MSE News: HSBC axes table-topping GM credit card

in Credit Cards
7 replies 4.1K views
This is the discussion thread for the following MSE News Story:

"The GM card, run by the bank's HFC subsidiary, will close to new and existing customers from 23 January, meaning no further spending will be permitted..."

Replies

  • It may have been one of the best "reward" cards in terms of percentage back, but the main drawback is that it ties you in over nominally a long term while you're saving them to make what most would consider a major purchase - a new car. It also worked for Vauxhall in that it almost guaranteed you would be purchasing one of their vehicles instead of a Ford.

    The problem with them ending the card so suddenly is the lack of time you are given to redeem. 14 months would be fair if you were using the points to buy groceries at a supermarket (most need these every week) but less people buy a new car annually. They also have not as yet hinted at any alternative - it's a use or lose statement.

    I for one will NOT be purchasing another Vauxhall. This poor piece of PR coupled with the "lifetime warranty" (smoke and mirrors as it isn't going to help you when you sell on the car as it can't be passed on).

    I'm going to stick with straight cashback cards and no "reward" schemes from now on....

    That way I'll be able to spend my cash where I want and not be tied up with some misguided loyalty to a company that couldn't care less about it's customers.
    Look after the pennies, you might need their help in a scrap with the pounds.
  • As an ex-GM employee, I made the mistake of using the GM card as my one-and-only main card. I also have a Natwest card for internet only, with a very low credit limit. HSBC Card are not willing to offer me an alternative card with the same limit as I had so I am stuck with my low-limit Natwest card who tell me that as a pensioner I can't have an increase to match my GM card limit. I can use my debit card but that does not offer buyer protection. You would think HSBC would want to keey my custom.

    As far as I know I have a good credit rating, I owe nothing to anyone, I always pay my balance every month (so I'm not an attractive punter) so basically my old firm have dropped me into a credit vacuum with total disregard for 12 years of "loyal" custom with their credit card, over which time I probably spent £150,000 . OK I got a couple grand off a car once - I could have negotiated that anyway.

    It's a good job I don't need credit - others may not be so lucky.

    So much for loyalty and safe shopping. I finished up as a poor "credit rating" (profit rating) I guess.

    My next car is a Focus!
  • BlueMoon23BlueMoon23 Forumite
    7 Posts
    MoneySaving Newbie
    If you search for the forum for "GM Card", you will see plenty of earlier posts on the subject.

    Sorry, can't post a link as Martin prevents new users from doing this!
  • Sorry - this was supposed to be the official MSE discussion thread.

    link to another thread is here
  • Dumbledore55Dumbledore55 Forumite
    1.4K Posts
    Part of the Furniture Combo Breaker
    ✭✭✭
    On the official GM Card site:

    The GM Card isn’t winding down until 23rd January 2011, so you still have time to collect Points. Remember to use your credit card every time you make a purchase, especially when you’re doing your Christmas shopping.

    If you’re one of our current customers, you should have received a Reward Voucher worth £150 that you can redeem on top of your accumulated Rebate Points. If this hasn’t arrived by post yet, contact us on the Vauxhall helpline 0845 600 1500. The Reward Voucher could help you make a great saving on a new Vauxhall before 23rd January 2011.

    It's not clear whether the £150 voucher is able to be used through to March 2012, hopefully it is. Still not much comfort to those who can't afford a car by that date but a bit of a bonus for me! Mine hasn't arrived though so I will be ringing today.
  • brewerdavebrewerdave Forumite
    7.6K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    On the official GM Card site:

    The GM Card isn’t winding down until 23rd January 2011, so you still have time to collect Points. Remember to use your credit card every time you make a purchase, especially when you’re doing your Christmas shopping.

    If you’re one of our current customers, you should have received a Reward Voucher worth £150 that you can redeem on top of your accumulated Rebate Points. If this hasn’t arrived by post yet, contact us on the Vauxhall helpline 0845 600 1500. The Reward Voucher could help you make a great saving on a new Vauxhall before 23rd January 2011.

    It's not clear whether the £150 voucher is able to be used through to March 2012, hopefully it is. Still not much comfort to those who can't afford a car by that date but a bit of a bonus for me! Mine hasn't arrived though so I will be ringing today.

    The wording suggests that the voucher is only valid whilst the card is still in use tho'.:(
  • Dumbledore55Dumbledore55 Forumite
    1.4K Posts
    Part of the Furniture Combo Breaker
    ✭✭✭
    I agree - but I will ring and find out, seems a bit mean compensating us with a voucher and only giving us a few weeks to use it in.
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