BMW Signature Visa Card Review

A Card for BMW Owners

BMW Platinum Visa Card Review
••• Credit: http://www.bmwusa.com/standard/content/financialservices/creditcard.aspx

The BMW Signature Visa Card is a rewards card that comes at a price: a $75 annual fee. The BMW Signature Visa was designed for loyal BMW customers who want to earn rewards toward a new lease, loan, or service.

BMW Signature Visa Details

Annual Fee $75
Sign-up Bonus 30,000 bonus points if you spend $2,000 within three months
Rewards Rate 1X-4X points
Intro Purchase APR 0% for 15 months
Ongoing APR 15.49%-26.49%, depending on your creditworthiness
Balance Transfer APR 15.49%-26.49%, depending on your creditworthiness
Balance Transfer Fee Either $5 or 4% of the amount of each balance transfer
Late Payment Fee Up to $35
Foreign Transaction Fee 3% of each transaction in U.S. dollars
This card has no recommended credit score

Pros & Cons of the BMW Signature Visa

What We Like

  • Good APR

  • Bonus points options

What We Don't Like

  • High annual fee

  • Overly complicated rewards redemption

  • Points cap

BMW Signature Visa Sign-up Bonus

New cardholders can earn 30,000 bonus points if they spend $2,000 within the first 90 day. The card also comes with a 15-month introductory purchase APR of 0%.

Earning Points & Rewards

You earn one point for every dollar on purchases, double points on gasoline purchases, and four points on money spent at BMW service centers. Points work out to a penny apiece and are capped at 500,000 per year.

Redeeming Rewards

Points cannot be redeemed for cash, and you should contact BMW to get specific information about redeeming for goods or services. Points can be redeemed for money back on a lease or loan from BMW Financial Services, adding miles to your BMW lease, or paying for excess wear and use charges. You can use your points to pay for service, parts, and accessories at BMW dealerships, and buying "BMW Lifestyle Merchandise."

BMW reserves the right to replace redemption requests with other products of similar value.

BMW Signature Visa Additional Fees

Penalty APR 31.49%
Returned Payment Fee Up to $35
Cash Advance APR 27.49%
Cash Advance Fee Either $10 or 4% of the amount of each cash advance
This card has no overlimit fee

Is This Card Right For You?

Only if you are paying off a BMW. While the BMW card pays double points on gasoline purchases, there are better ways to earn rewards on gas purchases. The other benefits are only useful to BMW owners or owners to be.

Next Steps

To apply for the BMW Signature Visa card, go to the BMW website.

Credit card pricing, terms, and rewards are subject to change. Check the card issuer's website for the latest credit card deals.