Should I change my TD GM Visa?

[casperr]

I hardly use it but I got almost 400 dollars accumulated with it for the year and in total but knowing what is likely to happen to GM cars, I wonder if I should just switch my TD GM VISA to something else. I use my mastercard as my main card though.

Those who have TD GM, are you guys planning on switching?

[tng11]

Switch it to Rebate Rewards, no-fee and cashback on all your purchases. Far from the best cashback card, but decent if you don't spend much on it and want no annual fee.

[Thalo]

I personally don't know anyone who ever had the GM Visa who actually purchased a car with the points. Probably the reason they're able to offer you a 3% return on points is because most people don't accumulate enough points and just switch their cards at some point, forfeiting all the points.

At one point it was the only no-fee rewards Visa that TD had, now they have the Rebate Rewards. I agree with the above poster. Otherwise, switch it to a travel Visa ($25-$120) and make it your main card.

[Tedder]

I used it exclusively until a year or so when I realized I didn't like as many GM models as I once did. That's when I knew I likely wouldn't be buying a GM and I switched to another points card.

My Dad bought a new car last Spring and I gave him $2000 of my points and he cut me a cheque for $2000.

[tng11]

I personally don't know anyone who ever had the GM Visa who actually purchased a car with the points. Probably the reason they're able to offer you a 3% return on points is because most people don't accumulate enough points and just switch their cards at some point, forfeiting all the points.

At one point it was the only no-fee rewards Visa that TD had, now they have the Rebate Rewards. I agree with the above poster. Otherwise, switch it to a travel Visa ($25-$120) and make it your main card.

+1

This is actually a really good point. When my parents came to Canada in the early 90s the GM Visa was their first CC and they maxed out the reward. They got the Gold Elite in the late 90's with their full-service banking package (forget what it's called) and my dad has been kicking himself for hanging on to that crap card all this time as he's managed a few hundred bucks a year cashback with this card. The GM reward all went to waste in the end (a whopping amount like $3,000).

Gold Elite seems to be a decent deal with the free Auto club and the 1% cashback is solid. If you run $10K through it, it pays off the annual fee and the Auto club should be worth $100 a year anyways.

[budfrogs]

I used $1500 GM Visa points on my Vibe! Not a huge help but a help none the less!

[tebore]

Actually it used to be the only no fee TD Visa and it was 5% which was unheard of.

It used to be my main CC until I got my Gold Amex. I would get rid of my GM card but I have over $1000 accumulated on it and those damn morons at TD keep telling me to get rid of it because "GM won't be around for much longer" or "Ew GM Cars".

The TD Rebate card isn't as good as the CIBC version the classic rewards(IIRC). It has the same tier system but has the extended warranty stuff. It's my backup card now.

[TheOneDealer]

i say the best credit card is no credit card XD. i learned from using rebates reward card. it was a good idea at the time.

[tng11]

Actually it used to be the only no fee TD Visa and it was 5% which was unheard of.

It used to be my main CC until I got my Gold Amex. I would get rid of my GM card but I have over $1000 accumulated on it and those damn morons at TD keep telling me to get rid of it because "GM won't be around for much longer" or "Ew GM Cars".

The TD Rebate card isn't as good as the CIBC version the classic rewards(IIRC). It has the same tier system but has the extended warranty stuff. It's my backup card now.
CIBC Tiers:
* Tier one - 0.25% rebate for net annual purchases up to $1,500
* Tier two - 0.50% rebate for net annual purchases from $1,500.01 to $3,000
* Tier three - 1% rebate for net annual purchases over $3,000

TD Tiers:
* Earn a 0.5% cash reward on the first $3,000 in net annual purchases charged to your Card
* Earn a 1% cash reward on your net annual purchases over $3,000 (to a maximum annual purchase limit of $25,000)

CIBC pays you 0.25% less on the first $1,500, that's only $3.75... the extended warranty seems to be much more important.

