As of June 30, 2012 

Annual Percentage Rate 
(APR) for Purchases and 
Balance Transfers 

MINI Card Pricing Information  

Prime + 6.99% to Prime + 17.99% 

APRs (as of 06/30/12): 10.24% to 21.24% 

Daily Periodic Rates (as of 06/30/12): 0.0281% to 0.0582% 

This APR will vary with the market based on the Prime Rate. 

APR for Cash Advances 

Prime + 19.99% 

APR (as of 06/30/12): 23.24% 

Daily Periodic Rate (as of 06/30/12): 0.0637% 

This APR will vary with the market based on the Prime Rate. 

Penalty APR and When it 
Applies 

Prime + 23.99% 

APR (as of 06/30/12):  27.24% 

Daily Periodic Rate (as of 06/30/12): 0.0746% 

Paying Interest 

This APR will vary with the market based on the Prime Rate. 

This APR may be applied to your account if you  

1) Make a late payment; or 

2) Make a payment that is returned. 

How Long Will the Penalty APR Apply?: If your APRs are 
increased, the Penalty APR will apply until you make six consecutive 
minimum payments when due. 

You will not have to pay Interest on Purchases if you pay your New 
Balance in full by the Payment Due Date shown on your current 
statement, which shall be not less than 22 days after the close of the 
billing cycle. Otherwise, Interest will accrue from the date of the 
transaction (or, at our option, from the date they are posted to your 
Account). There is no grace period on Cash Advances or Balance 
Transfers, or on any new transaction when there is an unpaid balance 
from a previous bill. 

Minimum Interest Charge 

If you are charged Interest on Purchases, the charge will be no less 
than $0.50.  

Annual Fee 

None. 

Transaction Fees 

  Balance Transfer 

Either $5 or 4% of the amount of each Balance Transfer, whichever is 
greater. 

  Cash Advance 

Either $10 or 4% of the amount of each Cash Advance, whichever is 
greater. 

 

International Transaction 

3% of each transaction in U.S. dollars. 

Penalty Fees 

  Late Payment 

Up to $35 

  Returned Payment 

Up to $35 

 
 
 
 
 
How we calculate variable 
rates 

How we calculate the 
interest charge   

MINI Card Pricing Information  

The periodic rates and corresponding APRs will vary with the market 
based on the highest domestic bank “prime rate” as published in the 
“Money Rates” section of The Wall Street Journal (the “Prime Rate”).  
We determine your APRs for each billing cycle by adding the Margins 
shown above to the Prime Rate published two days prior to the billing 
cycle closing date.  If the Prime Rate increases, the daily periodic 
rates and corresponding APRs may increase, and as a result, the 
Interest, the minimum payment, and the number of payments also may 
increase.  Any new periodic rate will apply to the existing balance of 
your Account to the extent permitted by applicable law.   

We use a method called "daily balance (including new transactions).” 
We will figure Interest on your Account by applying the periodic rate to 
the “daily balance” on your Account for each day in the billing cycle. To 
get the “daily balance”, we take the beginning balance of your Account 
each day add any new Purchases, Cash Advances, Balance 
Transfers, and/or applicable fees, and subtract any payments and/or 
credits.  This gives us the “daily balance.”  The total Interest on your 
Account for a monthly billing cycle will be the sum of the Interest for 
Purchases, the Interest for Balance Transfers, and the Interest for 
Cash Advances (or any minimum Interest charge). This Agreement 
provides for compounding of Interest. 

