"Good APR!!!"
BMW Visa® Card Review
Written by: rockin35 on 2008-04-19
Overall Satisfaction
Customer Service
Rewards
Account Management
Delivery Time
rockin35's review: 
I just received the BMW Visa card today, the CL is for $2500, I was even more surprised to see the interest rate was 11.9% fixed. This is a good rate for me, especially compared to some of the other rates I have come across. I like this card already. My scores were TU-731/ Equifax-719/Exsp-729. As a result, I will be canceling 4 of my other non-used cards. Rockin35!
I just received the BMW Visa card today, the CL is for $2500, I was even more surprised to see the interest rate was 11.9% fixed. This is a good rate for me, especially compared to some of the other rates I have come across. I like this card already. My scores were TU-731/ Equifax-719/Exsp-729. As a result, I will be canceling 4 of my other non-used cards. Rockin35!
8 Comments
Comment 1 by yoyo11
Hmmmm 
on 2008-04-19
30% of your credit score is payment history... Will canceling 4 credit cards hurt you? Will your debit to credit ratio go down also? My sister is cleaning up her credit... Paid off two card and closed them... Her score when down 25 points... Reconsider... Just pay them off... And keep them open... Just a sugestion... LOL
on 2008-04-19 30% of your credit score is payment history... Will canceling 4 credit cards hurt you? Will your debit to credit ratio go down also? My sister is cleaning up her credit... Paid off two card and closed them... Her score when down 25 points... Reconsider... Just pay them off... And keep them open... Just a sugestion... LOL
Comment 2 by mark
Think About It on 2008-04-19
If you're paying high annual fees for the cards you mentioned..
then I guess closing them will save you a lot in the future.
but if they're not, better keep them open and with low balance because you're payment history is a huge chunk of your credit score
on 2008-04-19 If you're paying high annual fees for the cards you mentioned..then I guess closing them will save you a lot in the future.
but if they're not, better keep them open and with low balance because you're payment history is a huge chunk of your credit score
Comment 3 by rockin35
Just Tired Of The Old Cards on 2008-04-19
Well, my primary goal is to decrease the amount of cards I have. I have some cards for over 10 years that are really not being used. Some of which have activity for 1 transaction in a years time. I'm basically using them to remain active with those financial institutions. I realize it could impact my score, but after gearing up for a mortgage in about 8 months, I want to eliminate some of these accounts. None of the cards I have, charge annual fees but the interest rates are too high on them. After I build 6 months solid on the new card, I will cancel out a few of the other cards that have low limits on them anyway. Rockin35!
on 2008-04-19 Well, my primary goal is to decrease the amount of cards I have. I have some cards for over 10 years that are really not being used. Some of which have activity for 1 transaction in a years time. I'm basically using them to remain active with those financial institutions. I realize it could impact my score, but after gearing up for a mortgage in about 8 months, I want to eliminate some of these accounts. None of the cards I have, charge annual fees but the interest rates are too high on them. After I build 6 months solid on the new card, I will cancel out a few of the other cards that have low limits on them anyway. Rockin35!
Comment 4 by palten
Don't Waste Your Time on 2008-04-20
"BMW Platinum Card is horrible - Don't waste "
I purchased a BMW 330Cic last year and decided to get the BMW Platinum VISA Card. I was approved for a 12,500 credit line (the max is 15000) and received the card.
I had it in my desk for about 3 weeks and was planning a trip to southern Florida and went online to check out my account and found my available credit to be $0.
When I called customer service, they indicated I needed to fax in a copy of my electric bill for address verification and it should take 24 hours to release the hold and restore my available credit.
5 days went by and still nothing completed, I was calling daily to no avail.
On the Friday, I was told the only person who had the authority to resolve my issue was out until the following Tuesday, I was not a happy camper and let them know.
I then received the letter indicating they required an address verification, which I had already provided.
After almost 2 weeks, they indicated I no longer qualified for the card and that they were closing my account. I was ready to close it myself, they are horrible.
I indicated I was glad I had financed my BMW with my credit union !
I got rid of the BMW and the card - got a MB and a Lexus VISA Signature with twice the limit and awesome customer service.
