BMW Signature Visa Card Review
A Card for BMW Owners
The BMW Signature Visa Card is a travel 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
|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|
Pros & Cons of the BMW Signature Visa
What We Like
Bonus points options
What We Don't Like
High annual fee
Overly complicated rewards redemption
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
BMW has a reputation for building some of the best-engineered cars in the world. But that status doesn't extend to its loyalty credit card. The rewards package on the BMW Platinum Visa Card is less than high-powered.
You earn one point for every dollar on purchases, double points on gasoline purchases, and 4X points on money spent at BMW service centers. Points work out to a penny apiece. Points are capped at 500,000 per year.
It is unclear how much points are worth, as the cannot be redeemed for cash, and you have to contact BMW to get 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
|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|
Is This Card Right For You?
Only if you are paying off a BMW. If you prefer other brands of automobile and are interested in earning points toward a future vehicle purchase, check out the GM Flexible Earnings Card, the new Chrysler MasterCard, or the Toyota Rewards Visa.
While the BMW card pays double points on gasoline purchases, there are better ways to earn rewards on gas purchases. Check out our list of the Five Best Gas Cards.
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.