GM credit card... time to cash out!

Cucumber · 01:28 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.

kiboko · 05:34 PM

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

fffresh · 11:46 AM

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 · 04:39 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.

Mogul of Pineapples · 05:30 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?

Floppster · 06:17 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

amer191 · 11:33 AM

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.

Mogul of Pineapples · 12:16 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.

Cucumber · 11:42 PM

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.

01:28 AM	#1
Cucumber Centurion Member Join Date: Apr 2008 Location: Zuma Posts: 456	GM credit card... time to cash out! 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. __________________ OBAMA Stop talking crap about him and give him a chance!

05:30 PM	#5
Mogul of Pineapples Centurion Member Join Date: Jun 2008 Location: Where the smog from the 101 freeway coats my home's windows... Posts: 634	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? __________________ “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” -Warren Buffett Current Cards: American Express: Blue Cash, Simply Cash Bank of America: Visa Financial Rewards Platinum Plus Chase: Rewards Visa, Amazon Visa Discover: More Current Everyday Card: American Express Blue Cash

06:17 PM	#6
Floppster Centurion Member Join Date: Sep 2008 Location: US Posts: 189	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 __________________ Intellectuals solve problems. Geniuses prevent them. - Albert Einstein 1879-1955

11:33 AM	#7
amer191 Green Member Join Date: Jan 2009 Location: United States Posts: 10	GM credit card points redemption - what if bankruptcy happens? 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.

12:16 AM	#8
Mogul of Pineapples Centurion Member Join Date: Jun 2008 Location: Where the smog from the 101 freeway coats my home's windows... Posts: 634	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. __________________ “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently.” -Warren Buffett Current Cards: American Express: Blue Cash, Simply Cash Bank of America: Visa Financial Rewards Platinum Plus Chase: Rewards Visa, Amazon Visa Discover: More Current Everyday Card: American Express Blue Cash

05:34 PM	#2
kiboko Gold Member Join Date: Sep 2008 Location: WA Posts: 38	GM card is by HSBC you should be okay but there may not be any GM cars left to buy here soon!

11:46 AM	#3
fffresh Centurion Member Join Date: Apr 2008 Location: the edge of the world Posts: 417	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.

04:39 PM	#4
robert.loehmann Gold Member Join Date: Aug 2008 Location: Toledo, Ohio Posts: 28	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.

11:42 PM	#9
Cucumber Centurion Member Join Date: Apr 2008 Location: Zuma Posts: 456	What will happen to GM credit card rewards?? 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 and give him a chance!

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