5 Things to Know About BMW Credit Cards

There are multiple options, and their rewards may prove beneficial to more than just BMW loyalists.

Sara RathnerSeptember 2, 2020
5 Things to Know About BMW Credit Cards

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BMWs are expensive to buy and maintain.

Still, for many car enthusiasts, the thrill of gripping the wheel, inhaling the leather-tinged new-car smell and zipping around town in a head-turning feat of German engineering makes those monthly payments worth it.

There’s an additional way to show your Beemer loyalty — by using BMW credit cards. The cards, previously issued by BMW Bank of North America, have been revamped with new names and rewards programs. They are now issued by Elan Financial Services, a division of U.S. Bank, and have been moved from the Visa network to Mastercard.

While they’re associated with the luxury car brand, the cards' details vary. Here are five things to know about them.

1. They earn rewards on more than just BMW-related expenses

The previous versions of BMW credit cards mostly earned additional points on BMW purchases and at gas stations, but the new family of cards added another spending category to the mix: restaurants, including fast-food establishments.

BMW Financial Services BMW Card Credit Card
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The BMW Credit Card earns:

  • 4 points per $1 spent on eligible BMW purchases.

  • 3 points per $1 spent at gas stations.

  • 2 points per $1 spent at restaurants.

  • 1 point per $1 everywhere else.

There's also a sign-up bonus: Earn 5,000 Bonus BMW Reward Points after you spend $500 in purchases within the first 90 days of account opening.

The BMW Precision Credit Card earns:

  • 5 points per $1 spent on eligible BMW purchases.

  • 3 points per $1 spent at gas stations.

  • 2 points per $1 spent at restaurants.

  • 1.5 points per $1 everywhere else.

The sign-up bonus is as follows: Earn 7,500 Bonus BMW Reward Points after you spend $1,000 in net purchases within the first 90 days of account opening.

Eligible BMW purchases include those made at merchants classified as BMW, or at BMW Centers (that’s how BMW refers to its dealerships). That means cardholders can accelerate their earnings if they charge the down payment for a new car or use their card to pay for repairs to an older car.

2. There's a card for two-wheel BMW enthusiasts, as well

The BMW Motorrad World Mastercard® Credit Card offers similar rewards to the BMW Credit Card, but its focus is on motorcycle purchases and maintenance. The card earns:

  • 4 points per $1 spent on eligible BMW Motorrad purchases.

  • 3 points per $1 spent at gas stations.

  • 2 points per $1 spent at restaurants.

  • 1 point per $1 everywhere else.

It, too, has a sign-up bonus: Earn 5,000 bonus BMW Reward Points after you spend $500 in purchases within the first 90 days of account opening!

3. Redemptions are flexible and valuable

Redeem your points for travel, cash back and merchandise at a value of 1 cent per point.

For a value of 1.25 cents per point, redeem for a BMW Rewards Card, which you can use at BMW Centers and BMW Motorrad dealerships to pay for a broad variety of purchases, including down payments, service and repairs.

If you lease a BMW, you can also pay for additional lease miles, excess wear and use costs at the end of the lease with a BMW Rewards Card.

4. The BMW Precision Credit Card offers additional perks

In exchange for the $99 annual fee, the BMW Precision Credit Card throws in a few more benefits that can help offset the cost:

  • A $70 annual dealership credit, which will automatically be applied to your account as a statement credit when you use the card for a purchase at BMW Centers or BMW Financial Services.

  • A higher sign-up bonus compared with the other two cards (though you need to spend more to earn it).

  • More point-earning potential with 5 points per $1 on BMW purchases and a minimum of 1.5 points otherwise.

  • 0% foreign transaction fee.

5. The BMW Credit Card and BMW Motorrad World Mastercard® Credit Card have 0% APR promotional periods

Give yourself time to pay down your BMW purchase interest-free. Both the BMW Credit Card and BMW Motorrad World Mastercard® Credit Card charge 0% intro APR on purchases and balance transfers for 12 billing cycles, and then the ongoing APR of 15.24% - 24.24% Variable APR. The balance transfer fee is 3% or $5, whichever is greater.

The BMW Precision Credit Card doesn’t offer a 0% APR period.

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