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If you drive GM vehicles and want to redeem your rewards for future vehicle purchases, leases, or dealership services, the My GM Rewards Card™ for consumers and GM Business Card™ for small business owners are an excellent fit. Before applying, it’s essential to know what credit score you need to have the best approval odds and potentially qualify for a higher credit limit.
Credit Score Needed for the My GM Rewards Card
The personal My GM Rewards Card™ requires good or excellent credit with a minimum 660+ credit score to qualify (See terms and conditions). To the delight of many potential applicants, you can prequalify with a soft pull that won’t impact your credit score.
This step lets you preview your initial credit limit and APR. The soft credit inquiry also helps applicants that may have fair credit and are right at or just below the 660+ credit score threshold.
If you like your credit card offer, then you can accept it, and Marcus by Goldman Sachs (the issuing bank) will perform a hard pull that appears on your credit history in addition to the account opening.
This flexibility makes it easier to compare the best rewards credit cards as you can estimate your approval odds to avoid rejected applications.
Related: My GM Rewards Card Review
Credit Score Needed for the GM Business Card
The GM Business Card™ requires a good or excellent personal credit score of 660+ or higher (See terms and conditions). Marcus by Goldman Sachs will also review your business credit history and current revenue to reach an application decision.
Similar to the personal My GM Rewards Card, you can request preapproval with only a soft check to see if you qualify and what your spending limit and APR will be.
A hard pull can occur when you accept the credit offer after you initially qualify. However, a couple of online data points from 2022 and early 2023 from successful applicants mention no hard pull appearing on the personal credit report even when applying as a sole proprietor.
That can be good news if the hard pull doesn’t appear when applying for the GM Business Card as business credit card applications can negatively affect the Chase 5/24 rule if you’re thinking about trying for a Chase credit card in the near future.
Related: GM Business Card Review
How to Apply for a GM Rewards Card
You can follow these steps to apply for a GM Rewards Card and most likely receive an instant application decision.
Submit Personal Details
Personal consumers will apply for the My GM Rewards Card™ and through the Marcus by Goldman Sachs website (See terms and conditions).
The application page will ask which GM family card design you prefer (Chevrolet, GMC, Cadillac, GM, and Buick). It doesn’t matter which design you choose as the credit requirements, card benefits, and annual fee ($0) are the same (See Rates & Fees).
You will also provide your personal details including your name, home address, Social Security number, and annual income. If you’re an existing Marcus by Goldman Sachs customer, you can log into your Marcus account to expedite the application process.
If you’re applying for the GM Business Card™ the next screen will ask about your business information (See terms and conditions). For example, the number of employees, annual revenue, and anticipated spending. It will also ask for your employer identification number (EIN), but you can leave this spot blank if you’re a sole proprietor and only applying with your SSN. This card has a $0 annual fee and a $0 foreign transaction fee (See Rates & Fees).
Review Terms and Conditions
Before seeing if you qualify, you will review the current card fees and terms with a scroll-down window. This is the same information you can see before applying from the credit card information page, but it’s worth looking at to avoid any surprises.
If everything looks alright, you can click apply to prequalify without hurting your credit.
Review Pre-Approved Credit Offer
At this point, Marcus only conducts a soft credit pull to determine if you have a qualifying credit score for the GM Rewards Card. If so, you will receive a credit offer listing your credit limit, introductory APR, and ongoing purchase APR.
There are not many data points about the initial credit limit for the consumer GM Rewards Card. For example, one person reports a $2,000 limit. While researching this article, the author was eligible for a $6,000 limit with excellent credit.
The credit limits for the GM Business Card can also vary widely although they can be generous. For example, one business owner reports a $29,000 spending limit.
Accept Credit Card Offer
After reviewing your initial credit offer, you can accept it and undergo a hard inquiry to open your account. This action finalizes your credit limit, purchase APR, and starts the clock to qualify for the signup bonus.
Here are the current GM credit card bonus offers:
- My GM Rewards Card™ (See terms and conditions): The signup bonus is 15,000 bonus points after spending $1,000 in purchases during the first 3 months. The 15,000 bonus points are worth $150 in value when redeemed with GM. It has a $0 annual fee and a $0 foreign transaction fee (See Rates & Fees).
- GM Business Card™ (See terms and conditions): Get $750 in earnings to redeem at GM towards the purchase or lease of eligible new GM vehicles after you spend $5,000 on purchases in your first 5 months from account opening. This card has a $0 annual fee and a $0 foreign transaction fee (See Rates & Fees).
You can also earn purchase rewards on GM-related purchases and all remaining purchases. Neither card has an annual fee.
If you don’t like the offer, you can decline now or decline later. For example, maybe you’re still trying to get credit card pre-approval for other options and waiting to see if you receive a better offer. If you decide to finish the application process down the road, you can log into your Marcus.com account.
Related: The Best Limited-Time Credit Card Offers
Is the GM Rewards Card Worth It?
Applying for the GM Rewards Card is worth it if you spend a fair amount of money on GM-related purchases or actively participate in the GM Rewards loyalty program. It’s also a contender if you want a no-annual-fee credit card for travel or a no-annual-fee business credit card.
However, its redemption options are relatively limited if you prefer flexibility. The only non-GM redemption option is for up to $250 in gift cards each year. So, a travel rewards card to use your points for flights, hotels, and car rentals or a cash back credit card for consistent statement credits.
But if you enjoy stashing away points to reduce your out-of-pocket costs for buying a replacement vehicle from your favorite GM Brand. Your points can also be used for a new lease, buying a certified pre-owned vehicle, and most service-related expenses.
Related: Best Credit Card Reviews for 2023
Summary
A good credit score (660+) or an excellent credit score (740+) is a basic requirement for the GM Rewards Credit Card. If you’re uncertain about your approval odds or curious to see your credit limit, you can prequalify without impacting your credit.
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