CARDHOLDER AGREEMENT 

Retail Instalment Credit Agreement 
1. YOUR MINI PLATINUM VISA® CARD AGREEMENT: This is the Agreement that establishes the terms of your Cardholder 
Account ("Account") with BMW Bank of North America. Please read it carefully and keep it for your records. The application 
or pre-approved acceptance you signed or otherwise submitted (including the accompanying federal and state notices), your 
Card, the Card Carrier we send with your Card, the Summary of Terms we provide on or with your Card Carrier and your 
signature (including any digital or electronic signature) on the application or pre-approved acceptance, your Card, sales slip 
or other evidence of indebtedness are part of and are incorporated into this Agreement. You do not need to sign this 
Agreement but please be sure to sign the back of your Card if you have not already done so. Cards are issued and credit is 
extended by BMW Bank of North America in Salt Lake City, Utah. Any use of your Card or Account constitutes your 
acceptance of the terms and conditions of this Agreement. This Agreement begins on the earlier of (a) the date you sign or 
otherwise submit an application or pre-approved acceptance that is approved by us or (b) the first date that you or someone 
authorized by you uses the Account in a transaction that we approve (in NY, the first date that you or someone authorized by 
you signs a sales slip or memorandum or the first date that another document is issued to you or someone authorized by you 
as evidence of a transaction on your Account that we approve). 

2. CERTAIN DEFINITIONS: In this Agreement, the words “you” and “your” refer to each person (jointly and severally if 
more than one) who has applied for the Account and any other person who has agreed to be responsible for the Account. 
The words “we”, “us” and “our” refer to BMW Bank of North America, its agents, successors or assigns. “Card” refers to 
each Visa Card that is issued by us for your Account. The term “Check” refers to a convenience check, a written Credit 
Device that we may issue to you. The term “Credit Device” refers to a Check, payee-designated check, draft, order, or other 
transaction that accesses the Account, other than a Card.  Any Card or Credit Device must be destroyed upon our request. 

3. USING YOUR ACCOUNT: You may use your Card or Account to purchase or lease goods or services or pay amounts 
you owe wherever the Card is honored (collectively, “Purchases”). From time to time we may offer you the opportunity to 
use your Account or a Credit Device to pay amounts you owe under accounts with other creditors (“Balance Transfers”). 
You may also use your Card or a Check to obtain cash loans (“Cash Advances”) from any financial institution that accepts 
the Card. You agree to accept credits to your Account instead of cash refunds when the original Purchase was charged to 
your Account.   

You may obtain a Cash Advance by writing a Check.  Checks will not be subject to any stop payment order and will not be 
returned to you.  Each Check may be used only by the person(s) whose name(s) is/are printed on it.  Each Check must be 
completed and signed by you (or either of you) in the same manner as a regular personal check.  You may not use any 
Check we issue to you to pay any amount you owe under your Cardholder Agreement or under any other credit agreement 
or account you may have with us. In addition to Check transactions, the following transactions will be treated as Cash 
Advances:   

 
 
 
 
 
–  obtaining cash from participating Automated Teller Machines (ATMs)  
–  obtaining cash from participating financial institutions nationwide that have agreed  

with Visa to allow you to use your Card to obtain cash;   

–  obtaining money orders, wire transfers, casino or gaming chips, travelers’ checks,  

foreign currency, vouchers redeemable for cash or similar items.  

You may not use your Card or Account for online or internet gambling or for any illegal purpose. 

4. OBLIGATIONS ON YOUR ACCOUNT: You authorize us to pay and charge your Account for all Purchases and Cash 
Advances made or obtained by you or anyone you authorize or by anyone that has apparent authority to use your Card or 
Account. You promise to pay us for all of these Purchases and Cash Advances, plus any Interest assessed on your Account 
and any other charges and fees which you may owe us under the terms of this Agreement. You will be obligated to pay 
authorized charges to your Account whether resulting from (a) actual use of your Card or a Credit Device, (b) mail order or 
telephone, computer or other electronic Purchases made without presenting the Card or (c) any other circumstance where 
you authorize a charge, or authorize someone else to make a charge, to your Account. All payments must be made in U.S. 
dollars. Any payment made by check or other negotiable instrument must be drawn on a U.S. bank or a U.S. branch of a 
foreign bank.  

