Is the GM Card Worth It?

[fbg6coupe]

The GM Card isn't that great anymore. I had one back in 05. At the time, you earned points for Balance Transfers for the first 6 months and redemption limits were around $1500 for most vehicles...

They don't offer that anymore... I was considering opening one to buy a car by 2011, but now reconsidering... I'm not a big credit spender, and could probably earn more in a high interest savings account, than the meager 3% on purchases... especially with uncompetitive APRS.

[jfnz24]

I stopped using my GM Card about six months ago for the reasons noted:
1.) Earnings are up to about $3,000, and even with a new vehicle purchase planned in the next year, at most would take about $1,000 off at current rates.
2.) Got screwed over on a chargeback. As noted by another poster, I faxed and emailed the documentation on at least 3 separate occasions. When I called about four weeks after the final sending of the information, they had yet to look at it, took 5 minutes to review info, and settled in the vendor's favor. I asked them to reconsider, especially considering that the vendor did not have any signed documentation by me, and they stated that they documented "verbal confirm" was used, even though I didn't speak with them. That really made me mad, and screwed me out of $350.
3.) Low purchase limits. I have had my GM card for over seven years, paid every bill on time, yet they refuse to up my credit limit. Every other card I have gave me a limit at least five times greater than HSBC.

Right now, what I would love to do, is convert all of my earnings into cash or credit towards my account. I dont care if they make convert it to one fifth of the earnings, due to the difference between 1 and 5%, just cut my losses now and move on.

[bigtime]

There is only one answer to this, NO. Its not worth it. This is basic finance 099, not even 101 people.