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Buying a car is expensive, as we all know. Saving your spare change when possible can ease the financial burden and help you make a more significant down payment. Additionally, there are several credit cards that can help you earn more cash back to apply toward a vehicle purchase. Here are a couple of things to know about the best credit card for buying a car.
The Best Credit Card For Buying A Car
Here’s a preview of the best credit card for buying a car:
- My GM Rewards Card™ (See terms and conditions) – Earn up to 7x points
- GM Business Card™ – Earn up to 5% back
- FordPass Rewards Visa® Card – Up to 10% back
- Toyota Rewards Visa® Credit Card – Earn up to 5x points
- Blue Cash Preferred® Card from American Express – up to 6% back
- Wells Fargo Active Cash® Card – Unlimited 2% back on everything
- Chase Freedom Unlimited® – Earn up to 5% back
My GM Rewards Card
The My GM Rewards Card™ is your best bet if you plan on purchasing General Motors products from the dealership (See terms and conditions). When applying, you can request a card design for your favorite brand. Your options include Chevrolet, Buick, GMC, Cadillac, or GM.
You will earn 7 points per $1 on GM-related purchases and 4x points on all remaining expenses.
As you can see in our My GM Rewards Card review, redemption options include:
- New vehicle purchase or lease (with no limit on redemptions)
- Purchase of Certified Pre-Owned vehicles (up to $1,000 annually)
- Paid GM Certified Service, GM Genuine Parts, ACDelco Parts
- Eligible accessories
- Most OnStar and Connected Services plans
- GM Financial and Protection plans (new and existing loans and lease agreements)
- Dealership services and GM e-commerce purchases (at participating dealerships)
- SiriusXM
- Gift cards (up to $250 per year)
Each year, cardholders can also earn a $100 statement credit after $1,500 in fuel per calendar year or when paying their electric bills for six consecutive months.
You can also enjoy an annual $50 car detailing allowance.
There are no annual fees or foreign transaction fees for this product (See Rates & Fees).
Unlike most credit card programs, you can see if you have a qualifying credit score for the My GM Rewards Card with a soft credit check.
New My GM Rewards Card™ card members can earn 15,000 bonus points after spending $1,000 in their first 3 months (See terms and conditions).
GM Business Card
Business owners and fleet operators can benefit from the GM Business Card™ (See terms and conditions). You can earn bonus cash back on GM and qualifying business purchases:
- 5% back on GM Genuine and AC Delco Parts, eligible accessories, paid Certified Service
- 3% back at gas stations, restaurants, and office supply stores
- 1% back on all remaining purchases
You can learn more about this card in our GM Business Card review.
Regarding vehicle purchases, you can redeem your earnings when buying or leasing eligible GM vehicles with no redemption limits. Your points won’t expire, which is also beneficial.
Another hidden benefit is that you only need a soft credit check for the GM Business Card to apply, so you won’t see your personal credit score decrease.
There isn’t an annual fee or foreign transaction fee (See Rates & Fees) on this best credit card for buying a car option.
New GM Business Card™ cardholders can earn $750 in Bonus Earnings towards the purchase or lease of eligible new GM vehicles after spending $5,000 on purchases in the first 5 months from account opening (See terms and conditions).
It is a Goldman Sachs-issued credit card as well.
FordPass Rewards Visa Card
The information for the FordPass Rewards Visa® Card and the Lincoln Access Rewards™ Visa® Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
If you’re a loyal Ford user, the FordPass Rewards Visa® Card provides up to 10% back on qualifying purchases.
Rewards categories include:
- 10% back in points on Ford Service (5% back on dealerships plus 5% back with FordPass Rewards)
- 5% back in points at Ford dealerships
- 3% back on gas, auto insurance, tolls, parking, and dining
- 1% back on all remaining purchases
You can earn a $200 annual statement credit by spending $6,000 in 12 consecutive billing cycles after account opening.
It’s possible to redeem your points for:
- A new Ford car, truck, or SUV purchase
- Ford Service
- Qualifying Ford Parts and Accessories
There isn’t an annual fee but a 3% foreign transaction fee applies.
