The loyalty space has seen some unlikely partnerships in recent years. Brands form these alliances to offer their customers valuable rewards that just so happen to be a product or service from another brand. A new one of these exciting offerings is coming to the market.
U.S. Bank has entered into a co-brand agreement with BMW Financial Services to issue credit cards that will deliver enhanced digital experiences and greater value to BMW, MINI, and BMW Motorrad enthusiasts. U.S. Bank has also acquired the existing credit card portfolio from BMW Bank of North America, LLC, as part of this agreement.
“We are thrilled to have the opportunity to serve customers of BMW, a brand and company that is recognized and respected around the world,” says John Steward, President of U.S. Bank Retail Payment Solutions. “BMW’s superior reputation is a testament to its customer commitment and innovative thinking. Putting the customer at the center is a commitment we share at U.S. Bank. We look forward to building on that legacy together for the benefit of those who are passionate about BMW, MINI and BMW Motorrad.”
The new program will provide an enhanced experience where customers can earn and redeem points toward BMW products and services. Customers will be able to add cards into digital wallets and use the cards at contactless readers. The cards will also have an EMV chip and magnetic stripe for convenience.
In addition to card enhancements for current customers, new customers will benefit from a simplified, one-click application process that customers can initiate on their mobile devices and receive an instant decision. When approved, customers can instantly use the card in the dealership to assist with their down payment or to purchase BMW merchandise and accessories.
“Our drive to enhance the customer experience through the products and technology capabilities of today’s payment services is our key objective,” says Ian Smith, CEO, BMW Financial Services North America. “We believe that our discerning customers will discover tremendous value in the additional features and benefits of this new co-branded card partnership.”
“U.S. Bank has a world-class team who shares our customer-centric values,” adds Phil Masi, President, BMW Bank of North America. “We have no doubt that this new partnership will provide cardholders with an even higher level of customer service, rewards, and benefits than ever before.”
New cards and features will be available in January 2020. Until then, customers will be able to use existing cards.