GM BuyPower Business Card review - September 2018 | finder.com

BuyPower Business Card™ review – September 2018

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Have a vehicle-dependent company that’s constantly on the road? This may be the credit card for you.

30-second take

  • Get this card if your business spends thousands of dollars at gas stations, office supply stores and restaurants. It’s especially advantageous if you have more than one GM vehicle and want to purchase another.
  • Pick something else if you want cashback rewards or an intro APR on balance transfers.
  • Apply with fair credit or better.
Product NameBuyPower Business Card™
Card TypeMastercard
Annual Fee$0
APR (Annual Percentage Rate) for Purchases18.74% variable
Introductory Purchase APR0% for the first 12 months (then to variable)
Cash Advance Rate26.65% variable
Cash Advance Fee$10 or 3% of the cash advance amount, whichever is greater
Interest Free PeriodUp to 25 days
Minimum Interest$0
Late Payment FeeUp to $38
Returned Payment FeeUp to $25
Additional Cardholder Fee$0
Minimum Age18 years of age

The basics

The BuyPower Business Card™ by Capital One is designed for businesses that have more than one GM vehicle — Chevrolet, Buick, GMC and Cadillac — and want rewards toward leasing or purchasing new GM vehicles or adding additional equipment to new vehicles.

What is the BuyPower Business Card™ Rewards program?

Rewards break down into three categories:

  • Earn 5% per dollar spent on purchasing GM parts, accessories and services at authorized GM dealers.
  • Earn 3% per dollar spent on gas, office supplies and restaurant purchases.
  • Earn 1% per dollar spent on all other business purchases.

If you’re planning to make a large purchase early on, presumably to acquire GM vehicles, you may find the 0% intro APR on purchases for the first 12 months valuable. The APR on purchases is 18.74% variable after the promotional period ends. However, Capital One may end your intro APR early and impose a penalty APR of 26.74% if you’re late on a payment.

The perks

  • Earning rewards.

    You earn 5% per dollar spent on all GM parts, accessories or services purchased at authorized GM dealers, 3% per dollar spent at gas stations, office supply stores and restaurants and 1% per dollar spent on all other purchases. You can redeem your earnings toward purchasing or leasing new GM vehicles or put them toward customizing your new car.

  • Intro APR on purchases.

    The 0% intro APR on purchases for the first 12 months, and 18.74% variable APR thereafter, may be useful for keeping down the costs of any big initial purchases. Keep in mind that if you make a late payment, Capital One may end your intro APR and impose a penalty APR of 26.74%. Penalty APRs can last indefinitely.

  • $0 annual fee or foreign transaction fees.

    Your small business can save big in the long run with $0 annual fee and fees to use your card internationally.

You’ll also like

  • Mastercard concierge service.

    You have access to 24/7 complimentary personal concierge service when you use this card.

  • Mastercard travel assistance.

    With World Mastercard perks, you get a set of complimentary benefits, upgrades, VIP status and premium travel offers.

  • Mastercard rental insurance.

    When you use this card to pay for your rental vehicle, Mastercard rental insurance covers damages and theft of the vehicle.

  • Mastercard easy savings program.

    You can save up to 25% on qualified purchases at participating merchants in the Mastercard easy savings program. You can save on hotel, restaurant, fuel and maintenance and travel-related purchases.

  • Zero liability.

    You only pay for purchases that you authorize. That means no getting stuck paying off unauthorized purchases.

  • Travel accident insurance.

    Tickets purchased for a common carrier with this card cover you and your family against accidental death or dismemberment.

What to watch out for

  • No balance transfer APR.

    The BuyPower Business Card™ has no balance transfer feature. If you’re looking to transfer your debt from another card, this is not a card for you.

  • No variety for redeeming rewards.

    You won’t find an option to use your earnings to redeem airline tickets, gift cards or to get cashback rewards. Your earnings can only be applied towards the lease or purchase of a new GM vehicle.

  • Penalty APR.

