With car prices skyrocketing the past 2 years, the Scotiabank GM Visa Infinite Card had a decent deal where we can earn 5% cash back (on the first $10,000) on GM purchases.
Unfortunately, the card has been discontinued, effective June 15, 2022 to new customers. But existing card holders can continue to use their card.
Below are the highlights of the Scotiabank GM Visa Infinite Card.
- $79 annual fee
- Earn 5% cash back in GM Earnings on the first $10,000 spent annually on all purchases
- Earn 2% cash back in GM Earnings on all purchases after the first $10,000 of purchases annually
- Cash back to be used for the purchase price or lease of a Chevrolet, Buick, GMC, or Cadillac
It is too bad that this card is being discontinued, but if you do lease a car that can benefit from the 5% bonus, I would recommend to hang on to the card while you still can. I say lease because not all car dealerships allow credit card payments of $10,000 when purchasing a car. Furthermore, it’s not like we purchase a new car every year.
Here is how the math breaks down: net $421 in cash back annually ($10,000 x 5% – $79) on the 5% cash back bonus.
I am sad to see this card discontinue because it does reduce the competitive in the overall credit card market.