You're looking to buy a new GM car and of course you want to get the best deal. The Capital One BuyPower Card is the ideal credit card choice for anyone looking to save money on an upcoming GM car purchase.
The Capital One BuyPower Card offers valuable rewards and provides a great way to save money on an upcoming GM vehicle purchase.
Quick Link: Capital One BuyPower Card App
It's one of the only credit cards aimed at earning you rewards that you can use to save money on a new car purchase.
What is the Capital One BuyPower Card?
With the Capital One BuyPower Card you'll earn rewards with every purchase that you can redeem towards a new Chevrolet, Buick, GMC or Cadillac vehicle. It's the most popular credit card out there geared towards purchasing a new car.
The card offers valuable rewards earning rates and an annual bonus that supercharges your rewards earnings over other credit cards.
It's important to note that the rewards you earn on the Capital One BuyPower Card are only redeemable towards buying or leasing a Chevrolet, Buick, GMC or Cadillac. Thus, it's an excellent choice for anyone shopping for a new GM card, but not the best option for someone looking for earning airline miles and travel rewards.
There are several different versions of the Capital One BuyPower Card available:
- BuyPower Card from Capital One®
- GMC BuyPower Card from Capital One®
- Chevrolet BuyPower Card from Capital One®
- Cadillac BuyPower Card from Capital One®
- Buick BuyPower Card from Capital One®
- BuyPower Business Card from Capital One®
All the cards offer similar benefits and rewards, but you can choose a unique card design to go with the type of car purchase you're planning on making.
This way with each purchase you're be making you can remind yourself that your earning great rewards redeem towards your new car.
The Ideal Cardholder
The Capital One BuyPower Card is an excellent card for someone looking at purchasing a new GM vehicle in the coming year or two. It offers valuable rewards earning rates that you can redeem towards the cost of a new GM car.
If you want to save money on an upcoming purchase or lease of new Chevrolet, Buick, GMC or Cadillac then this is a great card to consider applying for.
Although, since the rewards earned from the Buy Power Card can only be redeemed towards a lease or car purchase, it's not the ideal card for someone who wants a travel credit card.
Welcome Offer and Earning Rate
The Capital One BuyPower Card offers high rewards earning with it's bonus spending categories.
You'll earn rewards for every purchase you make with your card and you'll well on your way to saving money on a new car when redeemed.
The rewards earning rate on this card is a high 5% earning on the first $5,000 you spend each year. After that you will earn 2% on all purchases, which is still competitive with the highest rate out there among all credit cards.
Other cards cap out the rewards you can earn at a certain dollar amount. But with the GM card you get an incredible 5% back on all purchases for the first $5,000 every year, plus a nice 2% back on the rest!
At this time the card does not offer an introductory welcome bonus for new card members.[box type="shadow" ]Bottom Line: The Capital One BuyPower Card earns 5% on the first $5,000 spent annually and 2% on every purchase after that. All that with no annual fee.[/box]
Card Benefits and Value
The BuyPower Card from Capital One is strictly an auto rewards credit card and is a must have for anyone looking to purchase or lease a new GM car in the next few years. Using it for everyday purchases to maximize the cards earnings could save you big money on your purchase.
The rewards you'll earn with the BuyPower Card can be redeemed towards the cost of buying a new Chevrolet, Buick, GMC or Cadillac. That's the major draw to this card, if you won't be in the market for a new car from GM then your best bet would be to look at other credit card options.
Here is a look at what the GM BuyPower card earns:
- You'll earn 5% back on the first $5,000 in purchases every year
- You'll earn unlimited 2% back on every purchase after that
The 5% bonus earning on the first $5,000 per year is hard to beat and makes this card stand out among it's competition. After that you'll earn an unlimited 2% back on the rest of the purchases throughout the year.
And your rewards never expire, so you can build up your rewards balance for years and redeem them to save more off a future GM purchase. There is no limit on the amount of earnings that can be redeemed at one time, so the more you earn, the more you save.
Value Compared to Other Cards
When we compare the Capital One BuyPower Card to other credit card options out there it scores high, but you'll notice that it's a very specific type of credit card. Obviously this card is designed specifically someone with a future GM auto purchase of lease in mind.
If you are the type that prefers to earn airline miles or strictly cash back, there are other more valuable card options out there. You'll want to look into a flexible 2% rewards earning card such as the Barclay Arrival Plus Card.
Great for Smart Shoppers
A smart shopper likes to get the best deal and save money, and you'll get that with this card. If you are shopping for a GM car the Capital One BuyPower Card can give you that extra bonus towards the purchase.
First, you'll be earning top rewards that can be used towards you purchase. So no matter what purchases you make throughout the year, you'll be earning rewards that will help save on your next car purchase.
For a real list example, let's say you spend $20,000 on your GM BuyPower Card the first year. This means you earn $550 back that you can use to redeem against the purchase of a car. Do this for 3 years and you'll have a whooping $1,650 in earnings that you can apply for your purchase.
