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GM MASTERCARD REACHES REDEMPTION MILESTONE; 100,000 CARDHOLDERS HAVE REDEEMED GM EARNINGS TOWARD NEW GM VEHICLES

 LOS ANGELES, Jan. 6 /PRNewswire/ -- Fewer than 16 months after the GM MasterCard's introduction, 100,000 General Motors vehicles have been purchased or leased by customers who saved money by using the credit card, fulfilling the GM Card's goal of helping General Motors (NYSE: GM) sell more cars and trucks. The milestone was revealed today by J. Michael Losh, vice president and group executive in charge of GM's North American Vehicle Sales, Service and Marketing, during a presentation to auto industry analysts in conjunction with the Los Angeles Auto Show.
 The 100,000 GM Card holder to redeem earnings accrued through use of the credit card toward a new GM vehicle was Terrie Pacini of Kerman, Calif., who purchased a 1994 Chevrolet Suburban to replace a Honda Accord.
 Introduced in September 1992, the GM Card became the fastest growing credit card in history, obtaining one million accounts in less than one month. To date, more than 10 million people are carrying the GM Card in North America. The GM Card's 100,000 redemption milestone was reached in mid-December 1993.
 "GM Card holders are redeeming their earnings toward the purchase or lease of new GM vehicles at an astounding pace," Losh said. "We expected the GM Card would be successful from the beginning, but reaching the 100,000 redemption milestone in such a short time illustrates the overwhelming acceptance the GM Card has received.
 "Consumers are recognizing the tangible value of the GM Card," he continued, "both in terms of its competitiveness with other credit cards and as a means for saving money on their next new GM car or truck."
 The GM Card features a 16.4 percent APR, no annual fee, large credit lines and a balance transfer program. Its innovative vehicle earning program enables a cardholder to accrue five percent of each GM Card transaction in a special earnings account toward the future purchase or lease of a new GM car or truck. These earnings can add up to $500 per year, $3,500 over seven years.
 The GM Gold Card features a 13.4 percent APR and a $39 annual fee which is automatically credited toward the cardholder's earnings account. A GM Gold Card holder can earn up to $1,000 per year, $7,000 over seven years.
 Using the GM Card to purchase goods or services from the GM Card's corporate partners -- Mobil Oil, MCI, Continental Airlines, Marriott Hotels and Avis Rent-A-Car -- or through the GM Travel Services program's preferred suppliers, a GM Card holder can earn an additional five percent in their earnings accounts. GM Card earnings accrued through purchases with corporate partners enable cardholders to actually exceed the $3,500/$7,000 GM Card earnings caps.
 -0- 1/6/94
 /CONTACT: Joe St. Henry of DMB&B Public Relations, 313-258-8600, for GM Card; or John Maciarz of GM News Relations, 313-556-2034/
 (GM)


CO: General Motors Corporation; GM Card ST: Michigan, California IN: AUT FIN SU:

TO -- DE020 -- 9817 01/06/94 14:02 EST
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Publication:PR Newswire
Date:Jan 6, 1994
Words:500
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