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My GM Rewards® Mastercard® Review [2024]: Only Consider it if you Love GM Vehicles

GM vehicles are pricey, and the My GM Rewards® Mastercard® can help make it more affordable, but only consider it if you plan to purchase a GM car soon.

Updated Oct. 15, 2024
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My GM Rewards® Mastercard®

My GM Rewards® Mastercard®
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OUR VIEW

My GM Rewards® Mastercard® is a brand-specific credit card that only pays off if you purchase GM vehicles, parts, or other GM-related products often. It pays plenty of points per dollar spent, but the redemption value is only worth it on GM products, including a new car.

Unless you plan on buying or leasing a GM vehicle soon, there are better rewards credit cards with more usable rewards. Check out the full potential of this card in the My GM Rewards® Mastercard® review.

Pros

Rewards GM-related purchases
$0 annual fee
Points never expire as long as your account remains open

Cons

The redemption value is weak if you don’t use them for a new GM vehicle or GM parts
Statement credit redemptions drop the points value by 75%
How we evaluate products

Card basics

The My GM Rewards® Mastercard® has $0 annual fee and helps you earn 15,000 points after spending $1,000 in the first 3 months. This is fairly easy for most people to achieve just with grocery shopping and dining out.

The My GM Rewards® Mastercard offers 7X points on GM purchases and 4X on all other eligible purchases. It also has 0% intro APR on purchases for 9 months from the date of account opening, and then 20.24% to 29.99% (variable).

Card type Rewards
Credit card issuer Goldman Sachs
Credit card network Mastercard
Annual fee $0
Welcome offer Earn 15,000 points after spending $1,000 in the first 3 months
Reward rate 7X points on GM purchases and 4X on all other eligible purchases
Recommended credit score Good, Excellent
Intro APR 0% intro APR on purchases for 9 months from the date of account opening, and then 20.24% to 29.99% (variable)
Foreign transaction fee 0%

Who should get the My GM Rewards Card?

The name says it all; if you aren’t a GM owner or about to become one, you won’t get much from the My GM Rewards® card.

Here’s why.

Each point earned is worth one cent only if you redeem them for points toward a GM purchase, such as a new or pre-owned GM vehicle, GM certified service, GM Genuine parts, certain warranties, and SiriusXM® plans.

The only non-GM-related option is a statement credit, but it drops your redemption value from $0.01 to $0.0025 per point, which is hardly worth it. You can also only redeem up to 100,000 points ($250) in statement credits annually.

So, it makes sense to only have this card if you are loyal to GM vehicles.

My GM Rewards® Card benefits and perks

  • Generous welcome offer: Earn 15,000 points after spending $1,000 in the first 3 months.
  • Rewards earning: Earn 7X points on GM purchases and 4X on all other eligible purchases.
  • $0 annual fee: Having a $0 annual fee makes it easier to profit from the rewards you might earn because there’s no annual cost to offset.
  • No foreign transaction fee: Although not a travel card, the My GM Rewards Card has no foreign transaction fees. This could be useful if you need a card to make foreign purchases.
  • My GM Rewards: Cardmembers automatically receive Gold Tier status (the second-highest membership tier) in the My GM Rewards program.
  • Fuel or electric vehicle statement credit: Includes an offer to receive a $100 statement credit once you spend $1,500 on eligible fuel purchases or six electric bill payments in a calendar year.
  • Vehicle detailing allowance: Receive a $50 allowance per calendar year for vehicle detailing when you use your card to pay for detailing at a participating GM dealer each calendar year.
  • GM redemptions: Redeem your points toward the purchase of a new or certified pre-owned GM vehicle, services, accessories, parts, select OnStar and GM Connected Services plans, and other eligible GM expenses.
  • Mastercard World Elite benefits: Cardholders receive unique benefits, including special offers with Fandango, Lyft, Instacart, ShopRunner, and Peacock, as well as access to Mastercard concierge services.

Potential earnings and how to maximize them

I think it’s helpful to project your earnings for the first couple of years of opening any rewards credit card, to determine if it’s worth it. In the case of the My GM Rewards® credit card, there’s no annual fee, but there are other rewards credit cards that will pay you much better than what you could earn with this card.

Potential earnings in years one and two

To determine the first two years of earnings on the My GM Rewards® Mastercard, I used the FinanceBuzz Credit Card Rewards Valuation Model to determine the estimated annual household spend and what you could expect to earn on this card.

Year one: $1,800

Year two: $1,650

Best ways to earn

The nice thing about the My GM Rewards® Mastercard is its simplicity. I like that you don’t have to worry about tracking rotating categories, or wondering what point value you’ll get for your purchases. With this card it’s either 7X points on GM purchases and 4X on all other eligible purchases.

Because you have a 7X earning rate on many GM-related items, you would want to use your card whenever you visit a GM dealer and have to pay for parts or services.

