If you’re in the market for a new General Motors vehicle, you might consider applying for the Scotiabank GM Visa Card. The card offers an outstanding 5% return on spending for the first $5,000 spent each year that you can use to purchase new GM vehicles, such as Chevrolet, Buick, GMC, and Cadillac.
The best part is that your points will not expire as long as your account is in good standing. So you can continue to accumulate points until you have enough money to buy your new car.
Want to know more about the Scotiabank® GM® VISA* Card? Check out this review
Scotiabank GM Visa Card Key Features
- No Annual fee
- 19.99% Purchase interest rate
- 22.99% Cash advance rate
- Purchase protection and extended warranty.
- 20% discount at Avis locations worldwide
- 22.99% Balance transfer rate
- $500 minimum credit limit
- Apply here
How to earn GM reward points
Earning GM reward points is pretty straightforward. Here’s how the GM Earnings system works:
You’ll earn 5% in GM Earnings on every $5,000 in purchases each year. That’s worth $250. Afterward, the earnings per dollar ratio drop to 2%. Your points will never expire, and you may combine them with other special offers from General Motors. The points, however, are only valid for GM automobiles.
There are no complicated calculations or point conversions to deal with. $1 in GM Earnings equals $1 toward purchasing or leasing a new qualifying GM car. In addition, there are no restrictions on how much earnings you can earn or how much you can use toward a car.
Other card features and perks
1. Save on car rentals
As a card holder, you will receive a 20% off on Avis car rentals worldwide. This is a handy feature if you rent cars frequently.
2. Low income requirement
The card has a low-income requirement of just $12,000, making it affordable for many Canadians.
Eligibility Requirements for Scotiabank GM Visa Card
The following are the requirements to be eligible for this card:
First, you must have an excellent credit score and a minimum personal income of $12,000. You must also have reached the age of majority in the province or territory you live in. And finally, you must be a Canadian citizen or permanent resident.
Scotiabank GM Visa Card Fees and Interest Rate
Just like other no annual fee cards in Canada, the Scotiabank GM Visa Card offers a 19.99% interest rate on purchases and 22.99% interest rate on balance transfers, and cash advances.
Scotiabank GM Visa Card Downsides
While this card offers many benefits for its cardholders, it does have a drawback.
You can only redeem your rewards towards purchasing or leasing a GM vehicle such as Chevrolet, Buick, GMC, and Cadillac. So if you’re not a lover of GM vehicles or prefer to buy used cars, this is probably not the credit card for you. (See also: 4 Best Scotiabank Credit Cards In Canada).
In conclusion
The Scotiabank® GM® VISA* Card offers a good return on your daily spending, and this is remarkable for a card with no annual fee. In addition, you’ll get purchase protection and an extended warranty on every purchase you make with this card.
If you use this card for a few years, you could earn some points that will move you closer to purchasing your dream GM car.