MoneyINC Logo
Years of

10 Benefits of Having a BMW Credit Card

Best BMW Convertible Models

The issuers of credit cards realize that consumers have a broad range of choices. Most cards these days are considered to be lifestyle cards that offer a wide range of benefits that are designed to reward shoppers for their business. BMW owners may want to consider checking out the advantages of applying for a BMW sponsored credit card. If this is something that may apply to your situation, here is everything you need to know about the BMW credit card along with the benefits and associated rewards of membership.

What is a BMW credit card?

BMW credit cards have changed in the past few years. They used to be issued by the BMW Bank of North America. Most recently, they've been redesigned and they are now issued by Elan Financial Services, a division within the US Bank network. They are offered in Mastercard allocations, a change from their previous Visa inclusion, according to Nerd Wallet. Using BMW cards are a way to show loyalty to the brand, for BMW owners, but the credit cards come with their own rewards, depending on the type of program you sign up for.

Benefits of BMW credit cards

BMW credit cards may certainly be used for the purchase of BMW related expenses, but they may also be used to make other purchases. They are not exclusive only to BMW retailers. The multi-use credit cards are good wherever Mastercard is accepted. However, to reap the full benefits of the rewards program, certain establishments help you to earn higher rewards points than others

BMW-related purchases

Your BMW credit card earns 4 points for every dollar spent on BMW purchases that are eligible for benefits. This means that you earn more if you use your card to purchase parts or services that are eligible through your BMW dealership, as well as for other BMW related expenses. You earn 3 points for every dollar spent at gas stations using the card. A new rewards feature has been added to give you 2 points for every dollar you spend at restaurants with 1 point for every dollar spent anywhere else.

Special introductory offer

BMW has just announced a special introductory offer for the BMW credit card. The current rewards program grants eligible new members a zero percent APR on all balance transfers and purchases made for a total of 12 billing cycles. After the introductory period ends, the variable APR with a range of 15.24 to 24.24 percent kicks in. The APR interest rate is based on your credit score and your overall creditworthiness along with the current interest rates.

Special Bonus offer

The current rewards program includes a bonus for all customers who spend a minimum of $500 using the card, on purchases within the first 90 days of opening the account. A total of 5,000 bonus points may be awarded. This special bonus is on top of the introductory zero percent APR rate. There is no annual fee associated with this card.

BMW credit card reviews

Wallet Hub goes further into the details of the BMW credit card with a review of the requirements for being accepted as a member as well as observations about the pros and cons of membership. As with any credit card, there are advantages and disadvantages.

Requirements for membership

To qualify for acceptance for the BMW credit card, applicants must have a minimum credit score of either good credit or excellent credit. If you fall into either of these categories, it's good news. The only real downside is that after the initial 12 cycle introduction period, the APR may be high if your credit is marginal. the initial 5,000 point bonus for spending $500 with the card is average as far as credit card programs go. This is equal to $50 which is about $150 less than what some other credit card companies offer for an initial bonus.

The rewards are lucrative

Although the initial bonus is less than most other similar cards, the rewards program is substantial. the 4x, 3x, 2x and 1x structure is generous, especially if you use the card on eligible BMW related expenses. This can earn between 1 to 4 percent cashback. When you redeem your points earned with the BMW Rewards card, at BMW Centers, the value is up to 25 percent higher.

Balance transfers

You may transfer balances from other credit cars during the first 12 months of membership to get in on the zero percent interest rate for the introductory period. While this could result in significant savings, it's important to be aware of the fact that there are charges for this service. You must also pay a transfer fee for doing this that is at a minimum $5, and it is 3 percent of the total balance that you transfer. This is why it's vital to read the fine print and to realize that sometimes zero percent APR doesn't exclude associated fees for the various transactions.

Other benefits and facts about the BMW credit card

Wallet Hub also gives the BMW credit card a thumbs up for its zero annual fees. This saves the average credit card holder a monthly fee of just under $20 per year when compared to other similar rewards card programs. On top of this, there are a few different BMW credit card options available. We discussed the standard BMW credit card. Also, you may apply for the Precision Card that provides up to 5 points per dollar for eligible purchases made at BMW centers. The initial bonus is 7,500 points with an annual credit of $70 at the dealership. This version of the card, however, does charge an annual fee of $99. The maximum late fee is assessed at $40. There is no over limit fee and no penalty APR. The grace period is 24 days. Cash advances are higher with an APR of 24.99 percent and a fee of 5 percent or a minimum charge of $10. The foreign transaction fee is 3 percent and each card issued features smart-chip technology.

Allen Lee

Written by Allen Lee

Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. Currently, Lee is practicing the smidgen of Chinese that he picked up while visiting the Chinese mainland in hopes of someday being able to read certain historical texts in their original language.

Read more posts by Allen Lee

Related Articles

Stay ahead of the curve with our most recent guides and articles on , freshly curated by our diligent editorial team for your immediate perusal.
As featured on:

Wealth Insight!
Subscribe to our Exclusive Newsletter

Dive into the world of wealth and extravagance with Money Inc! Discover stock tips, businesses, luxury items, and travel experiences curated for the affluent observer.
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram