U.S. Bank Enters Co-brand Agreement With BMW to Issue New Cards With Enhanced Digital Experiences, Greater Value to Customers
July 22 2019 - 11:00AM
Business Wire
U.S. Bank, the fifth-largest bank in the United States, has
entered into a co-brand agreement with BMW Financial Services NA,
LLC 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.
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“We are thrilled to have the opportunity to serve customers of
BMW, a brand and company that is recognized and respected around
the world,” said 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 with richer
rewards where customers can earn and redeem points toward BMW
products and services. Customers will be able to easily add cards
into digital wallets and use the cards at contactless readers. The
cards will also have an EMV chip and magnetic stripe for maximum
convenience.
In addition to card enhancements for current customers, new
customers will benefit from an improved and 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,” said 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 share our same
customer-centric values,” said 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.
BMW Group Financial Services NA, LLC BMW Group Financial
Services was established in the U.S. in 1992 to support the sales
and marketing of BMW products. Since then, the Group has expanded
to provide service to markets in multiple countries and continues
to evolve beyond its role as a captive finance unit. BMW Group
Financial Services offers a wide range of leasing, retail and
commercial financing and banking products tailored to meet the
needs of the BMW customer. The Group also provides financing to BMW
dealers for expanding dealership capabilities and enhancing overall
operations. With more than $45 billion in serviced assets and
1,300,000 automotive lending customers across the U.S., BMW Group
Financial Services finances more than three-quarters of the BMWs
sold or leased in North America. BMW Group Financial Services
employs more than 1,000 people, including consultants and service
providers, many of whom are located in the Hilliard, Ohio, which
serves the U.S.A., Brazilian, Canadian and Mexican markets through
its Regional Service Center.
In 2001, the MINI Financial Services division was established to
provide support for the brand’s dealers and its customers by
offering financing and leasing options and branded financial
services products.
About U.S. Bank U.S. Bancorp, with 74,000 employees and
$482 billion in assets as of June 30, 2019, is the parent company
of U.S. Bank, the fifth-largest commercial bank in the United
States. The Minneapolis-based bank blends its relationship teams,
branches and ATM network with mobile and online tools that allow
customers to bank how, when and where they prefer. U.S. Bank is
committed to serving its millions of retail, business, wealth
management, payment, commercial and corporate, and investment
services customers across the country and around the world as a
trusted financial partner, a commitment recognized by the
Ethisphere Institute naming the bank a 2019 World’s Most Ethical
Company. Visit U.S. Bank at www.usbank.com or follow on social
media to stay up to date with company news.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190722005450/en/
Dana Stone, U.S. Bank Public Affairs & Communications
651-435-7908 office, 720-778-6667 mobile dana.stone@usbank.com
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