Capital One Financial Corp. and General Motors announced on Wednesday a multi-year extension of their card partnership and the launch of the new GM Card, which provides consumers with five percent earnings on the first $5,000 in card purchases.
The card, which carries no annual fee and has no limits on rewards consumers can accumulate, also allows cardholders to earn unlimited two percent on all other purchases. Rewards can be redeemed toward the purchase or lease of a new Chevrolet, Buick, GMC or Cadillac.
“We are very excited about the new GM Card from Capital One and value the commitment of our strategic partners to offer best-in-class products to our customers,” Bill Cilluffo, the executive vice president of card partnerships at Capital One, said. “Consumers told us they wanted a straightforward way to earn greater benefits than their current auto rewards card. Together, in partnership with General Motors, we have set a new standard in this category, and are providing a better solution for consumers to plan for and save toward their next new Chevrolet, Buick, GMC, or Cadillac vehicle.”
Launched in 1992, the GM Card Earnings program has contributed to the purchase of nearly seven million new cars, SUVs, trucks and crossovers.
“Our customers have never had a better or bigger lineup of new Chevrolet, Buick, GMC and Cadillac models to choose from to meet their needs,” Chuck Thomson, the general manager of retail sales and marketing support at GM, said. “We are introducing 27 new or refreshed cars, trucks and SUVs in 2013 and 2014 – an average of one per month – and the new GM Card is the key for customers to put one in their driveways.”