Categories Rewards rate
GM purchases 7X
All other eligible purchases 4X

Maximizing your redemptions

If you compare credit cards, most rewards cards offer different redemption options. These are your available redemptions with the My GM Rewards Card:

  • Eligible new cars or certified pre-owned GM vehicles
  • Certified service, accessories, and parts
  • Select OnStar and GM Connected Services plans
  • GM Financial
  • GM Protection Plan
  • SiriusXM®
  • Statement credit

Your best bet to maximize your redemption is to use your points toward the purchase or lease of a GM vehicle or toward GM-related services. The only time I’d suggest using points as a statement credit is if you have points leftover after a large purchase. You can use up to 100,000 points for a $250 statement credit annually.

My GM Rewards Card FAQ

What credit score is needed for a GM credit card?

You typically need a good or excellent credit score to qualify for a card such as the My GM Rewards® Card. For FICO Scores, a type of credit score, good credit starts at 670 and excellent credit is 800 and above.

What can you do with your GM card earnings?

My GM Rewards points can be redeemed for eligible new or certified pre-owned GM vehicles, certified services and parts, select OnStar and GM Connected Services plans, and other GM services.

How do you redeem your GM card earnings?

You typically must visit a GM dealership to redeem your My GM Rewards points. If you’re purchasing an eligible GM vehicle or having your car serviced, let the dealership know you’d like to redeem points toward the purchase. If you want to redeem points for a statement credit, log into your My GM Rewards account.

Other cards to consider

The My GM Rewards Card could make sense if you have lots of GM-related expenses, but it won’t be the right fit for everyone. For alternative options, consider the Citi Double Cash® Card and the Chase Freedom Unlimited®.

The Citi Double Cash offers 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases; plus, a special travel offer, earn 5% total cash back on hotel, car rentals and attractions booked on the Citi Travel℠ portal through 12/31/25. This is a lower rewards rate than the My GM Rewards Card, but you’re earning cash back compared with points. With cash back, you aren’t limited to mostly GM-related redemptions — you can use cash for just about anything, whether it’s groceries, travel, gas, or something else. You also get 0% intro APR on balance transfers for 18 months, and then 18.74% - 28.74% (Variable).

The Chase Freedom Unlimited offers 6.5% cash back on travel purchased through Chase Travel℠, 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and 3% cash back on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, earn 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service and unlimited 1.5% cash back on all other purchases. This isn’t necessarily a travel card, but your rewards can be redeemed for travel, especially if you pair it with a Chase Sapphire card. The Freedom Unlimited also offers 0% intro APR on balance transfers for 15 months, and then 19.99% - 28.74% Variable, as well as 0% intro APR on purchases for 15 months, and then 19.99% - 28.74% Variable.

Valuable Earnings for GM Customers

My GM Rewards® Mastercard®
4.0
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My GM Rewards® Mastercard®

Why We Like It

Earn 15,000 points after spending $1,000 in the first 3 months

See how these cards compare:

Citi Double Cash® Card
Citi Double Cash® Card
  • Simple flat-rate cash back on all your purchases
  • 0% intro APR on balance transfers for 18 months, then 18.74% - 28.74% (Variable) APR
  • No annual fee
  • Rates and fees
Chase Freedom Unlimited®
Chase Freedom Unlimited®
  • High base rewards rate of 1.5%
  • $0 annual fee
  • Valuable welcome bonus for new cardholders
  • Intro APR offers for purchases and balance transfers

Bottom line

I wouldn’t suggest the My GM Rewards® Mastercard® unless you are a loyal GM car owner and use GM facilities often. Since most people don’t buy cars too frequently, and the dealership can be expensive for normal repairs, most people won’t get the full value from this credit card.

However, if you buy GM cars frequently, or prefer to purchase parts directly from GM, you can earn healthy rewards to use toward your purchases. If not, I’d consider a no annual fee rewards card that doesn’t require loyalty to a specific car brand.

Valuable Earnings for GM Customers

My GM Rewards® Mastercard®
4.0
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My GM Rewards® Mastercard®

Current Offer

Earn 15,000 points after spending $1,000 in the first 3 months

Annual Fee

$0

Rewards Rate

7X points on GM purchases and 4X on all other eligible purchases

Benefits and Drawbacks
Card Details

Author Details

Ben Walker, CEPF, CFEI®

Ben Walker, CEPF, CFEI®, is credit cards specialist. For over a decade, he's leveraged credit card points and miles to travel the world. His expertise extends to other areas of personal finance — including loans, insurance, investing, and real estate — and you can find his insights on The Washington Post, Debt.com, Yahoo! Finance, and Fox Business.

Author Details

Samantha Hawrylack

Samantha Hawrylack is a writer with more than five years of experience. Her work has been published in Newsweek, MarketWatch, USA Today, Rocket Mortgage, BiggerPockets, Crediful, and many more. She holds a Bachelor of Science in Finance and a Master of Business Administration from West Chester University of Pennsylvania, and she was previously a brokerage investment professional with Series 7 and 63 licenses at Vanguard.