I hope all are doing well - and enjoying some amazing deals!
I have found myself in a bit of an interesting situation. Earlier this year, I got the GM Rewards Credit Card issued by Goldman Sachs/Marcus as it was supposed to pay out 4x on all purchases, so long as the points were redeemed towards the purchase or lease of a new GM vehicle. My goal was to rack up enough points to do just that - pay for a new car lease or purchase. Unfortunately, after about six months, Goldman Sachs felt that I had racked up too many points and closed my credit card account.
So now I have ~$5,300 worth of points which is too little to cover the cost of a lease and definitely isn’t enough for a purchase, and I’m not sure what to do with them.
I do need a new car (currently trying to shop for an Ioniq 5 or Ioniq 6 1-pay lease - any suggestions or help with that are also appreciated), but am not a huge fan of GM products. If I could get a good deal on a Bolt EUV lease, I would be happy with that, but I don’t see any attractive lease offers and I don’t really have any other ideas.
I am in Florida but can easily travel to any other state (except Hawaii and Alaska) to do a deal.
Any help or suggestions would be greatly appreciated. Thank you all!
What other redemptions options do you have ? Maybe using towards a car or lease may be a little too risky for the flip gam. But if you have to, look into Sierra inventory. I noticed a lot of them have been stacking up including Denali’s (mostly diesel though).
4% back is twice as good as any other card out there. I spend >$100k a month across my credit cards and figured I would just buy a ~$20k Chevy in a state with no sales tax and immediately sell it to Carvana or some other iBuyer. Even if I lost a few grand in the process , I would still be getting somewhere around 3.5% back on my spend.
I just didn’t realize that Goldman Sachs is such a god awful, categorically incompetent bank. They are so bad that Wells Fargo seem like a well-oiled machine by comparison. They gave me a comically low credit limit, would regularly and randomly lock the card for days at a time, and payments would either post instantly or take ~10 days to post with no rhyme or reason. Customer service was always useless.
Plus, I recall seeing some crazy good GM lease deals a couple years ago on the Bolt and Malibu and I wouldn’t mind driving either if I could get a crazy good lease for a couple years.
You can redeem the rewards points for accessories, and then sell the accessories to turn the points into cash. Now referred to as “rewards flipping”. For example, you could get about 10 of these and start your own Amazon store.
HA! - Its honestly comical how bad they were when they first took over the GM portfolio from Cap1. My credit limit was something like $2k when my next lowest credit card limit was around $20k. There was a period of time when I used it for gas (to get they $100 bonus after a certain amount of fuel spend) and they kept locking my account… BUT they didn’t lock my account when hackers got a hold of my account info and made $5k (after I finally got a $6k limit) in purchases at a Best Buy in a different metro area.
nobody’s going to flip an EV Blazer except for a loss.
I had a reservation, but now that the time has come to order and I saw that it is 6500 lb with 288 hp for $60k, I canceled. I know the SS is coming down the line, but that will obviously be stupid money if the lousy RS starts at 60.
You can’t do this. You have to pay tax on the vehicle where it is going to be registered. Otherwise everybody would buy their cars & trucks in NH where there is no sales tax, or NJ, or they would just set up an LLC in Montana and register the car there…
I’m still trying to get my head around this. You signed up for a credit card because it offered a high rebate for a product that you don’t like. You did so because you thought you could buy a hard to get model to flip for a profit in a different state than where you reside. Did I summarize that properly?
