US Bank has entered into an agreement with BMW Financial Services to issue co-branded credit cards.
The partnership will enable the customers to earn and redeem points toward BMW products and services.
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The new credit cards will feature an EMV chip and magnetic stripes. Additionally, the customers can use the cards at contactless readers and add them into their digital wallets.
As part of the agreement, the lender also acquired the existing credit card portfolio of BMW Bank of North America for an undisclosed amount.
BMW Financial Services North America CEO Ian Smith said: “Our drive to enhance the customer experience through the products and technology capabilities of today’s payment services is our key objective.
“We believe that our discerning customers will discover tremendous value in the additional features and benefits of this new co-branded card partnership.”
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By GlobalDataThe new cards along with the new features are expected to roll out in January next year. Till then, the existing cards will continue to remain active.
US Bank Retail Payment Solutions president John Steward said: “BMW’s superior reputation is a testament to its customer commitment and innovative thinking. Putting the customer at the centre is a commitment we share at US 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 fifth largest lender of the US, US Bank had $482bn in assets, as of 30 June 2019.
