Credit Card News
GM Rewards Credit Card Relaunches with Barclays as Issuer
After leaving Barclays for Goldman Sachs, an updated Barclays-issued GM Rewards Mastercard is now available.
About the GM Rewards Mastercard:
The GM Rewards Mastercard is back in business. Barclays is now accepting new applications for the card, which not only earns points on GM purchases but also on everyday expenses.
With the new GM Rewards card, customers can earn a total of 10 points per dollar spent on GM purchases. This amount includes 7x points from the card plus 3x points earned as a GM Rewards member. According to the terms, that 7x rate applies to:
- New or certified pre-owned vehicles
- Customer-paid Certified Service at a GM Dealership
- GM Genuine and AC Delco parts purchased at a GM Dealership or GM websites
- GM accessories purchased at a GM Dealership or through GM websites
- Sirius XM transactions
- GM Energy purchases
- General Motors Company Store Purchases
- General Motors Insurance purchases
- OnStar transactions
Beyond that, all other purchases made using the GM Rewards Mastercard earn 3x. Earned points can then be used towards the purchase of a new GM vehicle, applied to a GM Financial account balance, used for parts/accessories, or spent on eligible services.
With the launch of the card, Barclays is also offering a welcome bonus. New GM Rewards Mastercard customers can currently earn 30,000 bonus points after spending $1,000 on their card within 90 days of account opening. Plus, the card is offering an introductory 0% APR for nine months on purchases over $499. After that, a variable APR (ranging from 22.99% to 32.99%) will apply.
Barclays notes that they will also be launching a GM Business Mastercard later this year. That product will feature a higher earn rate on GM purchases and expanded redemption options.
The previous GM card — then called My GM Rewards Card — was introduced in early 2022. However, applications were paused last year after Goldman Sachs sold the card portfolio to Barclays. Goldman had previously outbid Barclays for the rights to the card. Current cardholders can continue to use their existing card through August 25 before using their new one.
This updated card does bear some differences from the Goldman Sachs-issued edition. That card earned the same total of 10x on GM purchases but earned 4x points on all other purchases. Additionally, cardholders could earn a $100 statement credit each year after spending at least $1,500 on fuel or paying six months of electric bills for a registered electric vehicle and could enjoy a $50 allowance per calendar year when using their card for vehicle detailing at participating GM dealerships.
My Thoughts:
The saga of this GM Rewards card still fascinates me. It also makes Goldman Sachs look pretty bad overall. Yet, comparing this new version of the card to the previous one, this does appear to be a pretty big downgrade. Of course, I’m also not a GM owner (nor an aspiring one), so this card wouldn’t make sense for me anyway.
While I’m sure there are a few people who would benefit from this card, for most, I suspect that a generic cashback card is likely more lucrative than this card that locks them into spending rewards on GM. I’d also say that, although this may seem beneficial if you’re buying a new GM, I’m not sure that a dealership would let you put the full balance of your vehicle on the card — so it’s unclear if you’d truly earn that 10x. This is definitely something you’d want more details on if you did plan to open this card for that purpose.
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