Usually, we’re critical of ‘one trick ponies’ – cards which have a single unique feature or rewards program, but terrible core features such as interest rate. The Citibank BP MasterCard is a good example – it has a good fuel rebate offer, but an interest rate of 19.89%.
At first glance, the Westpac GM Holden MasterCard appears to be a one trick pony. It has a Holden rebate gimmick and the interest rate (on both purchases and cash) is 19.45%.
But it would be unfair to dismiss this card based on the interest rate. The annual fee is $55 (waived for the first year), which is quite low and you receive 55 days interest free on purchases. The card also comes with a balance transfer option of 3.99% for 6 months.
Other features include a free additional card and free admission to selected motor shows.
But it’s the GM Holden Rebate offer which defines this credit card. Ten percent of every dollar you spend accumulates toward a rebate on a new Holden, Saab or Hummer, up to the value of $3,000. That’s quite an impressive earn rate – if you used your card for $500 a week, you’d earn the maximum rebate in a little over a year.
You also receive an extra 2% Bonus Rebate when you use your card at selected GM Holden Dealers and the rebate is on top of the best price you can negotiate with the dealer.
The maximum rebate is dependent on the model of car you’re purchasing. You can use the $3,000 rebate on a Saab, Berlina, Calais, Caprice, Commodore, Hummer, HSV, Statesman or Ute, You can redeem $1,000 on a Captiva, $750 on a Astra, Combo, Colorado, Epica or Viva and $500 on a Barina.
It’s also worth mentioning that the eligibility criteria seems quite lenient – the Westpac website states you only require an annual income of $15,000 a year.
Bottom line: If you’re thinking of buying a new Holden, Saab or Hummer, it may be worth getting this card and using it to build a discount prior to your purchase. If you’re not likely to pay your balance in full each month, you may want to consider a card with a lower interest rate.
