U.S. Bank buys BMW cobranded card, readying switch to Mastercard
U.S. Bank has purchased BMW’s cobranded Visa credit card portfolio and will issue a new version of the card under the Mastercard brand early next year.
The move comes after U.S. Bank purchased the existing BMW rewards card portfolio owned by BMW Bank of North America. Terms were not disclosed.
U.S. Bank will launch a new cobranded BMW rewards card in January with a new feature enabling car buyers to apply for and receive the card instantly inside BMW car dealerships and through U.S. Bank’s app, U.S. Bank said in a Monday press release.
Existing customers may continue to use the existing Visa cobranded card until U.S. Bank issues the new version, the release said.
“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,” said John Steward, president of U.S. Bank Retail Payment Solutions
“Our drive to enhance the customer experience through the products and technology capabilities of today’s payment services is our key objective,” said Ian Smith, CEO of BMW Financial Services, in the release.