Lucrative rewards.Like Goldman Sachs' other My GM Rewards credit cards –
GMC,
Buick,
Cadillac, etc. – the Chevrolet Card offers
4 - 7 points per $1 each year. That’s worth about $3,020 in earnings over the first two years of use for the average person, who makes
$36,506 in plastic-eligible purchases per year, according to data from the Bureau of Labor Statistics. And that amount compares well to even some of the
best rewards credit cards on the market.
Limited redemption.The Goldman Sachs Chevy Card would be one of the best rewards cards on the market if you could redeem your earnings for a check, statement credit or even travel. But you can only redeem for a Chevrolet, Buick, Cadillac or GMC vehicle purchase or lease payment, or for gift cards up to $250 per year. So this card, as you might expect, is only good for folks who either have a Chevy or know they will get one soon.
0% intro APR.The Chevy Credit Card’s
0% for 9 months intro rate for new purchases could help you avoid finance charges on big-ticket buys or even enable you to take full advantage of the card’s
7 points / $1 earning rate. But it’s not going to help you finance a vehicle purchase, as your spending limit will likely be too low.
$0 annual fee.With no fixed fees to worry about, the Chevrolet Card is roughly
$22.29 per year cheaper than the average credit card, according to WalletHub’s latest
Landscape Report. Not having to pay an annual fee obviously is preferable to the alternative, all else being equal. But there are many great rewards cards that also lack annual fees. And even some of those that do charge fees will provide more overall value despite their fixed costs.
In order to get the best deal, you have to consider each card’s total package through the lens of your own spending and payment habits.
Good or excellent credit required.The fact that you need at least good credit to get approved for the Goldman Sachs Chevy Card is important not only in the sense that more than 40% of potential applicants won’t qualify, but also because those who do meet the grade will have a number of extremely attractive alternatives available to them.
Before you apply, you’d be wise to
check your latest credit score for free on WalletHub and make sure you’re not leaving any of the
market’s best deals on the table.