GM has revived a popular credit card offer that can put you one step closer to owning a new car.

Before their bankruptcy, GM used to have a credit card that would let you earn cash rewards toward the purchase of a GM car. It was a great way to reduce the net cost of a new car purchase.

Now GM has revived this offer as a MasterCard with Capitol One. There is no cap on the earnings that can go toward purchase of a car. But they do put a speed bump in the road en route to your new wheels!

Here's the deal: You get 5% on the first $5,000 in purchases each year, which works out to be $250. But after the first $5,000, then you earn only 2%. So your earning is unlimited, but the rate drops by 60% after the first $5,000 in charges annually.

Still, it's a decent offer for someone who likes GM cars, and there's no annual fee to boot!

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