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The GM Business™ Mastercard® can make sense if your business fleet consists of General Motors vehicles. This card doesn’t have annual fees and earns up to 5% back on purchases and vehicle service. But if you’re checking your approval odds and credit limit before opening an account, you should ask, “Does the GM Business Card do a hard pull?” and hurt your credit score.
Is There a GM Business Card Hard Pull Inquiry?
The GM Business™ Mastercard® doesn’t require a hard pull on the personal credit score to get approved for a new account. However, the commercial credit score may or may not be impacted.
Here is an official explanation from the issuing bank, Marcus by Goldman Sachs, “If you apply for GM Business Card, there’s no impact to your consumer credit score and your commercial credit score may or may not be impacted.”
The application support FAQ also mentions that you can apply again and may receive a different decision.
This card has a $0 annual fee and a $0 foreign transaction fee (See Rates & Fees). This card also offers a nice signup bonus.
How Does the GM Business Card Soft Inquiry Work?
While a hard credit check for personal credit isn’t necessary, the card issuer will review your personal and business credit information to make an application decision.
Your application can potentially be declined for these reasons:
- Low personal credit score (i.e. below 660 as you need good or excellent credit)
- Too many recent credit card or loan applications
- Negative public records
- Behind on debt obligations or previously behind
Does the GM Business Card Do a Hard Pull?
If you apply for the GM Business Card, it won’t hurt your personal credit score, but you should plan on your business credit score being impacted temporarily.
Marcus by Goldman Sachs states they use Equifax and other credit bureaus to check your personal and commercial credit scores.
The credit inquiry process differs from the personal My GM Rewards® Mastercard®, which only requires a soft credit check to get pre-approved but a hard check is necessary to accept the offer and open an account. New My GM Rewards® Mastercard® (See terms and conditions) cardmembers can earn 15,000 bonus points after spending $1,000 on their My GM Rewards® Mastercard® in their first 3 months. It has a $0 annual fee and a $0 foreign transaction fee (See Rates & Fees).
The GM Business™ Mastercard® can be one of the best credit cards for your business when vehicle purchases and service are a core expense. This card also makes it easy to earn bonus cash back on commuter-related expenses like gas stations and restaurants. Even better, it won’t hurt your personal credit score to apply so you can also consider one of the best rewards cards for consumer spending.