[casperr]

Good points guys, took note of it. I think I will be switching it.

Knowing what is inevitable for GM next year, I guess no point in getting a GM car when the warranty wont be valid shortly after purchasing one.

I just feel bad about the almost 400pts I have accumulated but I guess it isnt still too bad

[matdwyer]

Its a great secondary card for me... I have around the same as you, and by the time I go to purchase a new GM car (which I would have anyway) I'll have close to 1000 off.

My father used to use this a ridiculous amount - he bought a new car every 2 years or less, and every time redeemed the maximum amount - I think in total he saved close to $20,000 off cars (each redemption maxed out between 2000-5000).

For example, bundling that with a GM family discount, he paid about 12,000 for a brand new chevy blazer in 2004. That blazer today can sell for about 7-9,000 with the miles it has on it. Can't really match that!

[casperr]

Yeah I know that but reading threads from various forum including the Motor/Vehicles section, it seems like GM might be gone by next year, or is this exaggeration? I dont want to lose my warranty if ever I buy a brand new car next year, which I was planning to.

[dash riprock]

Yeah I know that but reading threads from various forum including the Motor/Vehicles section, it seems like GM might be gone by next year, or is this exaggeration? I dont want to lose my warranty if ever I buy a brand new car next year, which I was planning to.


GM is in deep caca, but it will still be around for years to come in a new smaller format. Brand names, technologly, patents etc will have a value to some other company who will honour the warranty as a necessity to continue to sell Chevy's.

I do not recommend closing the visa as it seems to be a long established trade line. Go ahead and get another Visa, just don't close the TD

[casperr]

I am not planning on closing it the VISA, just switch to a different VISA that TD provides.

[DavidY]

I am not planning on closing it the VISA, just switch to a different VISA that TD provides.

If you switch to another no fee TD card, do you automatically lose the $4xx in GM dollars?

Dave

[Hairball]

My parents bought a van in 2000 using the GM points, I think they got a $1500 discount or so, but I think there are some more limits now.

[casperr]

If you switch to another no fee TD card, do you automatically lose the $4xx in GM dollars?

Dave

I believe so, that will be the drawback of doing it.

[jazzzjackrabbit]

ive had the card for 4 years and already have 1920$ in earnings, hopfully ill get a cheap gm car next year.. and dude i wouldnt worry about gm going bankrupt the goverment wont let it happen.. dont you worry.

[HammerRFDer]

ive had the card for 4 years and already have 1920$ in earnings, hopfully ill get a cheap gm car next year.. and dude i wouldnt worry about gm going bankrupt the goverment wont let it happen.. dont you worry.

They may very well do a Chapter 11 re-organization of the company ("Bankruptcy Protection"), and I wouldn't be surprised if they decided to not honour those discounts, but it depends on how they've structured it.

[srg83]

I'm thinking about switching my GM card to the Rebate Rewards card - not really because of any future issues with GM, but mainly because 1) I already used my points to get a new Cobalt last year, 2) I would find cash back more useful than GM points at this time

Is it simple to just call them up and say "switch me to the Rebate Rewards card"? Do they do a credit check, or just switch you over? Never dealt with this situation before so I'm just curious.

Thanks!

[dash riprock]

They may very well do a Chapter 11 re-organization of the company ("Bankruptcy Protection"), and I wouldn't be surprised if they decided to not honour those discounts, but it depends on how they've structured it.

Don't think so. That would attack a loyal customer base when they need it the most.

[srg83]

CSR for TD told me that the GM points are good for 90 days after switching the card, so if you can use them in that time - go for it. Personally I think I'll make an attempt at transferring them to my parents, because I have no use for them.

[underpants]

I bought a new '96 Pontiac Sunfire and got about $400 off with my TD GM Visa.

After a few years of owning this car I came to the realization I would never buy another GM product again.

I cancelled the card with about $750 in GM rewards on it.

