This article will focus on the GM Flex Card. Are you looking for a way to save money towards a new vehicle? This could be a card for you. General Motors is the largest car company in the world so if you world looking for a way to have your credit card purchases buy you a new vehicle, this is the way for you. This article will focus on explaining the different ways that you can save for a vehicle as well as the fact that you have a couple of different options when using your
GM Flex Card.
The GM Flex Card allows 1% of your total purchases to be put towards a new vehicle purchase. You're not restricted to certain types of vehicles and can have your purchase go towards a car or truck or an SUV. This is especially beneficial if you're looking for a new vehicle. Now what happens when you buy a new vehicle and will not be in the market for another seven or eight years?
This is where the importance of the flex option can come into play. You can decide to have your rewards go from paying down a new vehicle to having cash back. The same amount still applies: you receive 1% of your cash back.
Depending on what type of car you buy and based upon other restrictions, there are certain incentives you can take advantage of to raise your total incentive bonus of 1% up to 3% on any new car purchase. You'll need to check into the terms and conditions offered by the GM Flex Card but this is a great way for you to buy a new car.
Here is an example for you to realize how quickly this can add up, especially if you're in the market for a new car or if you know you will need one within the next year or two. If you spend $1000 a month for 12 months and you get 1% cash back this is going the equivalent of savings $120 on a vehicle. If you are able to get 3% of your cash back on a vehicle and do this for a year, you will have saved $360 on a vehicle. After three years of doing this, you would have already saved over thousand dollars off the purchase price of a new vehicle. This may not seem like much but consider if you borrow that money from your bank. Most car loans are run 7% a month so you would be saving yourself probably an extra $200 off of interest that you would have to pay if you borrowed that extra thousand dollars.
What a great way to save yourselves so much money by simply selecting your
GM Flex Card the next time you are at your grocery store.
HSBC - The GM Flex Card
