Rules for Redeeming a GM Card

Capital One® is the issuer of a variety of GM credit cards that allow cardholders to earn and redeem rewards toward a new or leased vehicle. These cards include the GM Flexible Earnings Card, BuyPower Card, GM Extended Family Card and BuyPower Business Card. When preparing to redeem the accumulated rewards toward a car, cardmembers need to be mindful of a few important rules.

Each of the GM cards rewards their account holders with points simply for using the card when shopping. The points are referred to as earnings, and these earnings never expire as long as the account remains open. Additionally, there are no limits to the amount of earnings one cardmember can earn.

The amount of earnings you are awarded depends on the specific card you have. For example, the BuyPower Card assigns 5 percent earnings on the first $5,000 charged to the card each year and 2 percent thereafter, while the GM Extended Family Card only allocates 1 percent on all purchases year round.

The first thing you'll want to do when you're ready to redeem your earnings is browse the eligible vehicles. You can visit your local authorized Chevrolet, Buick, GMC or Cadillac dealership and speak with a knowledgeable dealer who can show you the automobiles that qualify for the GM card program. Another option is to visit the BuyPower Card website and click on the "Vehicles" tab. From there you can select a style from the drop-down menu or browse the cars by make and model.

Once you locate an eligible vehicle and test drive it to decide if it is the right car for you, you'll need to negotiate a purchase price. GM recommends taking advantage of any special offers and incentives that may be available at the time, as these will bring down your overall purchase price.

After you have agreed to a deal, let the salesperson know you have a GM card and would like to apply all of your earnings toward the sale of the vehicle. You may opt to use the funds toward your down payment or take advantage of extra equipment that will make the automobile more functional and comfortable for you and your family. The company also points out that the earnings are great for reducing your monthly car payment, for upgrading to a bigger car or for leasing a new vehicle instead of buying one.

There are a few exceptions to when you can redeem your GM card earnings. For example, company employees are not eligible to use their GM employee discount and their card earnings to purchase the same vehicle. The earnings are also not allowed to be disbursed toward a vehicle that is discounted, sold at an auction or obtained at an auction. Always ask the dealer if you are unsure about which deals can be combined with your GM card earnings.