The
BMW Credit Card is a good credit card to consider if you have a BMW, or you plan to get one soon, and your credit score is
700 or higher. The card is worthwhile for BMW owners and lessees because it has valuable rewards, a
$0 annual fee, and financing promotions.
7 Key Things to Know About the BMW Credit Card
5,000 points as an initial bonus.
You will get
5,000 points for spending $500 within the first 90 days your account is open. Those points are worth about
$53, according to our calculations. The
average initial bonus among current credit card offers is roughly
$236.
Lucrative rewards on purchases.
You will earn
4 points per $1 spent at BMW Centers and BMW Dealers, 3 points per $1 spent on gas, 2 points per $1 spent at restaurants (including fast food) and 1 point per $1 on all other purchases. That amounts to at least 1% to 4% “cash” back, given that BMW points are worth 1 cent each with most redemption methods. For context, the average cash rewards credit card offers
1.17% back.
25% more value when you redeem points for a BMW Rewards Card.
The BMW Visa Card is best if you have a BMW or you’re planning to buy one. For one thing, you’ll get the most value for your points when you redeem them for BMW Rewards Cards, which can only be used to make purchases from BMW.
For example, 20,000 points are worth $250 at BMW Centers but just $200 with other redemption methods (travel, cash back, merchandise, etc.).
Good credit needed for approval.
The BMW Card requires good or excellent credit for approval, so make sure to
check your credit score for free before applying. After all, more than 40% of consumers won’t be able to meet this minimum credit requirement, according to WalletHub data.
New-purchase financing.
It probably won’t enable you to finance a whole BMW car purchase, but the BMW Credit Card’s
0% APR on new purchases for the first
12 months could help you save on a big-ticket purchase wherever Mastercard is accepted. That’s almost as long as the average 0% APR period on a credit card these days.
Similarly, the BMW Card offers a 0% APR on balance transfers for the first 12 months, but that part of the deal is marred by a
3% (min $5) transfer fee.
No annual fee.
The BMW Credit Card is
$27.85 per year cheaper than the average credit card, thanks to its lack of an annual fee.
Not the only BMW card.
This standard BMW Credit Card isn’t the only BMW plastic available to you. There’s also the
BMW Precision Card.
The Precision Card has a
$99 annual fee and gives you 3 points per $1 spent on gas, plus 5 points per $1 spent at BMW centers and 1.5 points per $1 spent everywhere else. It also has an initial bonus of
7,500 points and a $70 annual dealership credit. Those are pretty much the only differences.
You can
compare the two BMW credit cards right here on WalletHub.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.
