Australia’s first co-branded loyalty credit card, the GM Card, has undergone a change that’s claimed to provide cardholders with increased value.

Re-branded as Holden Mastercard, it promises consumers the opportunity to save towards their reward like no other credit card.

Geoff Bennett, Holden’s marketing manager - retail, said the new Holden Mastercard will give cardholders a greater opportunity to save thousands on the purchase of any eligible new Holden vehicle, including the popular Commodore, Barina, Astra, Vectra, Ute, Rodeo and Jackaroo models.

"And with motor racing legend Peter Brock endorsing the new credit card, we are looking forward to increased cardholder growth," said Mr Bennett.

"Holden Mastercard is the only card in Australia which earns cardholders a five per cent rebate on all credit purchases in order to save towards a new Holden.

"We have linked this new Mastercard with a selection of new ‘Bonus Partners’ across a range of purchase categories where cardholders will receive a one per cent ‘Bonus Rebate’ in addition to the five per cent ‘Core Rebate’ when using the card."

Some of Australia’s well-known national retailers including Best Western (Australia) Hotels, Optus, Delta Car Rentals, Bob Jane T-Marts and Westpac General Insurance will join the GM Card’s existing Bonus Partner, BP, under the new program.

Cardholders will earn an extra one per œnt Bonus Rebate when spending at these outlets.

"The opportunity to earn Bonus Rebate means cardholders can now save more quickly towards the eligible Holden of their choice," said Mr Bennett.

"Rebate earned is transferable among family members and up to two people can be linked to the same card account, which makes earning rebate even easier to achieve," he said.

There is no limit to the amount of rebate a cardholder can earn. Up to $3,000 of Core Rebate plus unlimited Bonus Rebate can be redeemed on any eligible new Holden purchase. Rebate earned using the card is redeemable for up to five years.

"We expect the Holden Masterard to have huge appeal with consumers right across Australia - it’s easy to use, offers a realistically attainable reward, and at the end of the day, makes financial sense for what is for many people their second-largest purchase in life."

He said the GM Card had already established a unique competitive sales advantage, with more than 12,000 cardholders having already redeemed on a new Holden.

"Many of these buyers came from competitive brands, contributing towards Holden’s improved share of the private retail market," concluded Mr Bennett.