BMW Credit Card Review. The first thing that comes to mind when you hear the acronym BMW Credit Card is art in motion and the joy of driving one of the world’s most coveted luxury brands, but did you know that there is a BMW credit card?
We looked into it and discovered that there is a card that rewards you more for purchases made at BMW centers and less for all other transactions. If you’re interested in having a credit card that matches your car, here are all the specifics.
To qualify, you’ll need a good credit score.
To be considered for a BMW credit card, you must have a decent or superior credit rating. As a result, the card can be used by anyone.
Table of Contents
Fees and APR
The BMW Visa credit card has a 0% introductory APR for the first 15 months. During the introduction period, the transfer into APR is the same. Following that, depending on your credit score, the normal APR runs from 14.49 percent to 25.49 percent.
This card does not have an annual charge. Fees for balance transfers are 4% with a $5 minimum. The maximum late fee is $35, and there is no maximum fee for exceeding the credit limit. There is a grace period of 22 days. Cash advances cost 4% of the amount borrowed, with a minimum of $10. Fees for international transactions are 3%.
Program of Reward
On all purchases, the BMW Credit Card gives small incentives. When you use it to make purchases at BMW centers, you will receive three points for every dollar spent. For every $1 spent on any other purchases, you will receive one point.
This implies that when you use this card, you will earn between 1% and 3%. This is fantastic news for BMW owners because the points can be applied to car payments if you finance a BMW vehicle through BMW Financial Services. The card also comes with a 10,000-point bonus.
Benefits of a BMW Credit Card
In addition to the rewards program, you can save 20% on any BMW Performance Driving School when you pay with your card. This school’s tuition prices range from $775 to $1,550, thus this offers a substantial discount of up to $310.
Additional BMW Credit Cards
BMW also provides the BMW Signature Card and the BMW Ultimate Card in addition to this card. You pay a $75 annual fee for the Signature card, and you receive 2 points for every $1 spent on gas and a whopping 4 points for every dollar spent at BMW locations. Because the BMW Ultimate Card is an invitation-only program, you cannot apply for it at any time.
Who is This Card Intended For?
The Standard BMW credit card is for applicants who finance a vehicle via BMW Financial Services or make regular purchases at the BMW center since the rewards program offers the best values when used for services or driving school through the auto dealer franchise. The benefit of the card is that you can earn rewards points on all other transactions, which can be used to reduce your monthly auto payments if you are financing a vehicle through BMW but do not purchase from the center frequently.
The Standard BMW Visa Credit Card is the subject of our review.
While this card doesn’t have the best rewards program in the world, it’s ideal for BMW owners and can aid with auto payments. The incentives are modest, and there is no annual charge, which is a benefit, and the APR is fair, especially for people with good credit. Another advantage is that you don’t need perfect credit to apply, however having good credit does help with the interest rate.
This makes the qualifications for approval more accessible to a wider range of people. If you meet the requirements for BMW Financial Services, you should have no trouble getting accepted unless there have been significant changes or bad credit reports issued after your BMW acceptance.