MCLEAN, Va. & DETROIT—(BUSINESS WIRE) — Today, Capital One Financial Corporation (NYSE:COF) and General Motors (NYSE:GM) along with MasterCard (NYSE:MA) announced a multi-year extension of their co-brand card partnership and the launch of the new GM Card from Capital One, a transformational new product in the automotive rewards credit card category.
This new card delivers tremendous value and rich automotive rewards by offering consumers 5 percent Earnings on their first $5,000 worth of net card purchases annually and an unlimited 2 percent on all other purchases.
The new GM Card from Capital One comes with no annual fee and offers no limits on the rewards consumers can accumulate and redeem toward the purchase or lease of a new Chevrolet, Buick, GMC or Cadillac vehicle. In addition, rewards don't expire and as with all other Capital One cards, there are no foreign transaction fees.
"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," said Bill Cilluffo, Executive Vice President, Card Partnerships at Capital One. "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."
Since its launch in 1992, GM Card Earnings have been redeemed toward the purchase of nearly 7 million new GM cars, trucks, SUVs and crossovers. With the launch of the new card consumers can obtain and enjoy one of the richest automotive rewards credit cards available today.
"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," said Chuck Thomson, general manager, GM Retail Sales and Marketing Support. "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."
Features of the new GM Card from Capital One include:
5 percent Earnings on the first $5,000 of net card purchases every year and an unlimited 2 percent earnings on all other purchases
NO LIMITS on the amount of Earnings a customer can accumulate
NO EXPIRATION of Earnings
NO LIMIT on the amount of Earnings that can be redeemed toward the purchase or lease of a new Chevrolet, Buick, GMC, Cadillac vehicle
NO annual fee
Access to World Elite MasterCard benefits including Trip Cancellation Insurance, Emergency Card Replacement, and MasterCard Travel Services™ —- a suite of travel benefits including amenities, upgrades, VIP Status, premium travel offers from best-in-class travel companies, and world-class travel advisors available 24/7 to address cardholders' specific interests and provide complimentary travel planning.
The new GM Card, designed in collaboration with the General Motors global design staff, features a vertical card design and is available in five options including a universal design, as well as four division card designs featuring Chevrolet, Buick, GMC and Cadillac for consumers who take pride in their brand affinity. Regardless of the design, customers can redeem their rewards toward the purchase or lease of any Chevrolet, Buick, GMC or Cadillac vehicle.
"Today's consumers are savvy and realize that it's smart to leverage their spending while still saving money on major purchases like a new automobile," said personal finance expert Lynnette Khalfani-Cox, founder of AskTheMoneyCoach.com. "As a GM car owner, I am excited about the great benefits that Capital One and General Motors are delivering with this new card."
Capital One's continued partnership and extension of the agreement with General Motors reinforces the company's commitment to building its credit card partnership business. To learn more about the new GM Card from Capital One, visit www.gmcard.com
Source: General Motors