The
GM Business™ Mastercard® is a business credit card with rewards that you can redeem to help pay for the purchase or lease of a new Chevrolet, Buick, GMC or Cadillac vehicle. The
GM Business™ Mastercard® gives
1 - 5% cash back, providing bonus rewards on eligible GM purchases as well as at gas stations, restaurants and office supply stores. Plus, new cardholders can earn
$750 in Earnings after you spend $5,000 in the first 5 months.
The
GM Business™ Mastercard® also offers 0% introductory financing and a
$0 annual fee. For the best chances of being approved, you will need a credit score of
700+. To maximize your savings, you should plan to pay your bill in full every month when the card’s high regular APR is in effect.
GM Business™ Mastercard® Review Highlights
$750 initial bonus
The
best business credit cards offer hefty upfront paydays ($500+) to new applicants who spend $4,500+ within three months of account opening. The GM Business Card offers
$750 in Earnings after you spend $5,000 in the first 5 months. You can use this bonus toward the purchase or lease of eligible GM vehicles.
Good rewards if you buy your own parts
The GM Business Card has a 1% base earn rate and gives you 3% back – roughly three times the
market average for a rewards card – on purchases made at gas stations, office supply stores and restaurants. But the real star of the show is the 5% earning rate that you’ll get on GM parts, accessories and service purchased from authorized dealers of new GM vehicles. And that’s the problem as far as most small business owners are concerned.
This very specific spending category is unlikely to be among many companies’ biggest financial burdens. And if you’re not going to spend much in a bonus category, you won’t end up earning much, either. As a result, many small business owners will get more out of a rewards card with a higher base earn rate than the GM Business Card’s 1%.
Nothing special financing-wise
The GM Business Card is among the hundreds of credit cards with a 0% intro APR on purchases for at least the first
12 months your account is open. And its regular APR is likely to be above
the average among credit cards that require good credit for approval. So you should only get this card if you plan to pay your bill in full every month.
No annual fee
The best thing about the GM Business Card not charging an annual fee isn’t the fact that it saves you
$22.29 per year relative to the average credit card. Rather, the lack of a fixed cost gives you the freedom to use the card solely for purchases in bonus categories, as a supplement to another card with a higher base earn rate. No credit card is perfect, after all, but multiple cards can combine to offer a perfect collection of terms.
Good credit required
It’s important to note the GM Business Card’s good-credit approval requirement for a couple of reasons. For one thing, it’s your personal credit that matters, so you may want to
check your latest credit score for free on WalletHub prior to applying, should you choose to do so. In addition, if you have good credit, you should be able to get pretty much any rewards card you want. So you may want to take another look at
WalletHub’s picks for the best business credit cards.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.