Other Benefits of the Capital One BuyPower Card
You get the added benefit of never having to worry about paying an annual fee with the Capital One BuyPower Card. Plus, on top of that the card does not have foreign transaction fees which means you can earn rewards around the globe without incurring fees.
MasterCard offers certain benefits based on the type of product the card is. These include basic benefits, “World” benefits, and lastly the highest level of “World Elite” benefits. All this means is that you get extra travel benefits and protections based on the type of MasterCard.
The Capital One BuyPower Card is a World Elite MasterCard, which means you'll get all the benefits that come with type of card:
Worldwide Travel Accident Insurance
$1 million of coverage for you and your family against Accidental Death or Dismemberment if you purchase common carrier travel tickets with your card.
Pays for covered damages (physical damage and theft) to a rental vehicle when your card is used to initiate and pay for the entire rental transaction and coverage through the rental company is declined.
Enjoy personal assistance with dinner and event reservations, tickets, locating hard-to-find items, and buying and delivering gifts.
Doubles the original manufacturer's or store brand warranty for up to one year when you pay with your GM Card.
Identity Theft Resolution Services with Wallet Protection
Assists you with credit bureau notification and credit card replacement, and provides you with an ID Theft Affidavit should you become the victim of identity theft.
MasterCard Global Service
Get emergency assistance virtually anytime, anywhere, and in any language. Includes Emergency Card Replacement.
Should you find a lower price for a new item within 60 days of a purchase using your GM Card, you may be reimbursed for the price difference.
Trip Cancellation Insurance
Provides reimbursement for you and your family if your trip is interrupted or canceled due to a covered event and tickets were purchased with your GM Card.
MasterCard Travel Services
A suite of complimentary benefits, upgrades, VIP status and premium travel offers from best-in-class travel companies. World-class travel advisors address your specific interests and provide complimentary travel planning to deliver memorable travel experiences.
MasterCard Airport Concierge
Arrange for a personal, dedicated Meet and Greet agent to escort you through the airport on departure, arrival or any connecting flights, 24/7/365 at over 450 destinations.
The Caveat of the Capital One BuyPower Card
Unlike other cash back and rewards earning credit cards, with the GM BuyPower card you are limited to redeeming your rewards towards a new GM purchase or lease. This make the card less versatile than other card options out there, but that's not what this card is designed for.
The person who will benefit the most from this card is someone who is looking into making a GM purchase in the next few years.
Capital One BuyPower Card vs. Similar Cards
The Capital One Buy Power Card and the Toyota Rewards Visa are two very similar cards. They both earn rewards that can be redeemed towards the purchase of a car.
For comparison purposes, the Toyota Rewards Visa offers 5 points per $1 spent at Toyota dealerships, 2 points per $1 spend on gas, dining and entertainment, and $1 spent on everything else.
With the GM Buy Power Card you'll earn 5% on all purchases up to $5,000 per year. After that you will earn 2% on every purchase you make with unlimited earns.
You can see that the bonus earning categories are not only lower, but much more limited. On the flip side, the Toyota Visa offers more flexible redemption options including using points for not only Toyota purchases, but also parts, service, and gift cards.
But, of course most important of all you'll want to focus on the right credit card depending on the brand of card you plan to purchase. If you are more interested in one car make over the other, you'll want to steer towards that branded credit card.[box type="shadow" ]Bottom Line: The Capital One BuyPower Card offers higher earnings than similar auto rewards cards, plus it has no annual fee.[/box]
Card Wrap Up and Review
Overall the Capital One BuyPower Card is marketed towards someone looking to save money on a future GM car purchase. It's offers a high rewards earning structure with it's 5% earning on the first $5,000 each year and unlimited 2% earning after that.
The World Elite MasterCard benefits are an added benefit to the card that provide extra protection and travel benefits.
Depending on what type of consumer and traveler you are, these may come into play more often than for others. Using them can add a ton of value to having this credit card---for instance getting free upgrades and perks!
The bottom line is that this card has it's clear benefits and drawbacks. It is a card that specifically targets a GM car driver and offer high rewards earnings for new purchases. On the other hand, with it's limited redemption options it can be a bit restricting if you will not be 100% for sure making a new GM car purchase in the next several years.
The Ideal Card For:
- Anyone looking to save money on an future GM car purchase.
- You like simple rewards earning options and don't want to juggle multiple cards.
Not the Ideal Card For:
- You're not going to purchase or lease a new GM vehicle.
- You prefer to earn airline miles to use towards free flights
The GM BuyPower Card is a great option for an everyday card if you're a loyal GM driver and plan buying a new car sometime soon. You'll earn solid rewards and save them up in your BuyPower Card account. When you're ready for your next car purchase there is no limit on the amount of earnings you can redeem, so the sky in the limit.
