BMW Card

BMW Card Review

This is a store card issued by BMW Bank of North America. If you're wondering whether BMW Card is the right card for you, read on.

Key Takeaways

• 0% APR balance transfer intro rate. Offers an introductory 0% APR rate on balance transfers for up to 15 months, which is longer than the average 0% APR period of 12 months.
• 0% APR on new purchases. New cardholders receive an introductory 0% APR rate on new purchases for up to 15 months.
• Earn 5,000 bonus points after you spend $500 in net purchases within the first 90 days of account opening.
• Competitive APRs. BMW Card has a variable purchase APR that ranges from 15.24% up to 26.24%.
• No annual fee*. This is a great option for people looking for a low-maintenance card. It gives you the benefits of a credit card, but you don't have to pay an annual fee for the privilege.
• 3% Balance transfer fee. BMW Card charges a fee of 3% on balance transfers. For example, a balance of $1,000 could cost $30 in transfer fees. The minimum fee is $5.
• Charges foreign transaction fees. Avoid using this card when traveling abroad because it charges a commission of 2% every time you make a transaction outside the U.S.
• Gas rewards. 3x points on eligible fuel purchases.
• Good or better credit required. You will have low approval odds if your credit score is below 700.

Pros & Cons of BMW Card

The Good

The Bad

No annual fee. Receive 1 point for every dollar spent on everyday purchases. Receive 1 point for every dollar spent on gas purchases. Receive 3 points for every dollar spent at BMW centers. Potentially lower than average purchase APRs. 0% APR balance transfer intro rate on balance transfers for up to 15 months. 0% APR on new purchases during the first 15 months. There is then a variable purchase APR that ranges from 15.24% up to 26.24%. No annual fee. BMW Card reports to multiple credit bureaus.

Restrictions apply for points. You need good credit to qualify. Does not offer a signup bonus. Does not offer rewards or cash back. Charges a foreign transaction fee of 2%. Charges a 3% balance transfer fee. Does not include many credit card benefits.

BMW Card FAQ

Does BMW Card have a cash back or rewards program?

No, it does not offer a rewards program.

What are the relevant APRs for BMW Card?

According to the Federal Reserve Board, the average regular APR is 15% for all credit cards and 17% for accounts that carry a balance. This card has lower than average regular APRs.

BMW Card has a variable purchase APR that ranges from 15.24% up to 26.24%. The card has a variable balance transfer APR that ranges from 17.49% up to 26.49%. It also has a variable cash advance APR of 28.24% . Note that late payments are subject to an APR of 31.24% if you are late or miss your payments. Typically, the penalty APR applies for a minimum of six months but can go on indefinitely.

What are the fees for BMW Card?

The following fees apply:

BMW Card Fees

Fees	Amount
Annual Fee	$0
Foreign Transaction Fee	2%
Returned Payment Fee	up to $41
Late Payment Fee	up to $41

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost card.

Does BMW Card report your account activity to credit bureaus?

Yes, BMW Card reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for BMW Card

• Visit the BMW Card website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.