    If you make a late payment, you may lose your intro APR on purchases and you may have to pay a penalty APR of 26.74%. The penalty APR has the possibility of sticking around indefinitely, too.

Consider other cards if…

  • You want to redeem your points for cash or statement credit.

    Business Advantage Cash Rewards Mastercard® credit card by Bank of America is an alternative card with $0 annual fee that has a bit more reward flexibility. It offers 3% cash back at gas stations and office supply stores up to $250,000 per year and 1% after that, 2% cash back at restaurants and 1% on all other purchases. You can redeem these points as statement credit or have cash deposited into your Bank of America small business checking or savings account.

  • You want a balance transfer card.

    Blue Business℠ Plus Credit Card by American Express offers an intro 0% APR on purchases and balance transfers for the first 15 months, and an APR of 12.99%, 16.99% or 20.99% variable thereafter. Given it’s one of the longest intro periods when compared to similar small business credit cards, you may find it more suitable.

  • You want travel rewards.

    You may want to consider Business Advantage Travel Rewards World Mastercard® credit card by Bank of America for better travel rewards and benefits. You can earn 3 points per dollar when you book your travel through Bank of America Travel Center and 1.5 points per dollar on all other purchases. You can redeem these points to pay for flights, hotel accommodations, car rentals, cruises, vacation packages, baggage fees or you can redeem them for gift cards and cash back.

    To stick with Capital One for a travel card, you can consider the Spark® Miles Select for Business, which lets you earn 1.5 points per dollar on every purchase.

Compare business credit cards

Name Product APR (Annual Percentage Rate) for Purchases Introductory Purchase APR Annual Fee
None (Charge Card)
$450
New cardholders can earn 75,000 Membership Rewards® bonus points by spending $10,000 for the first 50,000 points and then another $10,000 for the next 25,000 points on their new card in the first 3 months
$0 annual fee for the first year ($250 thereafter)
This Charge Card gives you the option to pay in full each month or to carry a balance for up to 60 days with no interest.
$0 annual fee for the first year ($175 thereafter)
13.99%, 18.99% or 20.99% variable
0% for the first 9 months (then 13.99%, 18.99% or 20.99% variable)
$0
Save on interest with a 0% intro APR on purchases for 9 months; after that your APR will be 13.99% - 20.99% variable.
14.99% to 20.99% variable
0% for the first 12 months (then 14.99% to 20.99% variable)
$0
$500 bonus cash back after you spend $3,000 in the first 3 months
17.74% to 22.74% variable
$95
80,000 bonus points after you spend $5,000 on purchases in the first 3 months after account opening. That's $1,000 toward travel rewards when you redeem through Chase Ultimate Rewards®.
17.74% to 24.74% variable
$99
75,000 Bonus points after you spend $3,000 on purchases in your first 3 months from your account opening with your Marriott Rewards Premier Business credit card.
24.74% variable
$0
Get the credit you want for your business, and unlimited 1% cash back on every purchase, every day
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5X miles per dollar on every purchase, every day
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2 miles per dollar on every purchase, every day
14.74%, 18.74% or 22.74% variable
0% for the first 9 months (then 14.74%, 18.74% or 22.74% variable)
$0
Unlimited 1.5 cash back on every purchase, every day.
18.74% variable
$0 annual fee for the first year ($95 thereafter)
Unlimited 2% cash back from Spark Cash could mean thousands of dollars each year going back into your business. No minimum to redeem.
17.74% to 24.74% variable
$0 annual fee for the first year ($95 thereafter)
50,000 bonus miles after you spend $3,000 on purchases in the first 3 months your account is open.
17.74% to 24.74% variable
$99
Earn 2x points on Southwest® purchases and 1x point on all other purchases. Plus 6,000 anniversary bonus points.
17.49% to 25.49% variable
$0 annual fee for the first year ($99 thereafter)
For a limited time, earn 70,000 American Airlines AAdvantage® bonus miles after making $4,000 in purchases within the first 4 months of account opening

Compare up to 4 providers

What size business is the BuyPower Business Card™ good for?

