Using a GM Master Card for everyday purchases can be a great way to earn reward points toward the purchase of your next vehicle.

Is the GM Flexible Earnings Card Right for You?

There are many different opportunities for credit card holders to earn rewards that can be redeemed for items they want or need. Before you decide which option is the best credit card for you, it's a good idea to spend some time thinking about what reward program will be of the greatest benefit to you. If you like the idea of saving money on the purchase or your next car or of earning cash back rewards, this popular revolving credit account might be ideal for you.

Accruing Rewards for Your Next Car

When choosing a new credit card, it's important to look at the type of reward programs available to you. After all, if you're going to be using your credit card to make personal or business purchases, you may as well take advantage of every opportunity to earn rewards that you'll enjoy.

If you'll be shopping for a new car in the foreseeable future, getting a GM Flexible Earnings credit card from HSBC Bank might be the ideal revolving credit account for you. With this account, you'll be able to put your every day purchases to work helping you earn rewards that can be used to defray the cost of your next vehicle.

Of course, you shouldn't increase your credit card spending just because you'll be accruing rewards points. As with any credit card, you'll pay interest on any balance that you carry, so don't end up spending a lot of money just to save a little the next time you purchase a vehcile.

About the GM Master Card

Reward Options

Even if your automobile buying plans don't include purchasing a GM vehicle, this credit card can help put you behind the wheel of your next car. When you use your card, you'll earn rewards points at the rate of one percent of your net credit card purchases. You can choose to redeem the points you accrue in one of three ways:

• Purchase New GM Vehicle: When you apply your rewards points toward buying an eligible new General Motors vehicle, your points will be tripled. This means that you'll be able to apply three percent of the net purchases made using your GM Master Card toward the purchase of your next eligible automobile purchase. Eligible makes include:
  • Buick
  • Cadillac
  • Chevrolet
  • GMC
  • HUMMER
  • Pontiac
  • Saturn

• Buy Any Other New Vehicle: Once you've accrued $100 of rewards points based on net purchases on your GM Flexible Earnings card, you can apply the points to the purchase price of any new vehicle from any manufacturer.

• Cash: If you decide not to purchase a new vehicle, you can still benefit from your rewards points. If you don't want to use your points to purchase a new automobile, you can choose to redeem your rewards for cash. No matter what you want or need, the points you accrue through this card's reward program will benefit you. In order to redeem points for cash, you must first earn at least $100 and rewards must be accrued in increments of $100.

Important Redemption Information

Other than limitations on the amounts a cardholder can charge, per his or her credit limit, there are no restrictions on the number of rewards points an individual can earn annually. However, there are limits on how many points can be applied toward the purchase of a single vehicle.

If you're planning to use your rewards to buy a new GM car, be sure that you understand the redemption allowance that applies to the particular vehicle you want to buy. Don't be fooled into thinking that you'll be able to completely pay for a new car with credit card rewards, no matter how much you use your card. As a matter of fact, qualifying for $1,000 toward the purchase of a qualifed new GM vehicle requires charging more than $30,000 within a seven year period.

If you are able to accrue enough points to use your rebate, be sure to follow GM’s on-site instructions regarding the importance of negotiating the car purchase price before redeeming the rebate. If not, you might not end up saving anything at all, as dealers can (and are likely to) add the amount of the rebate onto the purchase price.

It's also important for cardholders to be aware that rewards accrued by using the GM Master Card do expire after a period of time. You'll have seven years to use your accrued rewards. The clock starts ticking on your points at the conclusion of the billing cycle during which you first earned the points.