5. JOINT ACCOUNTS: If this is a joint Account, each of you has the right to use the Account as provided for in this 
Agreement and is individually responsible to pay the entire balance due. Either of you may give us notice required or 
permitted under this Agreement. If each of you gives us notices or makes requests, and those notices or requests are 
conflicting, we may honor or refuse to honor either request at our option. We can do so without notice to the person(s) whose 
request is not honored. We will not be liable for honoring or refusing to honor any conflicting request. We may require that 
you pay the full amount owed without our first asking the other person(s) to pay. 

6. CREDIT LIMIT: Your Credit Limit is shown on the Card Carrier containing your Card. Since we may change your Credit 
Limit from time to time, your latest Credit limit will appear on your monthly statement. You agree not to make a Purchase or 
obtain a Cash Advance that would cause the unpaid balance of your Account to exceed your Credit Limit (including Interest, 
fees and other charges). We may honor Purchases and Cash Advances in excess of your Credit Limit or Cash Advance 
Credit Limit, as applicable, at our sole discretion. If we do, this Agreement also applies to that excess and you agree to pay 
that excess immediately if we request that you do so. Subject to any restrictions under applicable law, you agree that we may 
change or cancel your Credit Limit at any time without affecting your obligation to pay amounts that you owe under this 
Agreement. We may designate that only a portion of your Credit Limit is available for Cash Advances (“Cash Advance 
Credit Limit”) and you agree not to exceed that limit. For security reasons, we may limit the number or dollar amount of 
transactions that may be accomplished with your Card, Account or any Credit Device, and we have the right to limit 
authorizations to complete such transactions if we consider it necessary to verify payments received.  

7. MONTHLY STATEMENTS: We will send a statement at the end of each monthly billing cycle in which your Account has a 
debit or credit balance of more than $1 or if Interest (as defined below)  has been imposed, or as required by applicable law. 
Among other things, your Monthly Statement will show your New Balance, any Interest, your Credit Limit and Cash Advance 
Credit Limit and Credit Available, your Minimum Payment Due and the Payment Due Date. However, Interest and fees will 
continue to accrue whether or not we send you a Monthly Statement. 

8. PAYMENT ON ACCOUNT: If we receive a payment on your Account at the address shown on your Monthly Statement 
before 5:00 p.m. on any Processing Day (which is any business day, excluding banking holidays) your payment will be 
considered made on the date received. Your payment will not be considered received by us if the payment is later 
dishonored. Payments received at a location other than at the payment address shown on the Monthly Statement may be 
delayed by up to five business days. Payments posted to your Account may not immediately result in additional available 
funds. Subject to any restrictions of applicable law, we will apply your payments to the balances in your Account in whatever 
manner we determine.  Generally, payments up to the required minimum payment will be allocated to balances with lower 
Annual Percentage Rates (“APRs”) (including new transactions) before balances with higher APRs.  

9. INTEREST: When your Account has a Balance Subject to Interest (as described below), we will calculate interest 
(“Interest”) by applying a daily periodic rate to that balance. We will assess a minimum Interest charge in the amount stated 
in the Summary of Terms in any billing cycle in which you owe Interest. 

10.  PERIODIC RATES:  We will use one or more daily periodic rates to calculate how much Interest you owe.  Your periodic 
rates and corresponding Annual Percentage Rates (“APR”) will vary. The daily periodic rate is a rate equal to the APR 
divided by the number of days in that year.  The rate for Purchases (“Purchase Rate”), the rate for Cash Advances (“Cash 
Advance Rate”), and the rate for Balance Transfers (“Balance Transfer Rate”) will be the rate shown in the Summary of 
Terms. Please see your Summary of Terms for details, including the current periodic rates and corresponding APRs.  

