The GM MasterCard is intended for those cardholders who intend to purchase or lease a GM vehicle in the near future. Through the rewards program that is offered with this card, cardholders earn a 5% rebate that is applied toward the purchase or lease of an eligible new GM car, truck, or Sport Utility Vehicle not including Saturn, Saab, or Hummer.

Although the rebates have no annual limit, they expire within seven years. It is important to remember, though, that this card offers one of the highest rebates among card issuers who offer auto reward cards. The card offers an introductory rate of 0% for twelve months for both purchases and balance transfers. After the introductory period, the interest rate will vary based on the cardholder’s credit history. The rate charged with will 10.99%, 15.77%, or 17.99%. The minimum rate for cash advances is 20.99%.

The card has no annual fee, but there is a cash advance fee of 3% with a minimum of $15, and a balance transfer fee of 3% with a minimum of $15 and maximum of $75. This fee, however, does not apply to balance transfers during the introductory period.

The GM MasterCard will provide the most benefits to those cardholders who plan to pay their account in full after the introductory rate expires in order to avoid paying finance charges and who plan to purchase or lease a GM vehicle in the near future and therefore plan to take advantage of the rebate program. Though the rate may be a little higher, especially for those with borderline credit, the rebates offered toward the purchase or lease of a new vehicle tend to offset that, at least for those who plan to use the rebates before they expire.

Some of the other benefits cardholders can expect to derive from the use of this card include the following:

•Online access to account information

•Travel accident insurance

•Reporting of lost and stolen cards

•Emergency cash and card replacement

•Ability to download account information into Quicken or Microsoft Money programs