Monday, August 14, 2006
BMW goes plastic — with credit cards, that is - Statistical Data Included
The 1.25 million BMW owners in the U.S. are being offered a first by a foreign-headquartered brand - two BMW credit cards through VISA and personal banking through the BMW Bank of North America. BMW Financial Services is launching the rollout this month.
With the BMW Ultimate Card, rebates on future vehicle loans or leases will be available, as well as a variety of BMW merchandise sold in BMW dealer boutiques and travel benefits, including $1 million in accident insurance and the ability to travel anywhere on any major airline.
Other benefits are points for purchase of BMW merchandise, including accessories sold by BMW dealers.
The first credit card offered by an automaker was the GM Card, whose benefits included points that gave holders a rebate of up to $2,000 on purchase of a new GM vehicle.
BMW was the first automaker to open its own bank, based in Salt Lake City as an industrial loan corporation. BMW owners can open checking, money market and savings accounts at the BMW Bank on a seven-day 24-hour basis.
Stefan Krause, president of BMW Financial Services, says the automaker began furnishing products and services in Europe in the early 1980s.
On the planning list for the BMW Bank, he added, are home equity and personal finance loans.
BMW Financial Services was established in 1993 and is headquartered in Dublin, OH. It has more than $11 billion in managed assets and about 320,000 automotive lending customers.
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