BMW Precision Card Review

BMW drivers who live and breathe BMW will likely enjoy the BMW Precision World Elite Mastercard, issued by Elan Financial Services. The card offers its highest rewards rate on BMW purchases, gives you a redemption bonus when you use your points for BMW purchases and provides a yearly statement credit for BMW Center purchases.

The card may not be a good fit if your goal is to earn the most possible rewards you can with your everyday spending, or you want to earn rewards without paying an annual fee.

Pros Explained

• BMW redemptions have 25% more value: If you have 10,000 points, you can get a $100 statement credit or a $125 BMW Rewards Card you can use to pay for BMW service, accessories, end-of-lease costs, and more.
• A strong earnings rate for all purchases: It’s a rare find to have a tiered rewards card offer 1.5 points per dollar on non-bonus categories–especially for an auto credit card.
• Annual dealership credit: You’ll get an automatic statement credit up to $70 for purchases made at BMW, including BMW Centers and BMW Financial Services.

Cons Explained

• Bonus for new cardholders is lackluster: The bonus is worth, at best, $93.75 when redeemed for BMW purchases; otherwise, the 7,500 points are worth $75. Most auto branded cards are just as stingy; you’re better off with a general rewards card as those bonuses are much more generous. 
• High annual fee: The Precision card is the only auto-branded credit card to charge an annual fee.

BMW Precision Card Bonus for New Cardholders 

The card offers a 7,500-point bonus if you can spend $1,000 within 90 days of opening an account. Your bonus is equivalent to $75 or $93.75 if redeemed for BMW purchases.

After the first three months, it will take about six to eight weeks for your 7,500 points to be credited to your account.

While the bonus is competitive among auto-branded cards, several cash-back rewards cards offer bonuses of up to $150 without an annual fee. 

Earning Points & Rewards

The BMW Precision Card offers the following bonus earnings: 

• 5 points per dollar on BMW purchases
• 3 points per dollar on gas
• 2 points per dollar at restaurants
• 1.5 points per dollar on all other purchases

If you spend $3,600 at BMW centers for the year, $300 a month on gas, $300 a month on dining out, and another $500 for all other purchases, you’ll earn 45,000 points in a year. If you’re saving up for a down payment for your next BMW lease or purchase, building up your points for a while can really help (more on that later).

Compared to other automaker branded cards, the 5-points-per-dollar for brand-related purchases is standard. The rewards rate for gas purchases is excellent, as is the 1.5-points-per-dollar base rate.

Redeeming Rewards

You can redeem your points for BMW purchases at a rate of 1.25 cents per point. “BMW purchases” include the following scenarios at BMW Centers (dealerships): 

• Part of a vehicle down payment
• Pay for repairs and vehicle maintenance
• Purchase accessories 
• Purchase additional miles for a lease
• Pay for expenses incurred related to your lease

If you’re making a BMW purchase that isn’t related to your lease, you’ll need to convert your points into a BMW Rewards Card that you use to make your purchases. For lease-related points redemptions, BMW will convert your points into a cash value applied as a credit to your lease.

You have the option of redeeming your points the following way at a rate of 1 cent per point:

• Statement credit
• Travel
• Gift cards
• Merchandise
• Magazines
• Event tickets

How to Get the Most Out of This Card

BMW Precision cardholders can maximize this card by using it for all BMW Center spending since that’s the highest points category (and the first $70 will come back to you in statement credits). Use the card for gas purchases, too, since your other cards probably won’t offer better than 3 points per dollar. Then, aim to get that extra 25% value by redeeming your points for BMW rewards.

It also pays to make sure you spend $1,000 in the first three months to earn the sign-up offer for new cardholders, even if it isn’t all that much.

Finally, don’t forget to pay your balance in full each month. Carrying a balance could mean the finance charges you pay exceed the dollar value of the points you earn.

The BMW Precision Card’s Excellent Perks 

The BMW Precision Card has one benefit that The Balance editors deem “excellent”:

• Cell phone coverage: You can get up to $1,000 of annual coverage for damage or theft of your mobile devices.

The BMW Precision Card’s Other Features 

• Get every sixth ride with Lyft for free (up to $10)

Customer Experience

The BMW Precision Card offers 24/7 customer service. You can use the BMW Family of Cards App, available on Android and iOS devices to manage your account, too.

Security Features 

The BMW Precision card offers standard security measures, including identity monitoring, zero liability for fraudulent purchases, and emergency card replacement if your card is lost or stolen.

BMW Precision Card’s Fees 

The BMW Precision Card has a $99 annual fee but no foreign transaction fee. You can avoid most other charges and fees by not missing payments.