Drive the car, finance with your bank or credit union and don't use the BMW card.
on 2008-04-20 "BMW Platinum Card is horrible - Don't waste "I purchased a BMW 330Cic last year and decided to get the BMW Platinum VISA Card. I was approved for a 12,500 credit line (the max is 15000) and received the card.
I had it in my desk for about 3 weeks and was planning a trip to southern Florida and went online to check out my account and found my available credit to be $0.
When I called customer service, they indicated I needed to fax in a copy of my electric bill for address verification and it should take 24 hours to release the hold and restore my available credit.
5 days went by and still nothing completed, I was calling daily to no avail.
On the Friday, I was told the only person who had the authority to resolve my issue was out until the following Tuesday, I was not a happy camper and let them know.
I then received the letter indicating they required an address verification, which I had already provided.
After almost 2 weeks, they indicated I no longer qualified for the card and that they were closing my account. I was ready to close it myself, they are horrible.
I indicated I was glad I had financed my BMW with my credit union !
I got rid of the BMW and the card - got a MB and a Lexus VISA Signature with twice the limit and awesome customer service.
Drive the car, finance with your bank or credit union and don't use the BMW card.
Comment 5 by robby
Really? on 2008-04-20
First of all, I never knew there was a BMW bank.
maybe because I don't drive a BMW ha ha ha!
but even now that I know there exists such a bank..
i wouldn't apply just because I don't have any plans of buying a BMW in the next 3 yrs... So there goes any rewards that i'll be getting from this card
on 2008-04-20 First of all, I never knew there was a BMW bank.maybe because I don't drive a BMW ha ha ha!
but even now that I know there exists such a bank..
i wouldn't apply just because I don't have any plans of buying a BMW in the next 3 yrs... So there goes any rewards that i'll be getting from this card
Comment 6 by rockin35
Good Information on 2008-04-20
Well, that's good information to know about. Right now, I have the BMW Visa and the Lexus Pursuits Visa but I plan to keep the Lexus Visa no matter what. I got a high credit line with them and not to mention they make things "seamless". They also have a Mercedes Benz Visa, Honda Chase Card, Subara Visa, Harley Davidson Visa, they have all sorts of auto-maker credit cards out there. But anyways, I'll see how things go with BMW. I cant figure out how or why they would need an "address verification" from you if you've already activated the card and had it for some time. That doesn't make sense to me. They have some issues going on!! Rockin35!
on 2008-04-20 Well, that's good information to know about. Right now, I have the BMW Visa and the Lexus Pursuits Visa but I plan to keep the Lexus Visa no matter what. I got a high credit line with them and not to mention they make things "seamless". They also have a Mercedes Benz Visa, Honda Chase Card, Subara Visa, Harley Davidson Visa, they have all sorts of auto-maker credit cards out there. But anyways, I'll see how things go with BMW. I cant figure out how or why they would need an "address verification" from you if you've already activated the card and had it for some time. That doesn't make sense to me. They have some issues going on!! Rockin35!
Comment 8 by jfl232
Re: Good APR!!! on 2010-06-03
I leased a BMW in 2006 then purchased in 2009. I have the Platinum BMW credit card and I love it. I have a $7,000 limit with 4.99% APR!!! I send payments via online bill pay from Bank of America. I'm not too concerned about the rewards, because I love the interest rate. I used my points to get a free detail and oil change at the dealership. This is a great card with very low interest rates although I have a good credit score, not excellent but on that border.
on 2010-06-03 I leased a BMW in 2006 then purchased in 2009. I have the Platinum BMW credit card and I love it. I have a $7,000 limit with 4.99% APR!!! I send payments via online bill pay from Bank of America. I'm not too concerned about the rewards, because I love the interest rate. I used my points to get a free detail and oil change at the dealership. This is a great card with very low interest rates although I have a good credit score, not excellent but on that border.
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Disclaimer: This content is not provided by BMW Bank of North America. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by BMW Bank of North America. Review content is powered by Finance Globe.
Disclaimer: This content is not provided by BMW Bank of North America. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by BMW Bank of North America. Review content is powered by Finance Globe.
