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.