Hi guys, I registered on this forum to check if it makes sense to trust GM on credit card points program for new car downpament.

Currently GM card gives 4 points for every $ spent and 7 points on every $ spent on GM services including OnStar. It sounds a bit too good to be true because most credit cards only give 1,2 points per $ spent.

With 4 points per $ it is not so hard to collect 5'000$ in points during 5 years of new vehicle financing term to use it as additional down payment for the new car payment that GM promises now to accept.

Basically 1000$ in points per year needs ~25'000 to be spent by GM credit card annually or around 2000$ a month. Not that hard considering modern day prices.

I got a Chevy card issued by Goldman Sachs and currently debating should I use it aggressively to collect points or there is a catch and in 5 years when I am on the market for a new car, GM will not honor these points for the new car down payment.

Appreciate any positive feedback. Please consider that I am new to this forum and do not know rules, so please be easy on me if such questions that are not directly related to car itself are not welcomed.

P.S. I am posting picture of my truck to prove that I am not a bot and not advertising anything.

 

Welcome to the forum. Since there's not really a section in the forum that deals with this question, I suggest you post it in the Silverado section where you will get more views. This is the Welcome New Members by thesection of the forum.