GM has revived a popular credit card offer that can put you one step closer to owning a new car.

Before their bankruptcy, GM used to have a credit card that would let you earn cash rewards toward the purchase of a GM car. It was a great way to reduce the net cost of a new car purchase.

Now GM has revived this offer as a MasterCard with Capitol One. There is no cap on the earnings that can go toward purchase of a car. But they do put a speed bump in the road en route to your new wheels!

Here's the deal: You get 5% on the first $5,000 in purchases each year, which works out to be $250. But after the first $5,000, then you earn only 2%. So your earning is unlimited, but the rate drops by 60% after the first $5,000 in charges annually.

Still, it's a decent offer for someone who likes GM cars, and there's no annual fee to boot!

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Clark Howard is a consumer expert whose goal is to help you keep more of the money you make. His national radio show and website show you ways to save more, spend less and avoid getting ripped off. View More Articles

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