Penalty Rate - The periodic rates and corresponding APRs on all balance will increase to the “Penalty Rate” described in the 
Summary of Terms if:  (a) your minimum payment is not credited to your Account within five days of the Payment Due Date 
or (b) a payment on your Account is not honored by your bank or other financial institution.   If the Penalty Rate is applied, it 

 
 
 
 
 
 
 
 
will apply to your Account until you have made Minimum Payments by the Payment Due Date for six months, beginning with 
the first month in which your balances are subject to the Penalty Rate.  

Variable Rate - The periodic rates and corresponding APRs will vary with the market based on the highest domestic bank 
“prime rate” as published in the “Money Rates” section of The Wall Street Journal (the “Prime Rate”).  We determine your 
APRs for each billing cycle by adding the Margins shown in the Summary of Terms to the Prime Rate published two days 
prior to the billing cycle closing date.  If the Prime Rate increases, the daily periodic rates and corresponding APRs may 
increase, and as a result, the Interest, the minimum payment, and the number of payments also may increase.  Any new 
periodic rate will apply to the existing balance of your Account to the extent permitted by applicable law.   

11. BALANCE SUBJECT TO INTEREST RATE: We will figure Interest on your Account by applying the periodic rate to the 
“daily balance” on your Account for each day in the billing cycle. To get the “daily balance”, we take the beginning balance of 
your Account each day add any new Purchases, Cash Advances, Balance Transfers, and/or applicable fees, and subtract 
any payments and/or credits.  This gives us the “daily balance.”  The total Interest on your Account for a monthly billing cycle 
will be the sum of the Interest for Purchases, the Interest for Balance Transfers, and the Interest for Cash Advances (or any 
minimum Interest charge). This Agreement provides for compounding of Interest. 

12. WHEN INTEREST BEGINS TO ACCRUE: Except as provided below, Interest on Purchases, Cash Advances and 
Balance Transfers will accrue from the date of the transaction (or, at our option, from the date they are posted to your 
Account).   

Purchases –You will not have to pay Interest on Purchases if you pay your New Balance in full by the Payment Due Date 
shown on your Monthly Statement, which shall be not less than 22 days after the close of the billing cycle.  

Cash Advances and Balance Transfers - There is no period in which credit extended may be paid without incurring Interest 
on Cash Advances or Balance Transfers.  

13. FEES: 

Transaction Fees — Unless otherwise disclosed in a promotional offer, we will charge a one-time transaction fee for each 
Balance Transfer and Cash Advance. The calculation of these fees is described in the Summary of Terms. The fee for a 
Balance Transfer will be added to your Balance Transfer balance. The fee for a Cash Advance will be added to your Cash 
Advance balance. 

Penalty Fees — If we do not receive a payment from you in at least the amount of your Minimum Payment by the Payment 
Due Date shown on your Monthly Statement, we may charge you a Late Payment Fee. If your bank does not honor the 
payment you give us, or we must return a payment because it is unsigned or otherwise irregular, we may charge you a 
Returned Payment Fee.  No Penalty Fee will exceed the lesser of the amount stated in the Summary of Terms or the amount 
of the Minimum Payment that was due.  We will charge only one Penalty Fee for any single occurrence, even if it involves a 
late and returned payment in one cycle.  

Administrative Fees — You will be charged administrative fees for photocopies of sales slips, duplicate copies of monthly 
statements or expedited mailing of your Card. These fees will be disclosed to you at the time of the request. 

14. DEFAULT/COLLECTION COSTS: Subject to any restrictions of applicable law, your Account will be in default and we 
may demand immediate payment of the entire amount you owe us without giving you prior notice if: (a) in any month we do 
not receive your Minimum Payment by the Payment Due Date; (b) you fail to comply with this Agreement; (c) there is a filing 
for your bankruptcy; (d) you die or become incapacitated; or (e) we believe in good faith that the payment or performance of 
your obligations under the Agreement is impaired for any other reason. To the extent the state where you live permits the 
charging of such fees and costs, you agree to pay all collection expenses actually incurred by us in the collections of 
amounts you owe under this Agreement (including court costs and the fees of any collection agency to which we refer your 
Account) and, in the event we refer your Account after your default to an attorney who is not our regularly salaried employee, 
you agree to pay the reasonable fees of such attorney. We will not be obligated to honor any attempted use of your Account 
if default has occurred or we have determined to terminate your Account or limit your Account privileges (as discussed 
below). WISCONSIN RESIDENTS: We will not charge you attorneys' fees, court costs, or others’ collection costs incurred as 
a result of your default. 