This card is designed for small businesses that have one or more GM vehicles, including those from the Cadillac, Buick, GMC or Chevrolet lines. The value comes in especially if your company spends thousands of dollars at gas stations, office supply stores, restaurants or on vehicle maintenance — and you’re loyal to the GM brand.

You can redeem the earnings you build over time toward a new GM vehicle purchase or lease, or to customize your new purchase.

For example, let’s say that your monthly business expenses are:

Monthly expenseEarnings percentageEarnings
GM maintenance: $2,0005%$100
Gas: $6,0003%$180
Restaurants: $1,5003%$45
Office supply stores: $1,5003%$45
All other purchases: $5,0001%$50
Total spending: $16,000 per monthTotal earnings: $420 per month

Total spending in this scenario is $16,000 per month or $192,000 per year, with total earnings of $420 per month or $5,040 per year. Your earnings never expire as long as your account is open, so if you renew your GM vehicles every four years, you can use your accumulated earnings any time or at the end of those four years. In our example, four years of earnings would get you $20,160, which you can use as a down payment, to lower your monthly payment or to add optional equipment toward a new GM vehicle.

What should I know before I apply?

When you apply for the BuyPower Business Card™, you’ll have to provide information about yourself and your business, including:

  • Business name and address
  • Year the business was established
  • Legal structure
  • Whether your business legally formed in the US
  • Whether your business is headquartered in the US
  • Whether your business is based in the US
  • Business ownership type
  • Annual business revenue
  • Industry type
  • Business Tax ID number (TIN)
  • Personal information of the credit card owner, including annual income, residence type and monthly mortgage or rent amount

What credit score do I need?

You can apply with a fair business credit score, but to increase your chances of getting approved, it’s better to apply with a good credit score or higher.

What do customers say about the BuyPower Business Card™?

Capital One has been accredited by the Better Business Bureau (BBB) since 1995. As of this writing, the credit card provider gets an A+ rating and a composite score of 3.79 out of 5 stars, based on more than 150 customer reviews — 90% of which are negative. Customers in general complain of poor online support, issues disputing unauthorized credit card charges and problems receiving monthly bill statements.

Meanwhile, others praise the credit company for helping those with poor or no credit get a credit card, giving them a chance to rebuild their credit score.

How to apply for the BuyPower Business Card™?

  1. Go to the BuyPower card website.
  2. Select the BuyPower Business Card™ and click Apply Now.
  3. Complete the application form with all the required information on your business and the employee who will receive the card.
  4. Review your application and submit it.
  5. Alternatively, you can apply by phone at 1-800-458-4165.

How long will it take to be approved?

If the information you provided is accurate and complete and all requirements are met, the card can be approved within a minute.

I got the card. Now what?

  • Avoid paying fees. Make timely payments to avoid penalty fees, which can be up to $38. Late payments can also result in Capital One ending your intro purchase APR period before the 12 months are up. You may also be charged a penalty APR of 26.74%, which can last indefinitely.
  • Contact customer service. Call BuyPower’s customer service team at 1-800-446-5347 with any questions you may have.

Bottom line

A vehicle-dependent small business will likely get more out of the BuyPower Business Card™ than any other. The more GM vehicles your company has in use, the more you’ll benefit from this card.

If you’re a small business owner with more than one GM vehicle and you spend thousands of dollars each month at gas stations, restaurants and office supply stores, then BuyPower Business Card™ may be the right card for you.

Before you apply, you may want to compare your credit card options. Another card may have a better set of features, APR or fee structure that makes more sense for your particular business.

Frequently asked questions

Images: buypowercard.com

Kliment Dukovski

"Kliment Dukovski is a writer for finder.com. He specializes in global financial markets and personal finance, with a focus on credit cards. His main goal is to deliver honest and accurate information that will help you make the right financial decision. When he's not writing about finance-related subjects he writes sci-fi stories."

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