GM Flex Card Review | GM Flexible Earnings Card
GM Flex Card Reiew
Summary - The GM Flexible Earnings Card is the second credit card that General Motors have introduced that is a little different from their first card. This card allows you to earn points with the card which can either be used for the purchase or lease of a new GM vehicle (eligible models), the purchase of any new non-GM vehicle, or simply to redeem for cash rebates. Let's find out more about this card and how it is different from the regular GM Card.
Rebate Formula - The GM Flexing Earnings Card allows the cardholder to earn 3% rebate for every dollar that is spent on the card. You have three ways to redeem the rebates on the card.
1. Cardholders can choose to redeem rebates for the purchase or lease of a new (eligible) GM vehicle. Each eligible GM vehicle allows up to a certain maximum amount of rebates that can be redeemed for each model. The maximum rebates ranges between roughly between $1,000 to $1,500 though you can redeem for higher rebates on some models.
2. Or simply redeem your cash rebates (at 1% rate).
Fees - The GM Flexible Earnings Card has no annual fee.
How Is This Card Different From The GM Card - The GM Flexible Earnings Card is slightly different from the GM Card in the following way. Firstly, rather than being able to earn 5% rebates, you can only earn 3% rebates with this card. The other difference is that you have the flexibility to earn cash rebates. The original GM Card did not allow you to redeem points for cash rebates (guess that is why they call it flexible rewards)
Compared to other auto credit cards, the GM Flexible Rewards card fares average. Like the Subaru MasterCard and Chrysler Credit Card, you earn 3% rebates (but on every purchase, not just at dealerships). But it loses out to the regular GM Card and Toyota Card because these cards allow you to earn 5% rebates at their dealerships (and the GM's case - on every purchase). Both GM Cards (including the Flex Card) impose limitations on the amount of rebates that you can use off your auto purchase. This is a slight disadvantage because cards like Toyota impose no such restrictions.
Should You Get The GM Card or the GM Flex Card - Let's get this out of the way first. If you are a fan of GM vehicles and would like to save money on your next GM vehicle, then you might want to consider this card. The big question is whether to get the regular GM Card or the GM Flex Card. Though the regular GM Card allows you to earn 5% rebates, you can only use points on GM vehicle purchases (and up to certain rebate amount). Hence, once you have earned the necessary rebates, it makes no sense to continue using the card. The GM Flexible Rewards Card, on the other hand, allows you to redeem points for cash rebates. Hence, even if you have earned more rebates than needed, the other points will not go to waste. You do earn less rebates in percentage terms, but since you can redeem points for cash back, the GM Flex Card will suit GM fans who want to card to earn rebates for future purposes but cannot be bothered carrying other cards. If this describes you, then this is the card for you.