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Nearly eight years ago a new MasterCard appeared that revolutionized the credit card industry. Like other credit cards offering rewards, the trend setting General Motors MasterCard issued by Household Bank, has downshifted. After revising the pricing structure of the GM MasterCard last year, General Motors and Household Bank have now revised the reward structure. GM announced last week it has lifted the annual $500 earnings cap on both the standard and gold GM MasterCards. However GM is limiting the amount of the rebate earnings that can be applied to purchases, by the type of automobile. For example, cardholders can only use $1,000 toward the purchase of a new Corvette, $1,500 towards the purchase of a Cavalier, $2,000 towards the purchase of a Cadillac Catera, and $3,500 towards the purchase of a Cadillac Escalade. GM cardholders may also redeem earnings for other rewards including travel awards from GM Vacations, American Airlines, Marriott, Ritz-Carlton, National CarRental and Alamo. The revised pricing introduced last year included a $29 annual fee for closed accounts with outstanding balances, a $15 minimum cash advance fee, and a Prime +15.4% punitive interest rate. For more information visit www.gmcard.com.
