| Product: |
GM Card |
| Date: |
08/08/00 (127 review reads) |
| Rating: |
 |
Advantages: The highest reward rate out there...
Disadvantages: ...but only redeemable off Vauxhall cars!
The GM Card, like the Goldfish card, is issued by the HFC Bank. There is only one choice of design, and it is only available as a Visa card. The APR on balance transfers from other credit cards for the first six months is an excellent 4.9%, however after that it rises to the same APR as for purchases - 19.9%. APR on cash withdrawals is a staggering 21.8%, and is associated with the usual credit card handling fee for cash withdrawals.
The real benefit with the GM Card is that it offers the highest reward rate of any credit card issuer - 3% on purchases made using the card (for every 100 pounds you spend, you get 3 rebate points). While this sounds great, this has to be balanced against the fact that these rebate points can only be redeemed off purchasing a new Vauxhall car (up to 2,500 points), or a used one through Network Q (up to 500 points). Points are redeemed at a rate of one point per pound.
Obviously if you're looking to buy a new car, and are considering a Vauxhall, this makes the GM Card a great choice - otherwise, essentially, it's just another credit card.
It's free to have a GM Card, and it's possible to apply for them online (at www.gmcard.co.uk). You only need an annual income of £4,000 to apply.
Also, cardholders can check their balance and make payments (using debit cards) through the GM Card website. The GM Card is also covered by the "marbles" safe shopping promise - covering your use of the card over the internet.
As with other HFC credit cards, they seem only too pleased to offer excessive credit limits, and so far, my experiences of their helpline have been positive. Overall, therefore, I'm pretty enthusiastic about the card, despite the fact that I'm unlikely to ever use the reward scheme.
Summary:
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Last comment:
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- 08/01/01 I've had a GM card since 1994 and I think it is brilliant. Initally, it was 5 points per £100 spent, but you were limited to a maximum of 500 points per year. They altered that to 3 points/£100, and gave you the option of staying on the 'old system' or coming onto the new and getting 200 bonus loints. I chose the latter and after 3 years was up to almost the maximum of 2,500 points.
The Vauxhall Corsa I bought (see opinion written) was an excvllent buy. It cost only a little more than £6000 on the road after discount and points, with 1 year's free insurance. Indeed, for £50 extra, I had 4 named drivers, inclusding an 18 and 20 year old students (one learning to drive).
I already have alomst the maximum points again, but my wife has taken one out, so we are building up the points on ehr card now. I have until August 2002 to spend my points, but unfortunmately there is no Vauxhall I fancy right now.
The main point is that you might as well accumulate the points by directing your spending through a credit card. However, if you think you won't use them, then you are better off with a card that gives you cash-back. |
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