Regular on-time payments to a creditor who reports to one or more credit bureaus show your financial responsibility and can help you improve your credit. If your credit score prevents you from qualifying for that credit card, check out our guide to the best credit cards for bad credit. There is an additional way to show your Beemer loyalty – with BMW credit cards. Cards previously issued by BMW Bank of North America have been revised with new names and rewards programs. They are now issued by Elan Financial Services, a division of U.S. Bank, and have been transferred from the Visa network to Mastercard. Eligible BMW purchases include those made at dealerships classified as BMW or at BMW centers (this is how BMW refers to its dealers). This means that cardholders can accelerate their income when they calculate the deposit of a new car or use their card to pay for repairs to an older car. About the Author: Sara Rathner is a NerdWallet travel and credit card expert.
She has appeared on CNBC`s “Today,” Nasdaq, and Nightly Business Report. Although they are associated with the luxury car brand, the details of the cards vary. Here are five things you should know about them. This card doesn`t charge an annual fee, making it a smart choice for consumers looking for a low-cost card. The card has a decent sign-up bonus: earn 5,000 BONUS BMW Reward Points after spending $500 on purchases within the first 90 days of opening your account. It also offers an introductory APR: 0% introductory APR for purchases and balance transfers for 12 billing cycles, then the current APR from 16.74% to 25.74% variable. » MORE: NerdWallets Best Credit Cards for Auto Repair For those who have recently graduated, BMW is offering a $1,000 discount on a new or certified pre-owned vehicle. To complete this transaction, a degree must have been obtained within the last 24 months or the student must graduate within the next six months and have a job offer that can be confirmed. There are also other criteria that must be met, such as a debt ratio of 20% or less. You get 3 points per dollar spent at BMW centers (that`s what BMW calls its dealers) and 1 point per dollar for everything else. You can redeem points for things like offsetting the cost of leasing, financing, or maintaining your car.
A general rewards card can offer more flexibility, both to win and trade. The BMW Motorrad World Mastercard® offers similar rewards to the BMW credit card, but focuses on buying and servicing motorcycles. The card deserves: The BMW Card has a variable annual charge rate that ranges from 15.24% to 26.24%. The card has a variable balance transfer APR ranging from 17.49% to 26.49%. It also has an APR variable cash advance of 28.24%. Note that late payments are subject to an APR of 31.24% if you are late or miss your payments. As a general rule, the APR is valid for at least six months, but can last indefinitely. For more information, see NerdWallets Review of this map.
Previous versions of BMW credit cards mainly brought extra points for BMW purchases and at gas stations, but the new card family added another category of spending to the mix: restaurants, including fast food establishments. For a complete list of rewards, log in to your account at mybmwcreditcard.com, then visit the Rewards Center to view, manage, and redeem your points. Once approved, BMW Financial Services generally offers borrowers options with low or no interest rates, depending on their creditworthiness. This card offers an introductory APR rate of 0% on eligible purchases for a period of up to 15 months. To have your best chance of being approved by BMW Financial Services, you need a credit score of at least 680. While it`s possible to get approval for renting or buying with a lower credit score, the prices won`t be as cheap. This is a credit card issued by BMW Bank of North America. If you`re wondering if the BMW Card is the right card for you, read on. This review will give you all the details you need to make a good choice.
Yes, BMW Card reports your account activity to the following credit agencies: BMW Motorrad World Mastercard® credit card: $0 annual fee. A higher sign-up bonus compared to the other two cards (although you`ll have to spend more to earn it). » MORE: 5 Things You Need to Know About the MINI Credit Card An annual merchant balance of $70 that is automatically applied to your account as a bank statement balance when you use the card to make a purchase at BMW or BMW Financial Services centers. You also have the option to add extended vehicle protection when you purchase a vehicle or rental protection to avoid additional charges when it`s time to drop off your vehicle.