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Last updated on January 12th, 2022
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At a Glance
Saving up for a new vehicle can be sped up significantly when you use the BuyPower® Card from Capital One. Every year, you’ll earn 5%back on your first $5,000 in purchases, and then an unlimited 2% on all purchases afterward to use towards the lease or purchase of a new General Motors vehicle.
Ideal for Those Who:
- Are planning on purchasing a Chevrolet, Buick, GMC or Cadillac for your next vehicle
- Will spend at least $5,000 on this card per year
- Have an excellent credit score with no blips on your credit report
- Do not want to pay annual fees, transfer fees, or foreign transaction fees
BuyPower® Card Review
The BuyPower® Card is particularly strong auto rewards card if you’re a prospective new owner of a Chevrolet, Buick, GMC or Cadillac, as every purchase will earn either 5 or 2% back to put towards a new vehicle. But it isn’t just new car buyers who get to have all the fun.
Current GM drivers will still find themselves nicely rewarded with an annual $250 in statement credit for in-dealership purchases just for being a cardholder. The statement credit includes the purchase of a vehicle as well as accessories, parts, service, and even subscription extras.
While the card does not offer bonus categories, it features a competitive earning rate that makes it a viable addition for your regular credit card lineup. You may not want to set aside your cash back rewards cards for this one, but it is a handy card to have on hand for the purchases that popular rewards categories tend to miss, such as utilities or superstore purchases (i.e. Target, Walmart).
Other outstanding features of the GM BuyPower® Credit Card include no annual fees or foreign transaction fees, and World Elite Mastercard® Benefits that include a $1 million travel accident insurance policy.
Earning GM BuyPower Rewards
Sadly, there is no signup bonus or introductory offer to kickstart new cardholders’ GM earnings but the strength of the card’s regular earning structure is rewarding enough to offset that slight drawback. Plus, without bonus categories to pigeonhole your card’s functionality, this card has the flexibility to cover all those in-between purchases your other rewards cards don’t cover.
Earn 5% back on all purchases up to the first $5,000 and 2% on all purchases, paving the way for some serious GM savings. Maxing out the 5% earnings would net $1,350 per year, and then the 2% back (comparable to some of the best flat rate cash back credit cards out there) would result in a return that’s none too shabby.
One of the greatest strengths of this card compared to other auto cards is that the BuyPower card isn’t reliant on trips to the dealership. No need to stop seeing your family’s trusted mechanic just to score a purchase bonus. GM cardholders will have a lot more freedom to maximize their earnings in a way that matches their existing buying habits.
How to Redeem Rewards
When this strong earning potential is paired with the fact that GM BuyPower earnings never expire, this all adds up to the BuyPower card being powerful tool for earning thousands of dollars towards the down payment for a new vehicle just through everyday purchases. These earning can also be combined with current offerings or even employee discounts to help supercharge savings and get thousands off of the manufacturer’s suggested retail price for a new GM vehicle when purchasing or leasing.
Should You Apply for the BuyPower Card?
If you’re a loyal Chevrolet, Buick, GMC or Cadillac driver, you can’t go wrong with owning the GM BuyPower® Card. Whether you anticipate buying a new vehicle in the next year or next 10 years, this card has a strong setup that will provide a consistent and strong value year after year.
BuyPower card earnings can only be used towards obtaining a new GM vehicle – but since they don’t expire, you have the luxury of waiting until you’ve accumulated enough to cover the total purchase price, or you can simply use what you have towards a down payment.