GM Buy Power Credit Card

All these Bolt deals have me looking at the incentives from the BuyPower card people have! The card looks pretty good and straightforward for a rewards card. 5% back on first 5,000 and 2% back after that. I spend about ~17k a year on daycare, and use reward cards to pay for it. Anyone have any opinion on this card? Any pros or cons?

Are the points or cash back only redeemable on a GM product? Can I cash it out at anytime or am I stuck only applying it to purchases or leases?

No cashing out. I use it for 5k in spending each year (just the 5% part of it). I see other rewards being more valuable in the long run (Chase UR and Amex MR)-- but it depends on what your spend is and if you can get bonus points ot not. Lots of cards with sign on bonuses that are worth at least $500 and plenty of cards that get 2% back with no restrictions (Citi double cash).

Putting all 17k of your spend on this card would be a waste. You would get only $490 a year total value.


If you anticipate leasing GM vehicles it is definitely worth having, not only for the purchase/lease but also for service. You can redeem up to $250 of your earnings each year for Service and Accessories. The earnings are best during that 5% threshold, but keep your eyes open for mail and email offers that are periodically targeted, where you can get bonuses for certain amounts and types of purchases (Groceries, Utility Payments, Etc).

Very informative, thank you! And yes, I’ve got a myriad of cards I use — mostly travel rewards. I’m always looking to add to the portfolio and anything at 5% back gets my attention. How often do incentives pop up on these cards for leases? Or is the Bolt a special occurrence?

The top off bonus has nothing to do with the Bolt directly. They have gotten a bit sporadic, it used to be a staggered bonus during the year. Some people got it during the winter, some got it during the late spring/early summer, and the amounts varied. This year it seems like they switched it to a flat $1000 at the beginning of the year for everyone.

I personally have the card… Planning on leasing a GM car in either 3 or 6 years (depending on the deals available once my XC60 lease ends)…

My main complaint is that Capital One doesn’t seem to want to give me a huge credit line on this card… My limit is now $1750 (up from $750). My 3 Cap1 credit cards have a lot lower credit limit than other banks for whatever reason (I guess they see me as a higher risk and won’t give me a larger limit - Most of my other credit cards have limits of $20k to $30k with around $130k credit line total)… Makes it harder to spend on the GM card when a lot of my spend that doesn’t go on a branded CC is for larger purchases (e.g., windows/floors/appliances/etc for rental/primary property)

obviously YMMV with this though

At least you got one - CapOne keeps Denying me for years.
I guess I’m not the right customer for them😀

In college I defaulted on credit cards with Capital One, Chase and American Express. I now have a Capital One and Chase Sapphire Preferred card. Seven years after default I applied and was initially declined, despite my (new) excellent credit. I called them and told them my bad, and will you please reconsider? I was approved immediately. It was interesting as both Cap One and Chase were approving me for auto loans but not credit cards.

Long story short, you might be black listed but give them a call. Also, I’m still black listed by American Express!

Lol, I’m have good enough cards setup with all other banks. Not like I’m desperate:) if they don’t want me I won’t beg.
Plenty of other cars to have $500+ sign up bonus.

But I will keep that in mind. Thank you.

An auto loan is secured by collateral (the car itself), and has a different risk profile than an unsecured credit card.

For most consumers, letting a credit card charge off has very different real-life daily implications than having a car repossessed, so when there is only so much money to go around, people are more likely to make sure they keep their transportation.

Things might be changing - that was the same logic used in 2009 when mortgages were given left and right because people would always pay for their house and banks could not think of people walking away from them sending keys in the mail.

With the same amount of equity in new cars there could be just a little willingness to keep paying for the car that’s underwater by thousands.


All categories of secured loans do not carry the same risk.

One is more likely to default on a boat loan than a car loan, even thought they’re both credit products secured by some type of transportation.

The difference in risk is built into the pricing (boat financing is a lot more expensive than auto financing).

The mortgage disaster is an entirely different animal.

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Like others, I use the GM Card up to the 5% cutoff, then divert to using better rewards cards. But I really only use the GM one for potential top-off offers.

My reason: you pay SALES TAX on whatever GM earnings you redeem. Other rewards cards, that is not a direct issue, example would be direct deposit with Discover rewards, etc. Splitting hairs in a sense, but that’s how I think about it.

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