Charles H. Miller
The BuyPower Card from Capital One® is made to reward GM fans in America. By using this card, they will be earning rewards to be used as a down payment on the purchase or lease of a new Chevrolet, Buick, GMC or Cadillac vehicle, or to add upgrade options. Cardmembers earn 5% on their first $5,000 in purchases every year, and 2% on everything after that. There is also a 0% rate on purchases for the first 12 months, after which a variable APR of 13.15% – 23.15% will apply. Let’s look at the details, shall we?
Highlights
- Earn 5% on your first $5,000 in purchases every year, and 2% on everything after that.
- Redeem earnings toward the purchase or lease of a new Chevrolet, Buick, GMC or Cadillac vehicle.
- 0% intro APR on purchases for 12 months, then a 13.15% – 23.15% variable APR
- World Elite MasterCard® benefits
- No foreign transaction fee
- No annual fee
How It Works?
Great for fans of GM cars: With this card they will be able to earn something back for every dollar they spend and use the rewards towards buying or leasing a new Chevrolet, Buick, GMC or Cadillac vehicle.
Rewards: Earn 5% on your first $5,000 in purchases every year, and 2% on everything after that. These rewards can then be used as a down payment on the purchase or lease of a new GM vehicle, or to add upgrade options.
World Elite MasterCard® benefits: Including $1 Million Travel Accident Insurance, MasterRental® Insurance/CDW, Concierge Service, Extended Warranty, Price Protection, MasterAssist® Travel Assistance Services, and more.
APR: Cardmembers get 0% introductory APR on purchases for 12 months, after which a 13.15% – 23.15% variable APR will apply, based on your creditworthiness. The same APR (13.15% – 23.15% variable) will be applied to any balances you may carry from one month to the other.
Costs
- 0% intro APR on purchases for 12 months, then a 13.15% – 23.15% Variable APR
- 13.15% – 23.15% Variable APR on Balance Transfers
- 0% Foreign Transaction Fee
- 0% Balance Transfer Fee
- $0 Annual Fee
At Capital One’s secure website
Pros
- Great for everyone who is already planning to buy or lease a GM vehicle. Simply use it as any other card and at some point you will be able to convert rewards into real money to put towards getting a new car.
- 0% APR on purchases could be used to get that new car or any other product, for that matter. That’s a year-long interest-free financing.
- No foreign transaction fee – you can use this card outside of the U.S. without having to pay what’s typically an extra 3% for the benefit.
Cons
- Limited redemption options – like most co-branded cards, this one also has limited redemption options. You can use rewards only as a mean to purchase or lease a new Chevrolet, Buick, GMC or Cadillac vehicle.
- Intro APR doesn’t apply to balance transfers – and it could be useful considering that this card has a rather low APR.
Is This The Card For You?
It’s rather simple — if in the near future you plan to buy/lease a new GM vehicle, the answer is YES – get the BuyPower Card from Capital One®. It will provide you with opportunity to earn something back for every dollar spent. More precisely, you will get 5% back on your first $5,000 in purchases every year, and 2% on everything after that. Then, you will be able to use the money earned as a down payment for a new GM car or towards adding upgrade options. Also, you get 0% APR on purchases for the 12 billing cycles, along with the ability to use the card outside of the U.S. without paying foreign transaction fees.
