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Discussion Starter · #1 · (Edited)
January 10, 2022

I received a letter in the mail today regarding my (original) GM Card account.

I currently receive 5% cash back towards a GM product with a $500 annual earnings cap, and NO limit as to redemption.

The NEW program from NEW operator Goldman Sachs SEEMS to leave much to be desired. Confirmed with an account representative at (833) 773-0988, the program will operate like this:

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From the fine print:
Each point redeemed toward a gift card is worth $0.0025 (e.g., 100,000 points = $250). Cardmembers are eligible to redeem up to 100,000 in points for $250 in gift cards per calendar year. Log in to mygmrewardscard.com for more details.

Cardmembers can redeem up to $1,000 in points (100,000 points = $1,000 when redeemed at GM) per calendar year toward eligible Certified Pre-Owned GM vehicles. Points may not be used with GM Fleet vehicle incentive programs, some other offers, the GM Employee Discount Program, GM Company-Owned Vehicle Discount or GM Supplier Discount Program. Other exclusions may apply. Please see Program Rules that are applicable to your account for terms, conditions, exclusions, and limitations. For current points and details, visit mygmrewardscard.com or call 1-833-773-0988.










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Discussion Starter · #2 · (Edited)
My initial calculations based on the website information SEEMS to indicate the incentive towards a vehicle is now 4%, not 5%; a 20% drop in program value. You can also cash in points for gift cards at a value of $ 00.0025 per point.

More information to follow,

A SUGGESTION: DO NOT CLOSE YOUR CURRENT GM CARD ACCOUNT RIGHT NOW. A Goldman Sachs account representative indicated that all CURRENT GM Card account holders will have their benefits grandfathered for a "certain" period of time.





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The My GM Rewards program has been around for a few years and didn't used to cross connect with a proper GM Credit Card whatsoever. They WERE separate programs that could be stacked when purchasing a new GM vehicle. Hopefully they remain separate programs otherwise the GM Card would be nearly worthless.

I doubt Goldman Sachs would spend millions to purchase the GM Card accounts, then neuter them, but.... stranger things have happened.
 

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Do I have this right:

If I spend $10,000 on stuff with the new GM Card they give me 40,000 points (10K x 4). This is then worth $400 (1 point = 1 cent) towards the purchase of a new GM car or 4% of the $10,000 I spent. The current card is 5%, so the new card is less. However, the new card gives you 7 points for every $1 you spend at a dealership on service etc, so if you spend a lot at a dealer you might do better with the new card. In my case I don't spend a lot at the dealer so the new card is a bit worse (4% vs. 5%) than the current card.

I've got about $1500 on my current GM Card, this should transfer over I think...
 

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Discussion Starter · #5 ·
Do I have this right:

If I spend $10,000 on stuff with the new GM Card they give me 40,000 points (10K x 4). This is then worth $400 (1 point = 1 cent) towards the purchase of a new GM car or 4% of the $10,000 I spent. The current card is 5%, so the new card is less. However, the new card gives you 7 points for every $1 you spend at a dealership on service etc, so if you spend a lot at a dealer you might do better with the new card. In my case I don't spend a lot at the dealer so the new card is a bit worse (4% vs. 5%) than the current card.
While I am not positive, I believe you are correct. You should be grandfathered for a certain period however at the 5%.






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While I am not positive, I believe you are correct. You should be grandfathered for a certain period however at the 5%..
Got it, OK. I'll see what they send me, try to hang onto the old card a bit longer, see what happens...
 

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I think if you have the Extended Family Card everything is more or less the same. We only earned 1% but you could combine it with any discounts.
 

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Do your current earnings transfer over? As long as they do I am good. Then my family can stop using the thing.
 

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The My GM Rewards program has been around for a few years and didn't used to cross connect with a proper GM Credit Card whatsoever. They WERE separate programs that could be stacked when purchasing a new GM vehicle. Hopefully they remain separate programs otherwise the GM Card would be nearly worthless.
Seems like they've made it overly complicated........... K.I.S.S.

