Consumer Payment Card News

GM Business Card

General Motors is going after small to mid-sized businesses with a new co-branded MasterCard in partnership with Chase. Unlike the generous 5% rebate offered on its personal “GM MasterCard” offered through Household Bank, the new “GM Business Card from Chase” offers 1% on all card purchases and an additional 1% for GM parts and service purchases at authorized GM vehicle dealers. But there are no annual limits on earnings, no limits on the amount of earnings that can be redeemed toward the purchase of eligible GM vehicles, and earnings are valid for up to five years. The personal “GM MasterCard” has a $500 annual cap on rebates. With the new “GM Business Card from Chase” all earnings from employee accounts roll-up to the business owner’s account, for personal or business redemption. GM and Chase are also offering a special promotion on balance transfers. Accounts will be charged 2.99% on balance transfers for 6 months, and will receive 2% earnings on balance transfers for the first 60 days after account opening. The interest rate for purchases is prime +6.99% with an 11.24% minimum. However, consumers with lower credit scores may have to pay a prime +15.24% APR subject to a 19.49% minimum. There is no annual fee. For more information visit: www.gmbusinesscard.com/apply.

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