering three membership tiers – Silver, Gold, and Platinum. Each tier unlocks higher points earnings and redemption caps, while members can earn and redeem points for the purchase or lease of a new GM vehicle, as well as vehicle parts, accessories, paid Certified Service, or select OnStar and Connected Services plans.
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For people who don’t know, opening a new credit card will ding your credit rating!
Doing business with Marcus is the worst step GM ever made. We’ve had two accounts since the cards came on the market back in the late 80’s. I’ve already closed one account because of their attitude service. My credit score is 820, they need me far more than I need them. Our second and last account will probably be closed after the holidays. Goodbye GM.
Agree, Marcus not very good
Not very good is a compliment. They suck!!!
Marcus was slow on the start up of their service, didn’t even have a new card before they switched the billing accounts over. The transition wasn’t well executed, disappointed with the level of explanation of the Rewards plan. Maybe that was the desired result, making it difficult to understand? It’s like a Ponzi scheme, I preferred the simplicity of the earlier Rewards plan.
About $1500 rewards points so far, just waiting for a new Silverado when the rebates come back during the coming recession.
I can tell by reading the replies, that we all have the same card. I even yelled out that who ever designed that card should be canned! I told them that sometimes I grab another pair of glasses to TRY to read the numbers. I pleaded with them for another card. I told them this card is Worthless! Most people are trading their vehicle in for a new one. The dealership gave me a quote on what my truck was worth. I told them that I get the GM employee discount. The salesman said: “Buddy, we Can’t even get the vehicles we want. There IS NO discount. I can give a discount, but I’ll knock the same amount off that price I gave you or Your truck. Then, he wanted to know how much I had on my card!!! I walked out.” That’s when I told gm I wanted a different card.
Upon conversion to Marcus from Capital One, I received a “GM Card” on account I have had for years. This card earned dollars toward the purchase of a GM vehicle and I have successfully used toward several vehicle purchases. Then unsolicited, I received a couple of cards labeled “My GM Rewards”. I never activated these cards as I didn’t ask for them nor intended to use them. During a phone conversation with someone answering the phone number on the back of my “GM Card”, I never could understand what, how, why I received the “Rewards” card. In talking with my GM dealer yesterday, I asked how I use my “rewards” toward service. Apparently one can, but need to so declare when making a service appointment then come up with a 4 digit number of some kind. Is this a credit card number from the card I never activated? Dealer wasn’t sure… Granted as I get older, I am more easily confused. Every credit card has some incentive, rebate, rewards program. Most I put in the “bait and switch” category of my feeble mind. I prefer to spend my time with more “rewarding” endeavors.
I stopped using my card when I last tried to use the points to lease my Chevy Colorado last year. I was told by the finance manager I could not get other incentives if I used the points on the card. It would be nice to use the points to buy out the car when that day comes in a year or so but that isn’t an option.
Furthermore, I don’t use the card because I can’t use the points on any of the Onstar or connectivity services in my cars. Hell, even if they allowed use of the points for bringing the vehicle to the dealer for repairs, I think that would be a good deal but that isn’t a thing.
I have almost $700 on my card and it will likely expire out as new cars are overpriced and I don’t see the incentive to buy another anytime soon. In the meantime, I will use my other credit cards.