I doubt Goldman Sachs would spend millions to purchase the GM Card accounts, then neuter them, but.... stranger things have happened.
[/QUOTE]

I've had a few cards over the years..... "Too good to be true" - then one day, they weren't, and I want to say one of them was a GE Capital backed card, which ironically is where the whole Marcus business unit at Goldman Sachs came from.
 

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The new program sucks, I currently have $3500 on mine, an original card. Lost $500, last year and will loose $500 this year. Cause $3500 is the max. But they have not had anything I’m interested in buying, it would have been nice to use it to buy the used 2018 volt I purchased. But no go on that, did put my son on the card so that he could use it if the occasion arrises.
 

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Bottom line, if i have $5800 in GM Earnings on my current Platinum/Copper card (the one that earns 5% unlimited on every purchase but has a redemption cap depending on the vehicle). how does that effect me and would my $5800 in current earnings transfer over to the new Goldman Sachs card in the form of 580,000 points?
 

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I'm on the original GM card, have been since 1992. $500/year, no cap on what you can redeem on a car. It's been good to me. I saved a bit over $4,000 on my ATS in 2019.

But since then, realizing that there's just very few vehicles that I have any interest in and that I may not be in the car market for a really long time, I've hardly used the card. I used to always be sure to use it until I hit my $500 yearly max.

Now I use my Chase Amazon Visa for about everything. It gives you money to redeem on Amazon for anything, and it adds up fairly quickly. Last year, I bought a new $540 Callaway Epic driver for about $100. I also bought a subwoofer for my stereo, as well as a couple of small things using only points. Just this month, I got a $150 air fryer using only my card points.
 

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The new program sucks, I currently have $3500 on mine, an original card. Lost $500, last year and will loose $500 this year. Cause $3500 is the max. But they have not had anything I’m interested in buying, it would have been nice to use it to buy the used 2018 volt I purchased. But no go on that, did put my son on the card so that he could use it if the occasion arrises.

This is exactly my problem. I've stopped using my GM card after almost 30 years because there is so little now from GM (and anyone else) that I'm interested in.
 

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I think Goidman is going to see their investment "downgrade" pretty quickly if they change terms on existing cardholders. Like others GM isnt producing a whole lot that interests me - maybe in 3 years if they fulfill their promises on EV's, but right now that doesnt look good.
 

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I think Goidman is going to see their investment "downgrade" pretty quickly if they change terms on existing cardholders. Like others GM isnt producing a whole lot that interests me - maybe in 3 years if they fulfill their promises on EV's, but right now that doesnt look good.
Yeah I’ve been using my points to get an annual inspection and oil change at the dealer. Part of the $250/yr thing.

There’s plenty of GM vehicles I’d love to own, I just can’t afford ‘em!!!

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My daughter holds the GM BuyPower Card. A month ago she received a booklet in the mail from GS Marcus explaining the coming new points system. I hold the original card since 1993 and a World Card with redemption limits since 2011. I did not get a new points system mailer, only Customer Agreement mailers yesterday. Hopefully that means they'll honor our original agreements moving forward but BuyPower and brand new customers will get the My GM Rewards update.
 

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My daughter holds the GM BuyPower Card. A month ago she received a booklet in the mail from GS Marcus explaining the coming new points system. I hold the original card since 1993 and a World Card with redemption limits since 2011. I did not get a new points system mailer, only Customer Agreement mailers yesterday. Hopefully that means they'll honor our original agreements moving forward but BuyPower and brand new customers will get the My GM Rewards update.
i hope they honor it on the world card (platinum/copper with redemption limits) but I also hope they remove the redemption limit on these cards
 

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The GM Cars was originally offered by HSBC bank in 1992. It was later sold to capital one. Cap One elected to maintain the original rewards program for the earliest card members.
I was 18 when I got mine in 1992 so someday I could be one of the very longest cardholders in the country - god willing. If Marcus is saying they will grandfather for a period of time though seems like we can kiss the 5% earnings goodbye. I’ve redeemed $20,000 on new vehicles since 1992. It’s been an amazing tool for me and has held me to GM when I might have strayed from time to time. Hope Marcus doesn’t screw this up. There’s other cards with similar value to what they are now releasing (4%).
 
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