If you prefer Lincoln vehicles, you may also consider the Lincoln Access Rewards™ Visa® Card with similar benefits. However, there are a few minor differences that can appeal to luxury car owners.
Related: Best Credit Card Rewards For Road Trips
Toyota Rewards Visa Credit Card
The information for the Toyota Rewards Visa® Credit Card has been collected independently by Johnny Jet. The card details on this page have not been reviewed or provided by the card issuer.
The Toyota Rewards Visa® Credit Card can also be a popular option as this is one of the most purchased brands in the United States. Your purchases can earn up to 5x points:
- 5x at Toyota dealerships
- 2x for gas, dining, and entertainment
- 1x on all remaining purchases
You can redeem your points for eligible Toyota vehicle purchases. Other options include service, parts, and accessories.
This card doesn’t charge an annual fee although a 3% foreign transaction fee applies.
Related: What Is The Best Credit Card Company To Do Business With?
Blue Cash Preferred Card from American Express
The best credit card for buying a car doesn’t have to be with a specific car brand. In fact, having a card with flexibility can help you earn rewards in other areas of your life. The Blue Cash Preferred® Card from American Express earns competitive cash back rates on regular expenses:
- 6% back on groceries (on the first $6,000 spent per year at U.S. supermarkets)
- 6% back on select U.S. streaming subscriptions
- 3% back on transit
- 3% back at U.S. gas stations
- 1% back on all remaining purchases
Maximizing your daily purchases and stashing your cash rewards into a high-yield savings account from CIT Bank or Quontic Bank is an option. You can earn a competitive interest rate, not pay any bank service fees, and enjoy FDIC Insurance coverage while you wait to buy.
The welcome bonus is the ability to earn a $250 statement credit after you spend $3,000 in purchases on your new Blue Cash Preferred® Card from American Express within the first 6 months.
The introductory annual fee is $0 for the first 12 months and then $95 on each renewal (See Rates & Fees). A 3% foreign transaction fee applies.
Related: Blue Cash Preferred Card from Amex Review
Wells Fargo Active Cash Card
It’s simple to calculate your earning potential with the Wells Fargo Active Cash® Card as each purchase earns unlimited 2% back. You can redeem your purchase rewards with a $1 minimum redemption.
This card also provides up to $600 of cell phone protection when paying your monthly bill with this card (subject to a $25 deductible).
New Wells Fargo Active Cash® Card cardholders can earn a $200 cash rewards bonus by making at least $1,000 in purchases during the first 3 months. These bonus cash rewards will show as redeemable within 1 – 2 billing periods after they are earned.
There is no annual fee although a 3% foreign transaction fee applies.
Learn More: Cash Back Credit Cards
Chase Freedom Unlimited
The Chase Freedom Unlimited® excels at versatility with earning points and redeeming cash back with no redemption minimum. This can be the best credit card for buying a car thanks to its ability to earn at least 1.5% on purchases.
Card purchases earn up to 5% back:
- 5% on travel purchased through Chase Ultimate Rewards
- 3% on dining and eligible delivery services
- 3% on drugstore purchases
- 1.5% on all remaining purchases
Being able to earn 1.5% back on non-bonus spending boosts your earning potential by 50% over a standard cash or travel rewards card that only earns 1% back on non-reward categories.
You can redeem your rewards for cash back, award travel, and gift cards with a redemption value of 1 cent per point. Be sure to deposit your rewards into a dedicated banking account to buy your next ride.
There is no annual fee but a 3% foreign transaction fee applies.
Related: The Best Chase Credit Cards
Summary of the Best Credit Card for Buying a Car
Buying a car can take several months or years to save up and also find a great deal for your desired ride. A co-branded dealership credit card can have the best earning potential if you’re certain about which brand you will buy. However, one of the best cash back credit cards is better if you plan on buying a used car or are unsure about the brand but want to start saving now.
For rates and fees of The Blue Cash Preferred® Card from American Express, please click here.
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