DETROIT — General Motors said it has launched a three-tier credit rewards program and a new My GM Rewards Credit Card for Cadillac, Chevrolet, Buick and GMC customers.
GM on Monday said the new card and updated program will enhance the ownership experience and can eventually be used on in-vehicle software purchases as GM aims to double revenue to $280 billion by 2030, with software and other new businesses growing nearly 50 percent annually through then.
“The new My GM Rewards is a big win for our customers with more ways to earn and redeem points, including premium tiers of membership with exclusive offers and opportunities,” Julie Heisel, director of GM Rewards and GM Card, said in a statement.
GM will introduce more rewards options for in-vehicle software by the end of this year, Heisel told reporters Monday.
Customers can sign up for My GM Rewards, which launches Monday, at no cost and have a choice of three membership tiers: Silver, Gold and Platinum. Each tier allows for higher point earnings potential and redemption caps, GM said.
Members can earn and redeem points that they can apply toward the purchase or lease of a new GM vehicle, parts and accessories work, and select OnStar and Connected Services plans.
Gold and Platinum rewards members can direct points toward the purchase of GM CPO vehicles, and their points do not expire.
More than 6 million GM customers have become members of My GM Rewards since it launched in 2018, GM said.
Customers can pair My GM Rewards with the My GM Rewards Card, backed by Goldman Sachs Group and Mastercard.
Last year, Goldman Sachs agreed to take over GM’s credit card portfolio, replacing Capital One, which has issued the GM card since 2012. Mastercard will continue to act as the network for the credit cards.
Customers can earn points through GM and non-GM purchases and redeem them for the purchase or lease of GM vehicles, in-dealership service work, select OnStar and Connected Services plans and gift cards. Interest rates start at zero for first 9 months and rise to between 14.99 percent and 24.99 percent thereafter.
GM launched its first consumer card in 1992.