If you use other cards to earn travel rewards, this card could be a great addition. You can use it to max out the 5% bonus spending category on up to $5,000 in spending annually. After that you can switch your spending over to another preferred travel rewards credit card to maximize your rewards type.
BuyPower Business Card from Capital One® Review
If you are a business owner there is the BuyPower Business Card from Capital One. The card is marketed as the same type of card as the personal version, but the earning rates and benefits are slightly different.
With the BuyPower Business Card you'll earn:
- 5% Earnings on purchases of GM parts, accessories and service at authorized GM dealers
- 3% Earnings on purchases at gas stations, restaurants, and office supply stores
- 1% Earnings on all other purchases
All the "Earnings" can be exclusively redeemed toward the purchase or lease of an eligible, new Chevrolet, Buick, GMC or Cadillac vehicle. Thus, it's a good card option for a small business owner that is looking to buy a new GM car.
The card has no annual fee, no annual fee, no limit to how much you can earn and redeem, and your earnings don't expire.
Plus, there is a 0% intro APR on purchases for the first 12 months, however we never recommend keeping a balance on a credit card.
How To Use BuyPower Card to Maximize Earnings
Best Way To Maximize Points
The cards earning structure is straightforward so you don't have to worry about sorting out which card to use for special spending categories.
You'll earn a straight 5% back on all purchases up to $5,000 per year and 2% back after that.
The best strategy for earning maximum GM BuyPower rewards is to put all your spending on the card. Buy all your daily purchases on your card---this is anything from grocery purchases, flights, travel, and anything else you may buy.
These are just some examples of purchase you can put on your card to maximize your GM BuyPower earnings:
- Sporting equiptment
- Dining and entertainment
- Doctor and medical
- Dog and pet supplies
- Small business expenses
- Membership - gym, clubs, etc
- Almost anything else you purchase...
You can earn unlimited GM BuyPower earnings every year, so the more purchase you put on your card, the more you'll earn. You earnings never expire, so they will be there on your GM BuyPower "My Account" where you can track them until you are ready to use them.
Best Way To Redeem Points
To redeem earnings from you GM Buy Power Card you'll first have to choose the right GM car that you want to buy or lease. That's the hard part. After that you can redeem your earnings towards the purchase of the car and keep extra money in your pocket.
You can track you available earnings online, so you know exactly how much you have to use. After that all you need to do is visit the authorized Chevrolet, Buick, GMC or Cadillac dealership of your choice and follow the normal car buying process.
You'll want to negotiate on the best price with the sales representative and take advantage of the best current offers and incentives. You can combine your GM BuyPower earnings with most current GM offers and incentives, but be sure to double check when making the purchase.
At the dealership you'll want to identify yourself as a BuyPower Cardmember and let representative know you plan on redeeming your eligible earnings on your purchase.
Using Your Earnings When Buying a Car
You how choices when it comes down to how you use your BuyPower Card earnings towards the purchase or lease of a new GM car.
You can apply the earnings towards the down payment, lower your monthly payment, or add extra optional equipment.
Capital One Buy Power Card FAQ - Everything Else You Need To Know
How do I Apply for the Capital One Buy Power Card?
You can find the Capital One Buy Power Card app online here.
You'll just need to enter your personal information during the application process and hit "submit". You should get an instant response to whether you are approved or denied, however in some cases the bank may need more time to process your credit card application. Read this post for more info.
How can I view my Buy Power Card earnings?
You'll get updated earnings information on you BuyPower Card billing statements and you can also track your earnings online.
Will I earn rewards on balance transfers?
No, you'll only earn BuyPower earnings on purchases. This means means that balance transfers, cash advances, convenience checks,s or credit card checks do not quality to earn rewards.
Is there a maximum limit of earnings I can accumulate each year?
No, you can earn unlimited BuyPower earnings each year. The only cap is only the 5% bonus spending category which applies to the first $5,000 in purchases. After that you will earn 2% on every other purchase.
Do my BuyPower earnings expire?
N0, BuyPower earnings never expire. So, you can continue to earn them year and year and save them up for a future purchase.
How to access your Cap One account online?
You can access your Cap One account online by visiting this page and logging in with you user details. If you have not enrolled in online banking for you credit card or bank account, you will have to do so first by clicking
How to make a Capital One credit card payment?
You can make a payment to you Capital One credit card payment online through you online banking portal. If you are already registered you can sign-in through this page.
If you need to register, you can do so here.
What bank issues the BuyPower Card?
The Buy Power Card is issued by Capital One.
Can I redeem earnings for cash or gift cards?
No, unfortunately BuyPower earnings can only be redeemed for a retail purchase or lease of a GM car.
How can I keep track of my credit score?
There are tons of great free ways to track you credit score for free online. For instance, Credit Sesame is a website that allows you to view and monitor your credit score for free. For a list of other free ways to track your credit score, read this article.