Leasing or purchasing a car is a significant financial commitment. Once you’ve invested in your dream vehicle, ongoing maintenance and repair costs can add up. The My GM Rewards Credit Card from Goldman Sachs helps you earn rewards to offset these expenses.

If you own a GM vehicle or plan to buy one, this card offers cash-back rewards specifically for GM purchases. Here’s what you need to know:

Key Features of the My GM Rewards Credit Card

• $0 Annual Fee
• 0% Intro APR for 9 months, then 20.24%–29.99% variable APR
• 15,000 bonus points after spending $1,000 in the first 3 months
• 7x points on GM purchases, 4x points on all other purchases
• No expiration on points as long as your account remains open
• Automatic Gold Tier Status in the GM Rewards Loyalty Program

How Do GM Rewards Points Work?

• 7x points on GM parts, accessories, and certified services (purchased online, at dealerships, or via OnStar plans)
• 1 point = $0.01 when redeemed for GM purchases
• No redemption limits on new vehicle purchases
• $1,000 annual redemption limit on certified pre-owned GM vehicles
• Non-vehicle GM purchases (parts, services) must be redeemed within one year
• Gift card redemptions available at a lower value (0.25 cents per point)

Benefits of Using This Credit Card

• Earn $150 towards GM purchases after meeting the $1,000 spending threshold in 3 months
• Use the 0% APR period to finance major GM repairs or parts
• High earning potential: 7x points on GM purchases, 4x points on everyday spending
• Automatic Gold Tier Status: Normally requires $45,000 in GM spending. Benefits include:
  • $100 statement credit per year for gas purchases
  • $50 dealership service allowance

Things to Consider Before Applying

• Limited redemption options: Points can only be used for GM-related purchases
• If you prefer more flexible rewards, consider an alternative Goldman Sachs card

Alternative Goldman Sachs Credit Cards

Apple Card – Earn Cash Back on Everyday Purchases

• No Annual Fee
• Titanium physical card with a sleek design
• No foreign transaction fees
• Transparent interest calculation before making purchases
• Up to 3% daily cash back

GM Extended Family Card – For GM Employees & Family

• $0 Annual Fee
• 0% APR for 12 months, then variable APR applies
• 1% earnings on all purchases
• $100 bonus after spending $1,000 in 3 months

GM Business Card – For Small Business Owners

• $0 Annual Fee
• 0% APR for 12 months, then variable APR applies
• Earn up to 5% in GM rewards
• $750 bonus after spending $5,000 in 5 months

What Credit Score is Needed?

• Recommended Good to Excellent credit score (690-850) for approval

Final Thoughts

Goldman Sachs offers a variety of credit cards tailored to different needs. The My GM Rewards Credit Card is ideal for GM vehicle owners, providing generous points on auto-related purchases. However, if you prefer more flexible rewards, the Apple Card or other Goldman Sachs options may be better suited. Consider your spending habits and future vehicle plans before applying.