U.S. Bank and BMW launch redesigned co-branded Mastercard

U.S. Bank and BMW Financial Services North America are launching redesigned BMW, MINI and BMW Motorrad Mastercard credit cards with updated rewards structures and new cardholder benefits, according to a press release from U.S. Bancorp.

The redesigned cards offer 3 points per $1 spent on BMW, MINI and BMW Motorrad purchases, as well as eligible gas station, EV charging station and tollway charges. All other purchases earn 1 point per $1 spent. Cardholders who redeem points at BMW, MINI or BMW Motorrad dealerships receive double the points value, meaning 10,000 points are worth $200 when applied toward a BMW Financial Services loan or lease, compared to $100 in standard redemption.

New cardholders can earn a first-use bonus of 10,000 points after spending $500 within 90 days of account opening. The cards carry no annual fee and offer a 0% introductory annual percentage rate on purchases and balance transfers for the first 12 billing cycles, after which a variable APR of 17.74% to 30.74% applies.

Eligible cardholders can access a six-month installment payment plan with no fees or interest on BMW, MINI and BMW Motorrad purchases through the BMW Card Extend Pay feature. Points can also be automatically applied toward BMW Financial Services loan or lease payments through the Auto Sweeps redemption option.

"Our compelling new card benefits enable BMW customers to earn rewards rapidly when they make everyday purchases, but especially for BMW purchases," said Tanuj Suri, head of co-brand cards at U.S. Bank.

Ole Jensen, President and CEO of BMW Financial Services North America, said the enhanced card benefits are intended to make it easier for customers to apply everyday spending rewards toward dealership purchases and financing payments.

U.S. Bancorp (NYSE: USB), headquartered in Minneapolis, is the parent company of U.S. Bank National Association, which it describes as the fifth-largest commercial bank in the United States.

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