There are plenty of credit cards that offer rewards, such as airline miles or cash back.
However, if you plan on buying a new GM vehicle in 2018, or even within the next few years, Capital One’s GM BuyPower Credit Card may be just what you are looking for.
That’s because every time you use it, you will earn rewards redeemable towards the purchase of a new Chevrolet, Buick, GMC or Cadillac vehicle.
How to Put Capital One BuyPower Card Earnings Toward a New Vehicle
The GM Capital One BuyPower Card allows users to receive rewards known as “Earnings” that are redeemable toward a new Chevrolet, Buick, GMC or Cadillac vehicle.
If you plan on buying or leasing a new GM vehicle, this could be the best card for you.
The card is issued by Capital One and offers users 5% Earnings on their first $5,000 in purchases every year.
After that, you’ll receive unlimited 2% Earnings on all other purchases made the rest of the year.
There is no cap on how many Earnings you can accrue, or the amount you can apply toward a new vehicle.
And as long as your account is open, they don’t expire.
That means you have a chance to significantly boost your savings amount by letting Earnings accrue for a few years.
BuyPower by The Numbers
The Capital One BuyPower card offers a 0% introductory AP on purchases for the first 12 months.
After that, there is a variable APR of 14.40% – 24.40%, which also applies to any balance transfers.
There is a variable APR of 26.40% on cash advances, as well as a 3% fee on the amount of the advance, with a minimum charge of $10.
There is no annual fee and no foreign transaction fee.
However, late payment fees can range up to $38, and customers can be accessed a penalty APR of 30.90% if they fall too far behind on making payments.
How to Redeem BuyPower Earnings
When you’re ready, simply visit the authorized Chevrolet, Buick, GMC or Cadillac dealership of your choice and let the dealer representative know that you would like to redeem your eligible Earnings.
Once you agree on a price, you will also be able to take advantage of any other current offers and incentives to further reduce your cost.
Earnings can also be used as a down payment, to lower your monthly payment or to add extra optional equipment, such as leather seats or a premium sound system, at the time of purchase.
What You Need to Know Before Applying
Earnings can only be used towards the purchase or lease of a new GM vehicle.
There is no option to convert them to any other reward, such as cash back.
If you are debating between this card vs. another rewards credit card, mare sure that you are positive you will be buying or leasing a GM vehicle relatively soon.
Otherwise, you may want to explore other options.