[Infographic] It Only Takes 9 Years to Buy a Vehicle with the New Scotia GM Visa
Sick of walking to work? If so, Scotiabank has partnered with GM to release a new credit card that is exactly what you need.
The Scotiabank GM Visa Card allows users to accrue GM Earnings every time they use their card. GM Earnings can be spent towards the purchase of a car or the lease down payment.
The card allows for 5% in GM Earnings on the first $5,000 spent each year, followed by 2% on purchases thereafter. There’s also the Scotiabank GM Visa Infinite Card, which gives 5% in GM Earnings for the first $10,000 each year for an annual fee of $79.
There’s no limit on how many points you can earn on either card and the points don’t expire, so you have time to save up for your dream car.
But exactly how long will that take?
If we use the Scotiabank GM Visa Infinite, and we spend nearly $60,000 on our card each year—might seem crazy, but that’s the average annual household consumption—it will take approximately 9.42 years to nab yourself a Chevrolet Spark. That said, if you want a brand new Cadillac ATS Sedan, you’re going to be waiting over 25 years.
Regardless of where you want to put your rewards, the Scotiabank GM Visa is bound to be one of the best credit cards available on the market. Let us know in the comments or @RateHub if you’re planning on grabbing the GM Visa, or tell us which vehicle you’re aiming for!
Flickr: Dominik Bartsch