MCLEAN, Va. and DETROIT, Feb. 10, 2015 /PRNewswire/ -- Capital One Financial Corporation (NYSE: COF) and General Motors (NYSE: GM) today announced an expansion of their co-brand card partnership with the launch of the BuyPower Business Card from Capital One. This card, specially designed for small business owners, delivers a powerful earnings structure, including 5 percent earnings on GM parts, accessories and services at authorized GM dealers; 3 percent earnings at gas stations, restaurants and office supply stores; and 1 percent earnings on all other purchases. This product replaces the existing GM Business Card issued by Chase Bank USA, N.A. Capital One will begin accepting applications for this product later this year.
"We have one of the strongest lineups of cars, trucks, SUVs and crossovers in our history, so it's a great time to step up our game with our small business customers," said Chuck Thomson, General Manager, GM Retail Sales and Marketing Support. "The card is designed to address small businesses' needs and help them plan for the future."
"Following the success of the BuyPower Card launch in 2014, we decided to expand the BuyPower brand to serve small business owners," said Jimmy Cannon, Executive Vice President, Card Partnerships, Capital One. "Small business owners will now be able to benefit from a one-of-a-kind card that will help them manage business expenses and offers a unique earnings program that allows them to save toward new Chevrolet, Buick, GMC or Cadillac vehicles. The expansion of this program is a compelling model for growth that demonstrates our commitment to building long-term strategic relationships with great corporate partners like GM."
Features of the new BuyPower Business Card from Capital One include:
- 5 percent earnings on GM parts, accessories and service at authorized GM dealers; 3 percent earnings at gas stations, restaurants and office supply stores; and 1 percent earnings on all other purchases
- No limits on the amount of earnings a business can accumulate
- No expiration of earnings
- No limit on the amount of earnings that can be redeemed toward the purchase or lease of a new Chevrolet, Buick, GMC or Cadillac vehicle
- No annual fee
- Ability to combine earnings on top of current GM offers and incentives, as well as GM's Supplier Discount
- Access to the World MasterCard benefits, including concierge services, emergency card replacement, lost luggage support, travel accident insurance, travel assistance service and roadside assistance.
To learn more about the new BuyPower Business Card from Capital One, visit BuyPowerBusinessCard.com.
About Capital One Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N. A., had $205.5 billion in deposits and $308.9 billion in total assets as of December 31, 2014. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol "COF" and is included in the S&P 100 index.
About General Motors Co. General Motors Co. (NYSE: GM, TSX: GMM) and its partners produce vehicles in 30 countries, and the company has leadership positions in the world's largest and fastest-growing automotive markets. GM, its subsidiaries and joint venture entities sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Opel, Vauxhall and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at http://www.gm.com.
SOURCE Capital One Financial Corporation