My GM Rewards Card™ Review: A Niche Card for GM Loyalists

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My GM Rewards Card™

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• Our Rating 4.0/5 How our ratings work
• APR19.99% - 29.99% (Variable)
• Annual Fee$0
• Sign Up Bonus 15,000Points More Info

  15,000 bonus points when you spend $1,000 in your first 3 months Dollar Equivalent: $150 (15,000 Points * 0.01 base)

If you spend thousands annually on vehicles, services and accessories with GM—and plan on purchasing more in the future—the My GM Rewards Card may be worth a look. Even though it offers a solid return on general purchases, this card is only a good fit for niche consumers who are GM enthusiasts, given its highly restrictive GM-only redemption options.

A Niche Card for Auto Enthusiasts

The My GM Rewards Card™, issued by Marcus by Goldman Sachs, is geared toward true GM enthusiasts who often upgrade to new GM vehicles or spend a lot on car accessories or maintenance. While the card confers solid earning rates on GM purchases and everyday spending, its redemption options are a bit limited. Let’s take a closer look at this unique card.

The My GM Rewards Card has a good rewards system and low fees, but because there aren't many ways to redeem points, it's only good for a small group of people: fans of General Motors and its car brands.

On the other hand, the My GM Rewards Card has seriously great earning rates, like 7x per dollar spent on GM purchases like service, parts, and accessories, and 4x per dollar spent on everything else. These earning rates are very competitive with other rewards-earning cards, but the redemption options leave a lot to be desired.

Rewards Rate

The My GM Rewards Card earns 7x points per dollar spent on GM-related purchases such as new and certified pre-owned vehicles, vehicle service and parts, accessories purchased at GM dealerships or online, and various OnStar® and Connected Services plans. In addition to the elevated earnings on GM-related items, cardholders earn 4x on all other purchases, a much higher-than-average rate compared to other cards in the market. 

For instance, if you were to spend $2,000 on non-GM purchases per month, you could earn $80 worth of points. If you also buy things related to GM regularly, you increase your chances of getting even more rewards.

Credit Score

To qualify for a card like the My GM Rewards Card, you need to have a good to excellent credit score. A good credit score starts at 670 and goes up to 800 and above for excellent credit.

My GM Rewards Card Benefits

No Foreign Transaction Fees

There are no foreign transaction fees that come with the My GM Rewards Card, so it can be used when traveling abroad. Also, the card is a Mastercard, so it can be used almost everywhere in the world. 

Statement Credit for Gas Purchases and Detailing 

A statement credit for your gas purchases and a credit for car detailing are two special features created especially for the My GM Rewards Card. After activating the offer, cardholders who spend $1,500 on gas at certain gas stations in a calendar year will get a $100 statement credit. Alternatively, if cardholders charge their electric vehicle six times in the same year (which requires linking your electric vehicle to your My GM Rewards account), they can also earn a $100 statement credit. 

Cardholders can earn a $50 vehicle detailing allowance per calendar year at participating GM dealerships.

Automatic Gold Tier Status Within the My GM Rewards program

Members are granted automatic Gold tier status in GM’s My GM Rewards loyalty program — with a way to get bumped up to the Platinum tier by putting $15,000 or more on their My GM Rewards Card annually. Usually, to get to the top level of the My GM Rewards program you have to spend more than $110,000 over three years on eligible new GM vehicles, or more than $2,500 a year on GM-related purchases. 

Even though spending can get you to the Platinum level of the My GM Rewards program, the benefits you get aren't that great. Cardholders that reach the Platinum tier get access to a dedicated GM Rewards Member Support Center advisor and an invitation to events, like an exclusive tailgate party at a NASCAR race, courtesy of the "GM Exclusive Experiences" program. 

Mastercard World Elite Perks

Because the My GM Rewards Card is a World Elite Mastercard, it features useful benefits like 0% fraud liability, memberships, and discounts with companies like DoorDash and Lyft, concierge services, and more.

Redeeming Rewards

You can choose from several ways to redeem your points, but there is a catch: they are only good at GM. Also, there are limits to how many points can be redeemed depending on the option you choose. 

• You can use points to buy or lease a new GM that meets certain criteria. There is no limit to how many points you can use for this option.
• Points can be redeemed at no cap on buying parts and accessories for your car at a GM dealership, most OnStar or ConnectedServices plans, SiriusXM subscriptions, and protection plans for Chevrolet, Buick, GMC, and Cadillac. For these uncapped redemptions, it can be redeemed for unlimited points at a 1:1 value (10,000 points = $100).
• You can use up to $1,000 worth of points (100,000 points) in a given year to buy a Certified Pre-Owned Chevrolet, Buick, GMC, or Cadillac.
• To turn points into gift cards, cardholders can redeem each point at a rate of 0.25 cents per point for a GM gift card of their choice. For example, if you were to redeem 100,000 points on gift cards, you would receive a $250 gift card. 

If you are a big fan of GM, these redemption options may help you save a lot of money. But since there aren't many ways to cash in My GM Rewards points, a general cash back or travel rewards card will give you more options. 

Is the My GM Rewards Card Right for You?

If you currently spend thousands of dollars annually on vehicles, services, and accessories with GM — and you plan on purchasing more GM vehicles in the future — then the My GM Rewards Card may be worth a look. 

Even though it offers a solid return of 4x per dollar on general purchases (and 7x per dollar on GM-related purchases), the My GM Rewards Card is only a good fit for niche consumers that are GM enthusiasts, given its highly-restrictive GM-only redemption options. 

Featured photo courtesy of GM