15. TERMINATION: Subject to any restrictions of applicable law, we may terminate your privileges under this Agreement or 
limit your right to make Purchases or obtain Cash Advances at any time (and list your Account in warning bulletins) without 
notice or liability. If we ask, you must destroy your Cards and any unused Credit Devices. You agree that you will not try to 
make a Purchase or obtain a Cash Advance after you have been notified that your privilege to use your Account has been 
terminated. You may terminate this Agreement at any time. If you do, you must destroy all Cards and Credit Devices 
previously issued on the Account. If you call us, we may require that you confirm your intent to terminate in writing. 
Termination of your Account (by you or us) will not affect your existing obligations under this Agreement or your liability for all 
charges posted to your Account prior to the time all Cards and unused Credit Devices issued on your Account are destroyed. 

 
 
 
 
 
16. NOTICES: We will send statements and any other notices to you at the address shown in our files. If this is a joint 
account, we can send statements and notices to either of you, unless otherwise required by applicable law. You promise to 
inform us promptly in writing of any change in your address. We may, at our discretion, accept address corrections from the 
United States Postal Service. 

17. INTERNATIONAL TRANSACTIONS - FEE AND FOREIGN CURRENCY CONVERSION RATE:  
You may use your Card and your Account for purchases that qualify as “International Transactions” under this Agreement. 
For purposes of this Agreement, “International Transactions” include (a) Purchases and Cash Advances made in currencies 
other than U.S. Dollars from participating Visa® merchants and (b) Purchases and Cash Advances  made in U.S Dollars from 
participating Visa® merchants located outside the U.S. For purposes of this Agreement, Purchases and Cash Advances 
made in U.S. Dollars from participating Visa® merchants located in a U.S. territory, U.S. military base, U.S. embassy, or U.S. 
consulate are not deemed to be International Transactions.  

Each time you use your Card or Account to make an International Transaction, you agree to pay the International 
Transaction Fee stated in the Summary of Terms, whether the transaction is originally made in U.S. dollars or converted to 
U.S. Dollars from a foreign currency.  

For  International  Transactions  converted  to  U.S.  Dollars  from  a  foreign  currency,  you  agree  to  pay  the  converted  amount  
plus  the  International  Transaction  Fee  stated  in  the  Summary  of  Terms.  Conversion  to  U.S.  Dollars  may  occur  on  a  date 
other than the date of the transaction; therefore, the currency conversion rate may be different from the rate in effect at the 
time of the transaction. Visa®, and not us, determines the currency conversion rate that is used. 

Transactions made in currencies other than U.S. Dollars will be converted to U.S. Dollars under the regulations established 
by Visa International in effect at the time the transaction is processed by Visa®. Current Visa® regulations in effect provide 
that the currency conversion rate will be either a rate selected by Visa® from the range of rates available in wholesale 
currency markets for the applicable Central Processing Date, which rate may vary from the rate Visa itself receives, or the 
government-mandated rate in effect for the applicable Central Processing Date in each instance. 

18. SKIP/PROMOTIONAL FEATURES: From time to time, we may let you skip or reduce one or more Minimum Payments 
during a year and/or we may temporarily reduce or eliminate Interest on all or a portion of your Account balance or offer you 
other special terms. If we do, we will advise you of the scope and duration of the applicable skip or promotional feature. We 
will end the skip or promotional feature and apply your regular rates and terms to the extent permitted by applicable law.  

