US Bank buys BMWs credit card business

BMW Bank of North America provides loans and other financing to buyers of BMW vehicles and is one of the last automakers to still be in the card business. Other manufacturers and retailers have shed their credit card units to banks that can maintain the reporting and other regulatory requirements to run them.

The changeover for existing users of BMW credit cards will happen in the first months of 2020.

US Bank’s new BMW-affiliated card will come with rewards, where customers can earn and redeem points toward BMW products and services. The bank will offer new customers of the card a one-click application process that could be triggered inside a BMW dealership to assist with a car down payment.