The BuyPower Card from Capital One® -Get The Card That Helps You Get The Car, other than having a long-winded name, is an excellent card for those looking to get a new GM car in the next few years. The 2% rewards rate and annual bonus make it standout from even the best rewards credit cards. Before applying, everyone should note that the rewards you earn through this card can only be redeemed towards buying or leasing a Chevrolet, Buick, GMC or Cadillac. Therefore, if that’s not in your plans, this card is useless.
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Review: BuyPower Card from Capital One® -Get The Card That Helps You Get The Car
The BuyPower Card from Capital One® -Get The Card That Helps You Get The Car is great for anyone set on buying or leasing a Chevrolet, Buick, GMC or Cadillac vehicle in the next few years. Though the card won’t save you much, it’s still likely to ease the total cost of a car than most other credit cards on the market. The Citi Double Cash Card, one of the leading cash back credit cards, provides users with a 2% rewards rate. With the 5% return on the first $5,000 in purchases, the BuyPower Card from Capital One® -Get The Card That Helps You Get The Car will always outperform it. You can beat the rewards on the Capital One offer by turning to specialized cards like the Blue Cash Preferred® Card from American Express.
There’s not much more to this card outside of what we descried above. Don't apply for this card if you have any doubts about whether you’ll buy or lease a new car. All the rewards you earn through it cannot be exchanged for any cash-equivalent. They can only be used to offset the cost of a GM vehicle purchase. Therefore, all the rewards you earned through this card will be worthless if you change your mind down the road. A cash back credit card, on the other hand, gives you the option to use your extra savings on anything you want. Therefore, while it might not provide rewards that are as good, you’ll have more freedom and flexibility.
The BuyPower Card from Capital One® -Get The Card That Helps You Get The Car is limited even as far as Automotive credit cards go. For example, the Toyota Rewards Visa allows cardholders to trade their points in for gift cards, travel experiences, services and even statement credit.
Bottom Line: This is a must-have credit card for anyone who will be buying or leasing a new GMC vehicle in the next few years. Keep in mind that the rewards lock you into a single redemption option. Therefore, anybody with second thoughts should best steer clear.
BuyPower Card from Capital One® -Get The Card That Helps You Get The Car Benefits & Features
The BuyPower Card from Capital One® -Get The Card That Helps You Get The Car earns rewards that can only be used towards the retail purchase or lease of any new vehicle from Chevrolet, Buick, GMC or Cadillac. The first $5,000 in purchases each year earns users rewards at a rate of 5%. After that, all eligible purchases earn 2%. Given the average consumer in the United States spends roughly $1,430 per month, we estimate they can put away $493 annually towards a new vehicle.
That doesn’t shave off much of the cost. The lowest MSRP we found online for a qualifying vehicle was around $15,000. Therefore, after 12 months of saving, the average consumer would get an additional 3.3% discount. Things aren't much better if you lease. One offer we found online allows you to lease a 2016 Buick Enclave for $289 per month. Therefore, the average consumer could shave of just over 1 month after a year of saving.
| Annual Fee | $0 |
| Purchase APR | 13.15% - 23.15% (V) |
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Note: The information in this box was provided by Capital One® and is not part of our independent analysis. | |
Note that you only receive rewards for purchases. Other types of transactions do not count. This includes, but is not limited to, cash advances and balance transfers.
How Does The BuyPower Card from Capital One® -Get The Card That Helps You Get The Car Compare to Other Credit Cards?
The best way to figure out whether a credit card is good for you is by comparing it to other options. This provides you with the necessary context to judge a card’s value. See how the BuyPower Card from Capital One® -Get The Card That Helps You Get The Car preformed below.
BuyPower Card from Capital One® -Get The Card That Helps You Get The Car vs Blue Cash Preferred® Card from American Express
The Blue Cash Preferred® Card from American Express is geared towards the average consumer. It provides high returns on everyday categories like gas and groceries. Users earn 6% Cash Back at U.S. supermarkets up to $6,000 per year in purchases; 3% cash back at U.S. gas stations; 3% cash back at select U.S. department stores; and 1% Cash Back on other purchases. This reward structure qualified the card for our list of best cash back credit cards. Those looking to buy or lease a new vehicle in the next one to two years may actually save more money through the Blue Cash Preferred® Card from American Express. It all depends on how one’s spending breaks down. The Blue Cash Preferred® Card from American Express is a good bet if you spend a lot on gas and groceries.
BuyPower Card from Capital One® -Get The Card That Helps You Get The Car vs Citi Double Cash Card
The Citi Double Cash Card is another excellent credit card with a 2% rewards rate. Unfortunately, it doesn’t award any other bonuses. Therefore, the BuyPower Card from Capital One® -Get The Card That Helps You Get The Car is better due to its 5% rate on the first $5,000 in purchases each year. However, keep in mind that that the rewards you earn through the Citi Double Cash Card are pure cash back. As we pointed out in in the review above, this extra degree of freedom might be enough to make the Citi Double Cash Card the better of the two options, even without the 5% bonus.
Citi Double Cashcapital one buypower cardAmex Blue Cash Preferred