19. CHANGES IN THIS AGREEMENT: Subject to applicable law, we can change the terms of, add new terms to, or 
delete terms from this Agreement at any time.  We will give you notice of the change, addition or deletion as 
required by applicable law.  As permitted by applicable law, any change, addition, or deletion to this Agreement will 
become effective at the time stated in our notice.  Unless we state otherwise, the change, addition, or deletion will apply to all 
outstanding balances on your Account as well as to new transactions to the extent permitted by applicable law.  

20. SHARING INFORMATION: We have the right to and may report to consumer reporting agencies information about our 
transactions and experiences with you (i.e., information learned as a result of your Account) and may share that information 
with companies affiliated with us by common ownership or corporate control. We also may share additional information (i.e., 
information obtained from outside sources) with our affiliates. We will not, without your consent, release specific information 
about you or your account to third parties, except where such release in necessary to complete a transaction you have 
requested or unless we are required or allowed to do so by law. 

21. INACCURATE INFORMATION: If you believe that we have information about you that is inaccurate or that we have 
reported or may report to a credit reporting agency information about you that is inaccurate, please notify us of the specific 
information that you believe is inaccurate by writing to us at BMW Bank of North America, P.O. Box 9210, Old Bethpage, NY 
11804. 

22. TELEPHONE MONITORING AND RECORDING: In the regular course of our business we may monitor and record 
phone conversations made or received by us. You agree that we will have such right with respect to all phone conversations 
between you and us, whether initiated by you or us. 

23. REFUSAL TO HONOR CARD: We are not responsible for refusals to honor your Card or Credit Devices. And, except as 
otherwise required by applicable law or regulation, we will not be responsible for merchandise  
or services purchased or leased through use of your Account. 

24. IRREGULAR PAYMENTS: We can accept late payments, partial payments, checks and money orders marked “Paid in 
Full” or language having the same effect without losing any of our rights under this Agreement. No payment shall operate 
as an accord and satisfaction without our prior written approval. All written communications concerning disputed 
amounts, including any check or other payment instrument that indicates that the payment constitutes “payment in 

 
 
 
 
 
 
 
 
 
 
 
 
full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed 
amount, must be mailed or delivered to BMW Bank of North America, 2735 E. Parleys Way, Salt Lake City, UT 84109-
1666. The fact that we may at any time honor a Purchase or Cash Advance in excess of your Credit Limit or Cash Advance 
Credit Limit, if applicable, does not obligate us to do so again. 

25. LIABILITY FOR UNAUTHORIZED USE OF YOUR ACCOUNT: If you notice the loss or theft of your Card or a possible 
unauthorized use of your Card, you should write to us immediately at BMW Card Services, P.O. Box 9210, Old Bethpage, 
NY 11804 or call us (toll-free) at 888 BMW CARD or (collect) at 410 581 9994. You will not be liable for any unauthorized use 
that occurs after you notify us. You may, however, be liable for unauthorized use that occurs before your notice to us. In any 
case, your liability will not exceed $50.  Subject to any restrictions of applicable law, we may terminate or limit access to your 
Account if you have notified us or we have determined that your Card or a Credit Device may have been lost or stolen, or 
that there may be unauthorized access to your Account. 

26. ASSIGNMENT: We may at any time assign your Account, any sums due on your Account, this Agreement or our rights 
or obligations under this Agreement. The person(s) to whom we make any such assignment shall be entitled to all of our 
rights under this Agreement, to the extent assigned. 

27. WAIVER: Our failure to exercise any of our rights under this Agreement, our delay in enforcing any of our rights, or our 
waiver of our rights on any occasion shall not constitute a waiver of such rights on any other occasion. 

