Scotiabank, GM offer credit card to help Canadians earn next vehicle
Scotiabank and General Motors of Canada announced today they are teaming up to help Canadians earn their next vehicle.
The two companies have launched the new Scotiabank GM VISA cards, which acts as an expansion of a strategic partnership with a suite of credit cards designed to make it easier for drivers to visit a dealer and secure their choice of a Chevrolet, Buick, GMC or Cadillac.
"GM Canada is excited to bring the new Scotiabank GM Visa Card to Canadians and enable them to earn their way far more quickly to one of the most important purchases in their lives," said Stephen Carlisle, president and managing director of General Motors of Canada. "With the Scotiabank GM Visa in their pocket, our customers will be several steps closer to owning their next new Chevrolet, Buick, GMC or Cadillac — they could even earn enough points to cover their next vehicle purchase outright."
With the new card, customers can earn 5 percent in GM Earnings on the first $5,000 of net purchases annually, and 2 percent thereafter with no limits on earnings and no annual fee, the companies shared.
And with the next step up, the Scotiabank GM Visa Infinite Card, shoppers can earn 5 percent in GM Earnings on the first $10,000 of net purchases annually, and 2 percent thereafter with no limits on earnings for a low annual fee of $79.
The companies also said that GM Earnings have no redemption limits and don’t expire for cardholders.
This is how it works: One GM Earning dollar is equal to one dollar toward the purchase price or lease down payment of any eligible new Chevrolet, Buick, GMC or Cadillac.
And customers have the ability to redeem GM Earnings anytime, and can combine them with any in-market offers, as well.
"Scotiabank is proud to offer our customers some of the richest credit card rewards in the Canadian marketplace and today's launch continues to set us apart," said James O'Sullivan, group head of Canadian Banking at Scotiabank. "The new Scotiabank GM VISA Cards are another opportunity to provide our customers with unique reward offerings and get Canadians even closer to the purchase of their first car, family car or dream car."