Using reward points to get a new car may be a dream for some, but now it can actually happen faster with the the MasterCard by General Motors and Capital One. The companies have signed a multi-year extension of their current partnership and the new co-branded card offering has an enhanced rewards program which allows members to earn more points and use them to buy or lease a new car, truck or SUV.
Racking up more points
With the GM Card from Capital One members earn 5% on the first $5,000 they spend annually. From that point on they earn 2% on all other purchases. Members can rack up unlimited points and they never expire. There is no annual fee.
This program expands on the automotive rewards program originally launched in 1992. Since then, GM card earnings have been used to purchase nearly 7 million new GM cars, trucks, SUVs and crossovers. The new card has no limit on how much one can earn on the purchase or lease of a new vehicle.
A new card, new vehicles
The launch of this new card comes at a time when GM is getting ready to roll out 27 new or upgraded cars, trucks and SUVs. They are slated to be released monthly through 2014. Cardholders can use the points they earn to lease or buy one of these cars or any other one in the GM lineup.
The card features an upright design, and cardholders can choose from different design options highlighting their favorite car brand, whether that’s Chevrolet, Buick, or Cadillac.
Travel benefits too
While automotive rewards are a big part of this credit card package, cardholders also receive MasterCard World Elite membership. Cardholders can take advantage of a wide range of travel services, including no foreign transaction fees, an on-call trip advisor program, concierge services, upgrades, and premium travel offers.
General Motors manufactures 11 brands including Baojun, Buick, Chevrolet, Cadillac, GMC, Holden, Isuzu, Jiefang, Opel, Vauxhall and Wuling.