BMW Credit Cards

[Anonymous]

For those of you that savor BMW there is a new kid in town according to the News Release in the Startribune 07/23/2019 Edition of the paper.

U.S. Bank is adding some luxury luster to its credit card lineup. The nation’s fifth-largest bank said Monday it agreed with BMW Financial Services to issue credit cards that provide rewards for BMW products and services. U.S. Bank also acquired an existing credit card portfolio from BMW Bank of North America, which provides loans and other financing to buyers of BMW vehicles.

The changeover for existing users of BMW credit cards will happen early next year. U.S. Bank said its new BMW-affiliated card “will provide an enhanced experience with richer rewards where customers can earn and redeem points toward BMW products and services.” U.S. Bank will offer new customers of the card a oneclick application process that could be triggered inside a BMW dealership to assist with a car down payment.

[AverageJoesCredit]

Sorry, just give me a Citroen

[wasCB14]

I wonder what share of auto cobrand CC rewards earned towards purchase/parts/service actually get redeemed.

Then again, the newest car in my family is mine at 10 years...

[Anonymous]

Joe ... you know what is scary? Many of the movies in the 1960s and 1970s when supposedly taking place in foreign locations used the Citroen. Actually sat in one once! Don't know much about them in the current market place?

[Anonymous]

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@wasCB14 wrote:

I wonder what share of auto cobrand CC rewards earned towards purchase/parts/service actually get redeemed.

Then again, the newest car in my family is mine at 10 years...

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I don't know but my BMW came with 4 years free maintaince and I have had the vehicle for 3 1/2 years so I haven't paid anything to BMW dealership yet.   I doubt once free Maintainance ends that I will be servicing it at BMW dealership.  

[Anonymous]

You'd have to store all you eggs in this basket though, in order to see a significant savings. Just like any rewards card. 

Will it be a flat 2% card, or point structured similar to the old breakdown?

I considered the GM card years ago, but didn't feel like commiting all my spend to that one basket.

Even if you put the whole purchase price of the car on this card, it's minimal savings at 2%. 

I'm curious as to why BMW let U.S. Bank take over their own CC though.

[M_Smart007]

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@AverageJoesCredit wrote:
Sorry, just give me a Citroen

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most don't even know what a Citroen is?

But at least maintenance don't cost you a HP and a High Limit CC

also 007 Chic's really dig 'em

#ForYourEyesOnly

[Anonymous]

@Anonymous elsewhere I read that BMW was joining the others in the industry and getting out of the financial business and refocusing on more of their core business.

[Anonymous]

Interesting, I wonder if that means Financing for BMW will be come more difficult to get versus how it was in house?

US Bank seems more reserved when it comes to lending. Of course CC are unsecured debt, where Auto Loans are not. 

[Anonymous]

@Anonymousyou pose and interesting question and we know that US Bank has been known for their being reserved. There is a new CEO at US Bank (been there for two years) and he is shaking the tree so to speak and maybe the reserved is under siege? US Bank will be expanding into four new states this year and closing between 300 to 450 branches in areas where not needed.

He is committed to major Technolgy changes and is focusing heavily on their mobile apps. They even have the branch employees wearing US Bank Shirts with a Smart Phone in the shirt pocket (was in a Branch today). Been getting revised and updated Mobile Apps regularly as well as surveyed on various changes in the bank.

Their Bauer Financial Rating changed to 'Five Stars' on March 31, 2019 which is as high as it goes. Must be doing something.