I know this probably isn't the right forum to post this, but figured the members here are more knowledgeable on the matter. Anyways, I have roughly $2500 worth of points on my GM card, and was wondering with the situation GM is in, could it be possible that they won't be accepting the card points going forward?

 

I have about the same amount stored up on my GM card, and that's why I got it in the first place. Definitely a good question.

 

I doubt they would do anything that would affect sales in a negative way. Then again, after a BK, those points may be worthless.

 

Who holds the point values on their books? Is it GM themselves or HSBC (the bank behind the card)?

Seems like if you had most any other points reward card... the kind you can redeem for a variety of things, then the points would actually be held by the bank, and they'd basically just write a check on your behalf out of that points total when the time came.

 

They'd be incredibly foolish to void the points. They'd permanently alienate thousands upon thousands of existing and potential customers.

 

Good point. I would think that if there is no program to cash in the "GM bucks" for whatever reason, you can always cash in for actual cash, at 1/3 the value...which can be done at any time.

 

I wasn't aware that was an option. So there's a possibility that card members wouldn't lose all the value of points earned?

 

dang I hadn't thought of this issue until now. I too have like 2K in points on my GM card. I was "saving" for a Solstice coupe, but now things have changed. I still would rather hold onto them though if possible....

I hope they survive whatever happens to GM!

 

Wow, I didn't know that. Now if I could only cash in my GM stock for 1/3 what I paid for it.

 

Tell me about it. I put in a sell order on all my GM stock one Friday..and it did not get done before close. Well that weekend Wagoner got fired, and the stock lost a 3rd of its value before it was sold. It was just play money..but still sucks.

 

That's right. It's the bank offering the card, that manages the rebates. IIRC the bulk of the funding mechanism for those rebates, is the many, many cardholders who do not pay off their balances each month (and end up paying interest).

I've been drooling lately over the deals they're offering on the G8 GT's. I did test drive one last week and they are mighty nice... but I'm going to continue saving for a Camaro. Anyway they did say they would honor my $1500 or so in GMCard rebates on top of the other discounts. Including that, it came to about a $7k discount on the hood of a loaded 2009 G8 GT

...anyone who really wants a G8 GT... there are some great deals to be had right now. But driving one gave me another data point on how good the new Camaro is likely to be.

 

I think Jason's statement of cashing in for 1/3rd of the value was just an example of a potential resolution to the potential issue, not an actual option that has been presented to anyone. If it had been I hate to say I would have walked away with 2 grand in cash before 6 grand in GM card points (almost half of which have since expired) long ago... especially due to the limits they place on each purchase. Seems most of the cars I'm interested in are limited to 1000 or 1500 from my GM card.

 

I say they should allow people to cash in ALL of their points (or at least, raise the limits from the lame ~$1000 - $1500 limits) to help stimulate some vehicle purchases . I've got nearly ~$3000 in GM Visa points ... not that I'm in the market for a new car right now, but if I was .....

 

When I go to http://www.gmflexcard.com, click on "Manage Your Earnings" enter my user name and password, I can do one of the two options...

When I go to get use the cash option, I see this note...

Do I have a different card than some of you folks?

 

That would be great if I could do that. I have about $2000 in GM card credit and it is going to be a long long time before I buy another brand new car.

Why the hell would you guys have held on to this stock for this long?