GM credit card... time to cash out!

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Cucumber
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GM credit card... time to cash out!

Postby Cucumber » Thu Nov 13, 2008 3:28 am

If you have a GM card wouldn't right now be the time to cash out your rewards? With GM on the verge of bankruptcy I would definitely not want to have a ton of accumulated rewards with them.
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kiboko
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Postby kiboko » Thu Nov 13, 2008 7:34 pm

GM card is by HSBC you should be okay but there may not be any GM cars left to buy here soon!

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fffresh
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Postby fffresh » Thu Nov 20, 2008 1:46 pm

I'm not aware of the specifics of how the GM credit card works but I would opt to turn points into cash rather than cashing them out for a GM vehicle. With the future of GM being highly questionable, you would not want to buy a car which parts may no longer be manufactured for.

robert.loehmann
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Postby robert.loehmann » Fri Nov 21, 2008 6:39 pm

They will convert your points to cash and then you can cash that out. It will only be 1% but it's safer to do this than have higher points you can't use.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Sun Nov 23, 2008 7:30 pm

Well the latest word is that there is a Chinese auto manufacturer that just got the go ahead from the Chinese government to buy GM.

Who would have thought those reward points you've been earning for the last several years to put towards a new car would possibly be used on a Chinese car?
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

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Floppster
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Postby Floppster » Sun Nov 23, 2008 8:17 pm

Wasn't GM already almost 10 times bankrupt ? If I am not entirely mistaken, they are having a hard time since the mid 90's
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amer191
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GM credit card points redemption - what if bankruptcy happens?

Postby amer191 » Fri Apr 10, 2009 2:33 pm

What do you do if you have a GM credit card with reward points accumulated and GM goes bankrupt? Are those points wiped out in the bankruptcy? I assume they have to be. Does anyone know if the points need to be spent on new cars or can they be converted to cashback or other rewards instead? I am asking because someone in my family has the GM Flexible Earnings card.

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Mogul of Pineapples
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Postby Mogul of Pineapples » Tue Apr 14, 2009 3:16 am

Don't count GM out yet. I think Obama is playing hardball to get the unions to give in. I doubt he will let them go BK.

To answer your question, I think the rewards/points only applies to new GM vehicle purchases.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred

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Cucumber
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What will happen to GM credit card rewards??

Postby Cucumber » Wed Jun 03, 2009 2:42 am

Any update on what will happy to GM credit cards with the bankruptcy??? I read that its the bankruptcy court that will ultimately decide as to whether the rewards raked up by cardmembers will be there or not.
OBAMA
Stop talking crap about him!



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