". . . fool me once, shame on, shame on you. Fool me—you can’t get fooled again. . ." GW Bush

[Ebtek]

for those that redeem their points towards a new GM card; i hope they're negotiating the pants off the dealership, and agreeing on a crazy discount, before even thinking of mentioning the points :)

[crazyqqq]

I have around $200 in my balance right now but I don't think I am going to buy a GM car in the future. so I decide to let the card sit there and cellect dust in order to keep the rebate. But all the points will expire after 7 years. At that time, I may switch it to the Infinite...

I believe they offer extra $2000 discount to student in addition to the regualr GM points. Be sure to mention that as well when you purchase a new GM vehicle.

[srg83]

for those that redeem their points towards a new GM card; i hope they're negotiating the pants off the dealership, and agreeing on a crazy discount, before even thinking of mentioning the points :)

I got a few thousand dollars in discounts (because of a corporate deal I got with the company I work for, I paid the dealer price on a model that they were pricing a lot higher) before I even worried about my GM points. :)

[mapleflag]

I personally don't know anyone who ever had the GM Visa who actually purchased a car with the points. Probably the reason they're able to offer you a 3% return on points is because most people don't accumulate enough points and just switch their cards at some point, forfeiting all the points...

My family was able to redeem the points several times in the past (car, van, car). And after depleting the points on a Cadillac, we figured (we're hoping) this one should last long enough so we've stopped using the TD GMVisa Card.

OP, I wouldn't recommend closing as you'll lose the points, but get another card sooner than later if you're certain you will not be using the points. And as already posted by some, the points can be given/transferred...

For those redeeming their points, I also want to second Ebtek's advice to negotiate the deal before presenting your points :)

[doobievibes]

I would like to switch my GM Visa, however it is my oldest credit card. Doesn't cancelling your oldest credit card affect your credit rating? So, my question is - when you switch your GM Visa to another TD Visa, are you essentially cancelling one and opening a new one, or is it just a switch of the feature of the credit card?

[SillySusie]

Thanks OP for making me think of this. I've had a GM Visa since the beginning, had over $3K rewards at one point 10 years ago, now only $1K (they expire) and I don't think I'm ever going to buy a GM again. My first two cars were GMs, and what lemons they both were! Not making that mistake again. Never really thought of my Visa, just as long as there was no fee. TD rewards looks like a good no fee switch.

[casperr]

doobievibes, I asked TD about it and they said it wont affect your history as you are just switching credit card not really cancelling it altogether.

[simo_8]

I'm thinking about switching my GM card to the Rebate Rewards card - not really because of any future issues with GM, but mainly because 1) I already used my points to get a new Cobalt last year, 2) I would find cash back more useful than GM points at this time

Is it simple to just call them up and say "switch me to the Rebate Rewards card"? Do they do a credit check, or just switch you over? Never dealt with this situation before so I'm just curious.

Thanks!

I switched between two TD Visa cards (TD Green to TD Rebates) easily over the phone.

[mymeowcat]

I have mostly been a thrifty guy and wanted to get the "most bang for the buck" expecially when it comes to vehicles but my last purchase came in the boom time in Alberta and I just made an impulse decision to switch my Sunfire into a Pontiac Pursuit when my lease expired.

I used to have a GM Visa but it is only good for NEW Lease or MEW purchase deals to help the GM boys out. You get at least $2000 depreciation (can someone quote me a more accurate figure?) once you drive it off the dealership.

Best plan was to buy a 2 year old USED car because the highest of the depreciation is gone already and you don't get many maintenance problems. BUT I don't think GM points count towards that.

DUMP THAT GM CARD NOW!!! Even in the best of times it was never worth it in the first place!!:(

[matdwyer]

I'm pretty sure (95%) that it works on used vehicles too - up to a certain point.

And if your family only buys GM cars (like my family) then a 3% card works great. If you're not going to buy GM then sure use another card - but if you are, you may as well get the best returns (i.e. better than a cashback, with the possible exception of a 2% amex invested well)