28. GOVERNING LAW: THIS AGREEMENT AND YOUR ACCOUNT, AND ANY CLAIM, DISPUTE OR CONTROVERSY 
ARISING FROM OR RELATING TO THIS AGREEMENT OR YOUR ACCOUNT, WHETHER BASED ON CONTRACT, 
TORT, FRAUD AND OTHER INTENTIONAL TORTS, STATUTE, REGULATION, CONSTITUTION, COMMON LAW 
AND/OR EQUITY, ARE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF 
UTAH (WITHOUT REGARD TO INTERNAL PRINCIPLES OF CONFLICTS OF LAW) AND APPLICABLE FEDERAL LAW. 
THE LEGALITY, ENFORCEABILITY AND INTERPRETATION OF THIS AGREEMENT AND THE AMOUNTS 
CONTRACTED FOR, CHARGED AND RECEIVED UNDER THIS AGREEMENT WILL BE GOVERNED BY SUCH LAWS.  
THIS AGREEMENT IS ENTERED INTO BETWEEN YOU AND US IN UTAH. WE MAKE DECISIONS ABOUT GRANTING 
CREDIT TO YOU FROM, EXTEND CREDIT TO YOU UNDER THIS AGREEMENT FROM, AND ACCEPT YOUR 
PAYMENTS IN, UTAH. 

29. INQUIRIES OR QUESTIONS: You may address any inquiries or questions which you have about your Account to BMW 
Bank of North America, P.O. Box 9210, Old Bethpage, NY 11804, or you may call us at 888 BMW CARD. If you telephone us 
instead of writing, you may lose certain rights the law gives you to dispute billing errors (see Section 30). 

MARYLAND RESIDENTS: Finance charges will be imposed on the outstanding balances from month to month in amounts 
or at rates not in excess of those permitted by law. You have the right under Maryland Commercial Law Code Section 12-510 
to receive an answer to a written inquiry concerning the status of your account. 

NEW JERSEY RESIDENTS: Because certain provisions of this Agreement are subject to applicable law, they  
may be void, unenforceable or inapplicable in some jurisdictions. None of these provisions, however, is void, unenforceable 
or inapplicable in New Jersey. 

OHIO RESIDENTS: The Ohio laws against discrimination require that all creditors make credit equally available to all credit 
worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The 
Ohio civil rights commission administers compliance with this law. 

WISCONSIN RESIDENTS: No provision of a marital property agreement, a unilateral statement under section 766.59 or a 
court decree under section 786.70 adversely affects the interest of the creditor unless the creditor, prior to the time the credit 
is granted, is furnished a copy of the agreement, statement or decree or has actual knowledge of the adverse provision when 
the obligation to the creditor is incurred. 

You are hereby notified that a negative credit report reflecting on your credit record may be submitted to a credit reporting 
agency if you fail to fulfill the terms of your credit obligations. 

NOTICE TO THE BUYER: 

1. 
2.  

Do not sign this credit agreement before you read it or if it contains any blank space. 
You are entitled to a completely filled in copy of the credit agreement. 

RETAIL INSTALMENT CREDIT AGREEMENT 
Your signature and the date on the application, pre-approved invitation, Card, sales slip or other evidence of indebtedness, 
or your acceptance of this Agreement through an electronic transmission to us represents your signature and the date on this 
Agreement, which are incorporated herein by reference. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
30. YOUR BILLING RIGHTS: Keep This Document For Future Use 

This notice tells you about your rights and our responsibilities under the Fair Credit Billing Act. 

What to Do If You Find a Mistake on Your Statement 

If you think there is an error on your statement, write to us at: 

BMW Bank of North America 
P.O. Box 9210 
Old Bethpage, NY 11804  

In your letter, give us the following information: 

–  Account information: Your name and account number. 
–  Dollar amount: The dollar amount of the suspected error. 
–  Description of problem: If you think there is an error on your bill, describe what you believe is wrong and why you 

believe it is a mistake. 

You must contact us: 

–  Within 60 days after the error appeared on your statement. 
–  At least 3 business days before an automated payment is scheduled, if you want to stop payment on the amount you 

think is wrong. 

