GM Flexible Earnings??? Whats your percent?

[Cmyskill]

hey guys I really need some help. I have a GM Card (HSBC) that gives me money to use towards a GM car. I have had the card for one year now and had zero interest for the first year, now that the year has ended they hit me at 18% interest. My question is this what kind of interest rates are you guys getting on this card? I want to use the card for points but I have other cards with 7.99 and 9.2% interest rates. I have no use for a card at 18%. If you could let me know your percents then I can argue with them to lower mine. I have a credit score of over 740 but I would like to just see where every one else is before I call. If you don't want to post please just shoot me an IM .... Thanks for the help.

[rolnslo]

IMO, the best way to use the GM Card is for everyday purchases that you will be able to pay off every month when the bill comes. Unlike every other card I've ever had, I've never been real successful in getting HSBC to lower their interest rates but then again I don't carry a balance on it either.

[EllwynX]

I agree, you MUST pay off the GMCard every month, or have a very low balance.

Their interest rates are crazy.

[Captain Awesome]

Originally Posted by EllwynX

I agree, you MUST pay off the GMCard every month, or have a very low balance.

Their interest rates are crazy.

It's totally worth it to buy everything with the card and pay it off every month until you max out the earnings allowed for each year. I've purchased my last 4 cars using the GM card rebates.... it made a huge difference.

Back when the GM card first came out it was CRAZY... they had some ungodly limit of $1000 per year and you could accumulate rebates for 5 years I think. They gave 5% back on every purchase, and they had "partner retailers" who they would give 10% rebate on any purchase (Exxon/Mobile was one of the partners, so you got 10% back on your gas purchases).

Even funnier: they They even gave 5% back balance transfers and they would send those pre-printed "checks" you could use to pay for balance transfers. People I knew were using the checks to pay their mortgages and electric bills and getting 5% back on those... one woman I knew was writing the balance transfer checks out to "cash" and depositing them in her bank account and writing a check to the GM card and dropping it in the mail to pay off the transfer check... and they paid her 5% to do it! She ran up $1000 in rebate in a matter of weeks and then purchased a new car.

After a year or two GM figured out people were scamming them and redid the whole rebate procedure and now it's a lot tougher.

[Cmyskill]

Ok after 4 months this is where I stand with points:
Current Earnings as of Oct 13 2008 $91.22

Previous Base Earnings $67.05
Earnings Received This Period $24.17
Earnings Adjustment $0.00
Current Period Base Earnings $24.17
Base Earnings Total $91.22
GM Vehicle Earnings $273.66
Anniversary Date 09/01/2007
Anniversary YTD Earnings $17.53

So with according to this I have 273.66 to put towards a new GM car. Is this right or wrong?

thanks for the info and help

[EllwynX]

Originally Posted by Cmyskill

Ok after 4 months this is where I stand with points:
Current Earnings as of Oct 13 2008 $91.22

Previous Base Earnings $67.05
Earnings Received This Period $24.17
Earnings Adjustment $0.00
Current Period Base Earnings $24.17
Base Earnings Total $91.22
GM Vehicle Earnings $273.66
Anniversary Date 09/01/2007
Anniversary YTD Earnings $17.53

So with according to this I have 273.66 to put towards a new GM car. Is this right or wrong?

thanks for the info and help

Yes, you are correct on that amount.

I currently have arond $750.