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About a month after getting my car I got a call from BMW FS saying that I was preapproved for a Visa card. I explicity asked if there was a hard pull associated and the rep said no, I was preapproved based on the auto loan score. Well low and behold I checked my credit recently and it was a hard inquiry! . I called BMW FS but because the account was new, they couldn't see any details. Rep said once I got the card to call back, and they could either remove the inquiry or close the account and completely delete the tradeline from my report.
Anyone have this card, it is even worth it? I haven't activated the card. It has a 9k CL.
@chasing8s wrote:About a month after getting my car I got a call from BMW FS saying that I was preapproved for a Visa card. I explicity asked if there was a hard pull associated and the rep said no, I was preapproved based on the auto loan score. Well low and behold I checked my credit recently and it was a hard inquiry! . I called BMW FS but because the account was new, they couldn't see any details. Rep said once I got the card to call back, and they could either remove the inquiry or close the account and completely delete the tradeline from my report.
Anyone have this card, it is even worth it? I haven't activated the card. It has a 9k CL.
worth keeping for $9k!!!
but not sure other than charging at dealership it's worth it the last time I looked at general rewards.
@chasing8s wrote:
Anyone have this card, it is even worth it?
Worth is always highly subjective regardless of topic. you'd have to tell us what would make it worth it or not if you want us to answer the question for you. Otherwise read up and see if the benefits are worth it to you. Shouldn't you have done your research first?
Were you offered the normal or signature card?
The rewards are redeemable for " exclusive BMW Rewards, including Lease and Finance Credits, BMW Center Rewards, Get Away Rewards and much more".
I personally think the card isn't really worthwhile unless you plan to spend a considerable sum of money at BMW. If you're modding your car using official BMW parts, then those 3% rewards can be a nice touch. Otherwise you are probably better off with other cards.
@09Lexie wrote:
@takeshi74
In OPs defense, it sounds like he/she was unaware of the benefits because it was a pre-approval when buying a car. OP did not seek the card out.
Remember, we are here for support and advice. If either of those can't be offered, then sometimes it's best not to comment at all.
thanks 09Lexie. That's correct.
@takeshi74 - I wasn't considering a card from BMW, the preapproval call is what swayed me. But since it came with a hard pull that I wasn't expecting, I am reconsidering whether to keep it or not.
the members of myFico forums always have the best advice and I wanted to get the opinions of others that may have the card already. But you are correct, ultimately the decision is mine as to whether or not I keep the card.
@enharu wrote:Were you offered the normal or signature card?
The rewards are redeemable for " exclusive BMW Rewards, including Lease and Finance Credits, BMW Center Rewards, Get Away Rewards and much more".
I personally think the card isn't really worthwhile unless you plan to spend a considerable sum of money at BMW. If you're modding your car using official BMW parts, then those 3% rewards can be a nice touch. Otherwise you are probably better off with other cards.
@Anonymous enharu - I was offered the normal card @ 13.24% APR. I don't plan on doing any mods to my car, so I am leaning toward just having them reverse the approval and save it for something else with more diverse rewards.
@halos24 wrote:
My husband was approved for the card back in 2006 when we leased our first BMW. Honestly the rewards came into handy when I paid back some mileage. We did end up getting into another car, but unless your keeping it or leasing another car not sure how much the rewards have recently changed.
Hi halos24 - thanks that makes sense.