Did you know that a credit card could be what helps you unlock your next brand new vehicle purchase? Capital One has partnered with General Motors to create a set of credit cards that can help you earn money toward your new GM vehicle down payment with every purchase you make. Called the “Buy Power” series, you’ve got three different lines of credit from which to choose so that almost everyone can qualify for this program.
Here are the three GM credit card options that are available.
- BuyPower Card. With this line of credit, account holders are able to earn 5% cash back earnings on their first $5,000 in purchases, and then another 2% unlimited cash back earnings on all purchases after that, with all of those rewards going into a down payment program for your new vehicle.
- GM Extended Family Card. If you are already a GM employee or a supplier to General Motors, then this line of credit allows you to add another 1% in earnings toward the new vehicle you wish to purchase. Proof of eligibility is required for this credit card.
- BuyPower Business Card. If you’re a business owner, then this is the credit card for you. It provides you 5% earnings on the purchase of all GM accessories, spare parts, and authorized services at GM dealerships. You’ll also receive 3% earnings on purchases at fuel stations, office supply stores, and even restaurants. Any purchases which fall outside of that category receive 1% earnings.
Unlike other rewards programs that make you “use it or lose it” when you’ve earned something, the BuyPower credit cards from GM and Capital One are a little different. Your earnings will never expire. There is no annual fee associated with this card either.
Terms and Conditions To Consider Before Applying
Capital One and GM have come together to offer you a line of credit that has a 0% introductory APR for the first 12 months as long as the account stays in good standing. After the first year, based on applicant credit worthiness, the APR for purchases and balance transfers will be 12.15%, 16.15%, or 20.15%, which is also variable based on the current prime rate. The APR for all cash advances is 25.15%.
Should an account with the BuyPower program qualify for the penalty APR on this account, then it will be 29.65%. The APR may be applied if one late payment is made.
In return, you will be able to take all of your available earnings and redeem them toward the retail purchase or lease of any new vehicle from GMC, Cadillac, Buick, or Chevrolet. They can be redeemed in their entirety and are in addition to other discounts that might be offered by General Motors at the time of purchase.
If you’ve been looking for a way to save up some money so that you can purchase a new car, then this credit card opportunity from Capital One makes it easy to save money based on the purchases you’re already making. For more information about this program or to determine if you currently qualify for it, visit the link below and a decision can be made in as little as 60 seconds.
View more information about the BuyPower Card.