The GM Business™ Mastercard® is a premium business credit card designed to offer business owners a suite of benefits that align with their operational needs. Whether you are a small business owner or managing a large enterprise, this card provides an array of financial tools, reward opportunities, and exclusive perks that make managing your business expenses easier and more rewarding.
In this article, we will explore the features, benefits, and how to apply for the GM Business™ Mastercard®.
Key Features of the GM Business™ Mastercard®
1. Rewards Program for Business Purchases
One of the standout features of the GM Business™ Mastercard® is its robust rewards program. Business owners can earn earnings points on every dollar spent, which can be redeemed for a variety of rewards. These rewards can be applied to purchases such as GM vehicles, maintenance services, parts, and even future vehicle purchases. This makes the GM Business™ Mastercard® an excellent choice for businesses that rely on vehicles or transportation, such as delivery services, logistics, or other transportation-based companies.
The rewards rate for purchases can vary, but generally, cardholders earn 1% on every purchase and can enjoy bonus points for specific categories, such as fuel or vehicle-related expenses.
2. Special Financing on GM Purchases
Another notable benefit is the special financing options available when using the GM Business™ Mastercard® for vehicle purchases or services. Cardholders can take advantage of 0% introductory APR for a period of up to 12 months on purchases made with the card at GM dealerships. This allows businesses to make big-ticket purchases without immediate interest, which can help manage cash flow and reduce financial stress during the purchase process.
This feature is especially beneficial for businesses that need to acquire new vehicles for their fleet but are looking to manage the expense over a longer term without incurring high-interest rates.
3. Flexible Credit Limits
The GM Business™ Mastercard® offers flexible credit limits based on the financial profile of the business. This flexibility allows business owners to adjust their spending according to the size and needs of their business, ensuring that they have enough credit to cover everyday expenses or large purchases. Higher credit limits are typically granted to established businesses with a solid financial history, but even new businesses can benefit from the card’s flexible credit structure.
4. Expense Management Tools
As a business owner, managing expenses efficiently is crucial to staying on top of your financial health. The GM Business™ Mastercard® offers several expense management tools that help business owners track spending, categorize purchases, and analyze where money is going. These tools can be accessed through the Mastercard Business Dashboard and allow businesses to export transaction data for easy tax reporting and accounting purposes.
Furthermore, business owners can assign employee cards to individual team members, enabling them to make purchases while still keeping track of all business expenses. You can set spending limits for these cards and gain visibility into each employee’s spending activity.
5. Travel and Business Protection Benefits
The GM Business™ Mastercard® comes with a variety of travel and business protection benefits, including:
- Car Rental Insurance: Coverage for damages to rental cars when using the card for booking.
- Travel Accident Insurance: Insurance coverage for accidents while traveling on business.
- Lost Luggage Reimbursement: Reimbursement for lost luggage during business trips.
- Extended Warranty: The card offers an extended warranty on purchases, giving business owners peace of mind when buying expensive equipment or technology.
These benefits ensure that business owners are protected during business trips and while making purchases for the company.
Eligibility Requirements
To be eligible for the GM Business™ Mastercard®, businesses typically need to meet the following criteria:
- Legal Business Entity: Applicants must be a legally registered business, whether it is a sole proprietorship, partnership, LLC, or corporation. The card is designed for business owners, so individual personal applicants are not eligible.
- Good Credit Score: Like most business credit cards, the GM Business™ Mastercard® typically requires a good to excellent credit score. Applicants with a score of 700 or above have a higher chance of being approved for the card. However, new businesses may be approved with lower credit scores if they can show solid financial records and profitability.
- Stable Revenue Stream: Applicants should be able to demonstrate a steady revenue stream or a proven ability to repay the line of credit. This could be shown through business financial statements or tax filings. Having a reliable income is essential to securing a business credit card.
- Tax Identification Number (TIN): Businesses will need to provide their Tax Identification Number (TIN) or Employer Identification Number (EIN) to apply for the GM Business™ Mastercard®. This is necessary for tax reporting purposes.
How to Apply for the GM Business™ Mastercard®
Applying for the GM Business™ Mastercard® is a relatively simple process. Below are the steps involved:
1. Visit the Official GM Business™ Mastercard® Website
The first step in the application process is to visit the official GM Business™ Mastercard® website. On the website, you’ll find a detailed explanation of the card’s features, rewards program, and benefits. There will also be an online application form available for new applicants.
2. Gather Required Documentation
Before filling out the application, make sure you have all the required documentation ready. This will include:
- Your business name and contact information
- Tax Identification Number (TIN) or Employer Identification Number (EIN)
- Business financial records (income statement, balance sheet, etc.)
- Personal identification of the business owner or authorized officer, such as a driver’s license or passport
- Business credit history (if applicable)
3. Fill Out the Application Form
Once you have gathered all the necessary documents, you can proceed to fill out the online application form. The form will ask for basic information about your business, including the business type, legal structure, and annual revenue. You will also be required to provide personal information, such as your name, address, and Social Security number (if applicable).
4. Review and Submit Your Application
Once the application is completed, review the information you’ve provided to ensure everything is accurate. After verifying the details, submit the application for approval. The GM Business™ Mastercard® typically conducts a soft credit check to evaluate your business’s creditworthiness.
5. Approval and Card Issuance
If your application is approved, you will receive your GM Business™ Mastercard® in the mail. You will also be informed of your credit limit and any available special financing offers. After receiving your card, you can start enjoying the rewards, benefits, and financial tools that come with it.
Conclusion
The GM Business™ Mastercard® is a powerful tool for business owners who want to maximize their purchasing power while earning rewards. With its flexible credit options, rewards on everyday business expenses, and special financing for GM purchases, it is ideal for businesses that rely on vehicles or other transportation services. Additionally, the card provides helpful tools for managing expenses, tracking spending, and protecting your business during travel.
If your business is eligible and you want to take advantage of the financial flexibility and rewards, applying for the GM Business™ Mastercard® is a smart move. By following the application steps and ensuring you meet the eligibility criteria, you can unlock a world of benefits and streamline your company’s finances.
