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The BMW Platinum Visa was last reviewed on 2nd September 2006
Reward Formula - With the BMW Platinum Visa Card, there are 2 tiers of reward program. The first is the "Free Reward Program". Under this program, you will earn 1 point for every 2 dollar spent on purchases using your BME Platinum credit card. You will also earn 1 point for every dollar spent on gasoline. You can redeem your rewards for car maintanence services, leases and loans, and BMW lifestyle products. The rebate percentage works out to 0.5% (quite low). Reward points expire in 5 years. Below is a brief summary of the types of reward that you can claim under the Free Rewards Program.
| Rewards on BMW serices lease and loans | | Maximum rebate | $5,000 | Points needed for $100
Lease or loan certificate | 10,000 |
| Free Additional Lease Miles | | Rewards | Points Needed | | 1,000 Miles | 20,000 points | | 2,000 Miles | 40,000 points | | 3,000 Miles | 60,000 points | | 5,000 Miles | 100,000 points |
Other than the rewards above, you can also redeem $100 with 10,000 points (similar ratio for increments) and use them for excess wear and use on your leases, to purchase BMW accesories and BMW merchandise. As you actually get $1 for every 100 points, and each point is earned by spending $2, the rebate percentage works out to 0.5%.
Under the Performance Plus Reward Program, you earn 1 point for every dollar spent on your credit card. You can redeem points for airline tickets, Wyndham, Marriot and Ritz Carlton cash certificate and other shopping merchadise.
Fees - There is no annual fee for this credit card, though you have to pay a $50 annual fee if you wish to subscribe to the Performance Plus Reward Program. The apr is also moderately low at Prime Rate plus 6.99%
VerdictIf you are a BMW owner and would like to use your credit card purchases to save some money on your future purchase of BMW merchandise, then you might want to consider this credit card. There is no annual fee if you choose the Free Reward Program and the apr is quite low. However, the reward formula has a low payout and you would take more spending to earn the same dollar in rewards compared to other auto, general or specialized reward credit cards.
For those who want to earn reward points to use for their next auto purchase, but am not sure which brand they are buying, we recommend the Citi® Driver's Edge® Platinum Select® Card, whose reward points can be used for any brand of vehicle (whether you lease or buy).
| BMW Visa Platinum Card | | Reward Benefits | | Sign-on Bonus | none
| | Point Accumulation | 1 point for every $2 spent on purchases
Earn double points at gasoline stations
Earn 1 point for every $1 spent on card if enrolled in "Performance Plus reward" ($50.00 annual membership) | | Anniversary Bonus | none | | Points Expiration | 5 Years | | Caps on Points | No Caps | | Credit Limits | depends on individual | | Travel and Insurance Benefits | Up to $250,000 Travel Insurance
Auto Rental Insurance
Up to $3,000 lost luggage insurance
Travel and Emergency Assistance
Roadside Assistance
| | Other Benefits | Warranty Manager
24 hour customer service
Year-end account summary
Emergency cash and card replacement | | Cost/Fees/Interest rates | | Introductory rate | none | | Annual Fees | none | | Purchase APR | Prime Rate plus 5.99% | | Balance Transfer APR | Prime Rate plus 5.99% | | Cash Advance APR | Prime Rate plus 8.00% | | Penalty/Default Rate | Prime Rate plu 19.99% | | Overdraft Advance Rate | nr | | Min Finance Charge | $0.50 | | Grace Period | 22 days | | Balance Calculation Method | Average Daily Balance | | Balance Transfer Fee | 3%, min $5.00 | | Convenience checks fee | nr | | Cash Advance fee | 3% ,min $5.00 | | Foreign Currency Conversion fee | nr | | Over-the-credit-limit fee | $29.00 | | Late Payment fee | $15.00 - less than $100
$29.00 - $100 to $1000
$35.00 - $1000 and above |
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