The GM Flex Card

• A full 1% cash back option
• Earn a full 1% toward any new vehicle
• Triple your Earnings to 3% toward an eligible, new GM vehicle
• No Annual Fee

Issuer :  HBSC Bank Nevada

Introductory APR :  0%

Introductory Period : 12 months

APR:  13.24% is what the card is advertised as however the fine print states that variable Premium APR of 12.99%, 17.99% or 19.99% may apply instead depending on your creditworthiness

Cash Advance Rate : 19.99% fixed rate

Annual Fee :  Whether you are charged a fee or not depends on your credit history and personal resources but the average fee is between $39 and $79

Credit Line Possible:  The credit line possible when applying for a GM Flex credit card is dependent on an evaluation of your credit rating and personal resources.

Insurance included :  The GM Flex credit card offers auto rental insurance and up to $500,000 in travel accident insurance.

Financing Configuration - Interest is calculated according to the average daily balance (including purchases.)

Grace Period - You have twenty days after making a purchase with your GM Flex credit card during which you do not have to pay interest.

The Best Thing About It -  You are eligible for cash back rebates as well as points towards buying a new vehicle.

The Worst Thing About It - The APR you end up with may be higher than what is advertised

Credit Rating Needed For Acceptance : Good Credit.

Who Is It For?

The GM Flex MasterCard, is designed for those who want to save up with rewards towards buying a new card.  The points are tripled if you put them towards buying a "GM model vehicle.

The Benefits

The earnings program is lucrative, flexible and actually applies to buying a card that is not made by GM too. You earn 1% cash back on every single purchase, 1% toward any vehicle or a full 3% toward a brand new, eligible GM car, truck or SUV.

You have a cashback option. GM Flexible Earnings Cardmembers will have the option of redeeming their qualified Earnings for cash in increments of $100. For example, if a Cardmember has $315 in GM Flexible Earnings accumulated, the cardmember can request a check for $300. The remaining $15 will roll over until the next $100 increment is met and requested, or until the Earnings expire.

Duplicate cards are free.  There is no fee for issuing duplicate cards.

You can keep track of all of your business expenses in one place.  You are also able to monitor what goes on in your account with full access to an online account report.

No Fraud Liability.  If you claim someone has stolen your GM Flex credit card then you do not have to be liable for the usual $50 that is typically deducted as fraud liability. Your are also protected by a Fraud Protection program, emergency cash replacement and emergency card replacement.

The Drawbacks

Earnings do expire. Your reward expire after seven years if you do not use them.

Monthly payments are applied to purchases before cash advances. The amounts that you pay monthly are not applied to the highest interest activities such as taking out a cash advance. This can make it difficult not to accumulate a lot of debt. 

A short grace period. Many credit cards don't begin to garner interest on purchases until thirty days after purchase. The GM Flex credit card only gives you twenty days. There is also no grace period on balance transfers.

The APR is not guaranteed. If you make a late payment on any bill, not just your credit card bill, your introductory 0% rate can be replaced with a costly variable default rate

There are lots of hidden fees.  See the Fees to Watch Out For section below.  The fees charged for your every little financial transaction can really add up and make it seem like you are paying an annual fee anyway.

They might spam you. To qualify for the card you must agree to promotional offers.

Fees To Watch Out For

Late payment fee: The late payment fee will vary based on the amount of your total outstanding balance on your Payment Due Date, and will be:  $19 if your balance is $100 or less; $29 if your balance is more than $100 up to and including $1,000; or $39 if your balance is greater than $1,000.

Over The Limit fee : $35.00

Cash advance Fee : 3% for each cash advance, with a minimum of $5 and no maximum.

Balance Transfer Fee : Balance Transfer Fee of 3% ($15 minimum) will apply to each Balance Transfer transaction

Foriegn Transaction Fee:  3% of the United States dollar amount

Minimum Finance Charge :  One dollar.

To Summarize -

The GM Flex credit card has a lower interest rate and offers a generous cash rebate and rewards program. The minimum finance charge is double that of most credit cards and whether or not you are charged fees can be dependent on your payment history. The introductory APR rate of 0% can also be changed at any time