#Capital one powercard review how to

I am going to buy a GM vehicle and if I did have a 2% cash back on other cards, it wouldn’t matter as much to me because I would redeem my dollars ever time it got to $25 or so. Even their electric options which I plan on going with once I get ready to move on from my Volt. I did NOT see any cars that were not available for redemption. I’ve grown my rewards to over $700 in less than 2 years and I am pumped that when I go to the rewards website, they show all varying types of vehicles that are available. Simple to use and I keep it paid off every month. Especially after Cap One took over and gave me access to the card through the app. I’ve held onto this card for going on 2 years and I love it. Simple math would tell you that it is $250 in rewards for those purchases. It’s pretty frustrating to see people in the comments trying to claim that points expire? Stupid.Īnother thing, you keep claiming that the first $5k in purchases is going to yeild “$150” in rewards. Do you have this card? Can you name another card that looks similarly good on the surface, but isn’t quite what it seems? Let me know in the comments. My post of course is less about the GM Buy Power Card and more about quickly spotting when something looks too good to be true so you don’t waste your time.Ĭompanies are always going to want to grab your attention, but it rarely is as good as it seems. ConclusionĮven if you only ever buy GM vehicles, I don’t see this card as being any good because of the restrictive nature of the rewards. This very consumer unfriendly strategy means that you are taking 3x the hit to get a card. While Capital One in and of itself isn’t any better or worse than most other banks, they check all three credit bureaus for credit card applications. The GM Buy Power card is also issued by Capital One. But those $150 aren’t real, they are GM play money and lock you into purchasing one of their vehicles.

So this card’s earnings end up being an extra 3% on your first $5k in purchases or $150. First off, you can get either the Fidelity Amex or Citi Double Cash card and earn 2% in cash with no annual fee. Hopefully most people see the automobile redemption scheme before applying, since the ad is clearly designed to draw you in with the earnings. Not the most direct language, but good enough to avoid a lawsuit. I can definitely see where people would glance over that part though. There is no limit to the amount of Earnings you can earn or redeem on a new vehicle. To be fair they do make this clear on the website in smaller print and even at one place on the mailer. They even restrict which vehicles are eligible. As you may have guessed given the branding of the card, you can only redeem your earnings for a GM vehicle. It doesn’t say what you can redeem the “earnings” on. One of the titles on the page says this:Įarn on everything you buy. If you go to their website it is even more misleading. Why do they use the term “earnings” and not cash back? Wow! 5% earning on my first $5k in purchases and 2% after that.

#Capital one powercard review how to

Here is how to card is advertised in the mailer: The other day I received a mailer for the GM Buy Power Card. Links in this post may provide us with a commission. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Miles to Memories and CardRatings may receive a commission from card issuers. Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products.