“With great power comes great responsibility.” This phrase was famously uttered by Uncle Ben. No, not the rice maker, but the loving uncle of Peter Parker, aka Spider-Man. Though Uncle Ben did have a point, sometimes with great power also comes great rewards.
The BuyPower Business Card by Capital One isn’t just a credit card, it’s a rewards card that can help you buy or lease a new car for your business by giving you a percentage back on select purchases.
“Card members get five-percent earnings on any parts, accessories or service at any of our GM dealers, three-percent earnings at gas stations, restaurants and office supply stores and one-percent earnings on all other purchases,” said Thomas Grekowicz, Senior Manager of BuyPower Card, General Motors.
Those percentages add up quickly.
“If you have a small business that’s spending $100,000 on gas, restaurants and office supplies and another $100,000 on all other purchases for a total spend of $200,000 a year, the first $100,000 earns them $3,000 towards a new vehicle,” Grekowicz said. “The second $100,000 on all of their other purchases earns them $1,000 towards a new car. Together, that’s $4,000 a year in savings. Over a five-year period, that’s $20,000 off a new vehicle, which is substantial.”
I’m pretty sure those of us at NOLN would already have a few thousand dollars saved from our coffee purchases alone, but I digress.
Let’s say your business has been using the BuyPower Business Card for a while. You’ve been able to earn $10,000 from all of your previous purchases and now you’re ready to buy a new company truck. Well, redeeming your earnings is as simple as pulling out your card
“Redemption is very easy. You go to one of our Chevrolet, Buick, GMC or Cadillac dealers, you choose the new vehicle you want, you negotiate your best price with the dealer and then you pull out your card and tell them you have earnings on your BuyPower Business Card. The dealer will take it from there,” Grekowicz said. “They will apply for your earnings, deduct them from the price of the vehicle and you drive off with a new car for either a significant discount or for free.”
Earning a free or significantly discounted car may seem like a dream because we’ve all heard about nightmare scenarios with credit cards. However, this dream is a reality, and it doesn’t end.
“As long as a business owner continues using the card, they’ll continue earning percentages back on their purchases to save up for the next car they buy,” Grekowicz said.
But there’s always a catch, right? Credit cards that claim to earn you air miles have blackout dates, make you spend an exorbitant amount of money or limit how much savings you can earn. That’s not the case with the BuyPower Business Card. Need to buy five cars? No problem. Want to buy your next fleet with your earnings? It can be done.
“There’s not a limit with how many cars you can purchase with your earnings,” Grekowicz said. “There’s also no limit on how much money you can earn. Unlike some other business cards that have limits, such as they’ll give you five percent back but it’s only good on the first $25,000 you spend every year, ours doesn’t have a limit. If you spend $100,000 and it’s a qualified purchase, we give you earnings for it. If you spend $1 million, we give you earnings. We don’t put a cap on your earnings potential.”
Having trusted employees is a must when running a successful business. You have managers around who you trust to oversee day-to-day routines so you can take a vacation every now and then. Whenever you do leave for a much-needed trip, you won’t have to worry about forgetting to leave your BuyPower Business Card with your manager in case of an emergency. That’s because you can get cards for your employees, too.
“Since the BuyPower Business Card powers their business, owners can request cards for their employees, as well,” Grekowicz said. “We have some small businesses that have 10 or 20 people who have cards. Our biggest client has 70 people with cards. There’s not a limit. We will provide a card for each one of their employees they deem necessary to continue to fuel their business.”
Some credit cards have a plethora of restrictions, such as your business has to make a certain amount of money every year, or come with an outrageous interest rate. But, the BuyPower Business Card isn’t like that.
“We don’t have an annual fee,” Grekowicz said. “In fact, for any business that gets the card, they get an introductory rate of zero percent interest for the first 12 months. After that, the rate goes to 13.24 percent.”
Being a responsible, credit card wielding business owner doesn’t always have to be so humdrum. Sometimes, it can reward you.
If you’re interested in powering your business and buying your next company vehicle for free, you can apply for the BuyPower Business Card (which will be available by the end of April) by visiting: www.buypowerbusinesscard.com