G.M. To Cut Gold Card Rebates

10/02/96

Saying that rebate costs outweigh return, GM is cutting the benefits available to holders of its gold Master Card. GM joins General Electric in tightening the rules on cards that pay back in some way based on usage. GE announced recently that they are now charging a $25.00 "account maintenance fee" which will effect card holders who pay off their cards each month and do not have a balance that incurs interest charges. The GM gold (premium) card allowed holders to rack up rebate credits of as much as $1000 per year and $7000 over seven years but under the new terms these amounts will be cut in half.

Bill Maloney -- The Auto Channel