Banking giant HSBC is set to pull one of the top reward credit cards in the new year.

The GM card, run by the bank's HFC subsidiary, will close to new and existing customers from 23 January, meaning no further spending will be permitted (see the Credit Card Rewards guide).

Anyone who had built up rewards points has until the end of March 2012 to use them.

Those with outstanding balances will be able to pay the debt off as usual; there will be no demands for full repayment.

No other standard card pays as much cashback in the long term though the GM card is only suitable for those looking for discounts off General Motors-owned Vauxhall cars.

The card pays three 'GM Rebate Points' for every £100 you spent. One point is worth £1 that can be used for discounts of up to £1,500 on Vauxhalls. This translates into the equivalent of 3% cashback.

GM company car drivers can use points towards high street vouchers at the same rate.

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HSBC axes GM credit card