When you hear the acronym BMW the first thing that comes to mind is art in motion and the thrill of driving one of the world's most desired luxury brands, but did you know that there is a BMW credit card? We checked it out and found that there is a card that pays you extra in rewards points for purchases made at BMW centers and lesser rewards for all other purchases. Here are all the details about the card in case you're interested in having a credit card to match your car.
Credit rating needed to qualify
In order to qualify for a BMW credit card, you will need to have a credit rating of good or better. This makes the card accessible for applicants who may have less than perfect credit but still have a decent overall rating.
APR and Fees
The introductory APR for the BMW Visa credit card is 0% for the first 15 months. The transfer into APR is the same during the introductory period. There after, the regular APR ranges between 14.49% to 25.49% depending on your credit rating. There is no annual fee for owning this card. Balance transfer fees are 4% with a $5 minimum. The maximum late fee is $35 with no maximum over limit fee. There is a 22 day grace period. Cash advances are assessed with a 4% fee with a minimum of $10. Foreign transaction fees are 3%
The BMW Credit Card offers modest rewards on all purchases made. When you use it to buy from BMW centers, you earn three points for every dollar that you spend All other purchases earn 1 point for every $1 spent. This means that you earn between 1 and 3 percent when using this card. For BMW owners, this is good news because the rewards can be used as savings towards your car payments if you're financing a BMW vehicle through BMW Financial services. The card also offers bonus rewards of 10,000 points.
In addition to the rewards program, you can also take advantage of 20% off of the cost of any BMW Performance Driving School when you use your card to pay. The tuition fees for this school range between $775 and $1,550, so this represents a significant savings of up to $310.
Other BMW Credit Cards
In addition to this card, BMW offers the BMW Signature Card and the BMW Ultimate Card. With the Signature card, you pay an annual fee of $75 and you earn 2 points for every $1 spent on fuel and a whopping 4 points for every dollar you spend at BMW centers. The BMW Ultimate Card is not one that you can apply for randomly as it is an invitation only card.
Who This Card is For
The Standard BMW credit card is for applicants who finance a vehicle through BMW Financial Services or who make regular purchases at the BMW center as the rewards program come with the best deals when you use the card for services or driving school through the auto dealer franchise. The good thing about the card is that even if you are financing a vehicle through BMW, but do not purchase from the center often, you can still earn rewards points on all other purchases, that can go towards savings on your monthly auto payments.
Our Evaluation of the Standard BMW Visa Credit Card
While this card doesn't offer the greatest rewards program in general, it's good for BMW owners and it can be used to help with auto payments. The rewards offered are modest with no annual fee, which is a plus, and the APR is reasonable, particularly for those with excellent credit. Another benefit is that you don't need stellar credit to apply, but it does help on the interest rate. This opens the qualifications for approval up to a greater sector of the population. If you qualify for BMW Financial Services, you shouldn't have any trouble getting approved unless there have been significant changes or negative credit reports filed after approval with BMW. Overall, this is a good card for Beemer owners, but there wouldn't be many benefits for applicants who are not purchasing a BMW or who do not own one. To apply for this credit card you can contact BMW directly through telephone, internet or by stopping by a local franchise.
Written by Garrett Parker
Read more posts by Garrett Parker