The Best Auto Rewards Credit Cards
Purchasing a new car and keeping up with the maintenance and repairs can be expensive. If you're going to spend money on your car, you might as well take advantage of credit cards that provide rewards. These credit cards can help you earn points toward the purchase or lease of a new vehicle or to pay for service, parts, and accessories at auto dealerships.
With the GM BuyPower Card, consumers earn 5% on the first $5,000 in purchases every year, then 2% on all other purchases afterward. You can redeem your rewards to put towards the purchases or lease of a new GM vehicle, maintenance and repair, and certain extras if you currently have a GM vehicle. This includes purchases of a new Chevrolet, GMC, Buick, or Cadillac.
There is no limit on the number of reward points you can earn each year, and they never expire as long as your account is open. There is also no limit on the number of reward points that can be redeemed for a new vehicle lease or purchase. However, there is a $250 yearly limit on statement credits redeemed for in-dealership service, parts, and accessories.
The Toyota Rewards Visa card offers 5 points for every $1 you spend at Toyota dealerships, 2 points for every $1 spent on gas, entertainment, and dining purchases, and 1 point for every $1 spent everywhere. Points are worth 1 cent each, so 10,000 points are worth $100. They can be redeemed for service, parts, and accessories at Toyota dealerships, rentals at Toyota Rent a Car, and the purchase or lease of a new or certified used Toyota. You can also use your points for cashback as a statement credit.
You can redeem as many points as you like, but the number of points you can earn is capped at 200,000 points per year on purchases made at participating Toyota dealers and up to 5,000 points outside the dealership. You can also help a family member or friend buy a new car; you just have to be present at the transaction. Unused points expire after five years in both programs.
Lexus Pursuits Platinum Visa
The Lexus Pursuits Visa card offers 5 points for every $1 you spend at Lexus dealerships, two points for every $1 spent on gas, entertainment, and dining purchases, and one point for every $1 spent everywhere. The points can be redeemed for service, parts, and accessories at Lexus dealerships, and the purchase or lease of a new or certified used Lexus. You can also use your points for cash back as a statement credit, gift cards, and travel experiences. There are three main restrictions when it comes to travel:
- You must book 21 days in advance
- You cannot use it to go to Alaska or Hawaii
- There may be blackout dates and no Saturday night stays
If you use the card to pay for all or a portion of a new car, the number of points you can earn is capped at 50,000 for any single purchase. Outside the dealership, you can earn up to 7,500 points per month.
The Chrysler Mastercard offers 5 points per $1 on qualifying purchases made at Chrysler Group dealerships, 2 points per $1 on qualifying travel purchases, and 1 point per $1 on all other purchases. You can use your points to buy new tires, get discounts on service, parts, and oil changes, and to purchase or lease a new Chrysler or Fiat vehicle. You can also redeem them for gift cards and cash back, and there's no limit on the points you can earn. There is also no annual fee.
The BMW Card offers 4 points for every $1 spent on eligible BMW purchases, 3 points for every $1 spent on gas, 2 points for every $1 spent at restaurants, and 1 point per $1 on all other purchases. Cardholders can also receive 5,000 bonus reward points if they spend $500 within 90 days of opening the account. You can redeem your points to use on a new lease, help with financing, and car maintenance and repairs. There is no annual fee.