You must notify us of any potential errors in writing. You may call us, but if you do we are not required to investigate any 
potential errors and you may have to pay the amount in question. 

What Will Happen After We Receive Your Letter 

When we receive your letter, we must do two things: 

1.  Within 30 days of receiving your letter, we must tell you that we received your letter. We will also tell you if we have 

already corrected the error.  

2.  Within 90 days of receiving your letter, we must either correct the error or explain to you why we believe the bill is 

correct. 

While we investigate whether or not there has been an error: 

–  We cannot try to collect any amount in question, or report you as delinquent on that amount.  
–  The charge in question may remain on your statement, and we may continue to charge you interest on that amount.  
–  While you do not have to pay the amount in question, you are responsible for the remainder of your balance. 
–  We can apply any unpaid amount against your credit limit. 

After we finish our investigation, one of two things will happen: 

– 

– 

If we made a mistake: You will not have to pay the amount in question or any interest or other fees related to that 
amount.  
If  we  do  not  believe  there  was  a  mistake:  You  will  have  to  pay  the  amount  in  question,  along  with  applicable 
interest and fees. We will send you a statement of the amount that you owe and the date payment is due. We may 
then report you as delinquent if you do not pay the amount we think you owe. 

If you receive our explanation but still believe your bill is wrong, you must write to us within 10 days telling us that you still 
refuse to pay. If you do so, we cannot report you as delinquent without also reporting that you are questioning your bill. We 
must tell you the name of anyone to whom we reported you as delinquent, and we must let those organizations know when 
the matter has been settled between us. 

If we do not follow all of the rules above, you do not have to pay the first $50 of the amount you question, even if your bill is 
correct. 

Your Rights If You Are Dissatisfied With Your Credit Card Purchases 

If you are dissatisfied with the goods or services that you have purchased with your credit card, and you have tried in good 
faith to correct the problem with the merchant, you may have the right not to pay the remaining amount due on the purchase.  

To use this right, all of the following must be true: 

1.  The  purchase  must  have  been  made  in  your  home  state  or  within  100  miles  of  your  current  mailing  address,  and  the 
purchase price must have been more than $50. (Note: Neither of these are necessary if your purchase was based on an 
advertisement we mailed to you, or if we own the company that sold you the goods or services.) 

  
 
 
 
 
 
2.  You  must  have  used  your  credit  card  for  the  purchase.  Purchases  made  with  cash  advances  from  an  ATM  or  with  a 

check that accesses your credit card account do not qualify. 

3.  You must not yet have fully paid for the purchase. 

If all of the criteria above are met and you are still dissatisfied with the purchase, contact us in writing at:  

BMW Bank of North America 
P.O. Box 9210 
Old Bethpage, NY 11804  

While we investigate, the same rules apply to the disputed amount as discussed above. After we finish our investigation, we 
will tell you our decision. At that point, if we think you owe an amount and you do not pay, we may report you as delinquent. 

Summary of Terms  

Interest Rates and Interest Charges 

Annual Percentage Rate 
(APR) for Purchases and 
Balance Transfers 

4.99% introductory APR for 6 months.  

After that, your APR will be XX.XX%. This APR will vary with 
the market based on the Prime Rate. 

APR for Cash Advances 

XX.XX% 

This APR will vary with the market based on the Prime Rate. 

Penalty APR and When it 
Applies 

XX.XX% 

This APR will vary with the market based on the Prime Rate. 

This APR may be applied to your account if you  

Paying Interest 

1) Make a late payment; or 

2) Make a payment that is returned. 

How Long Will the Penalty APR Apply?: If your APRs are 
increased, the Penalty APR will apply until you make six consecutive 
minimum payments when due. 

Your due date is at least 22 days after the close of each billing cycle. 
We will not charge you interest on purchases if you pay your entire 
balance by the due date each month.  We will begin charging interest 
on cash advances and balance transfers on the transaction date. 

Minimum Interest Charge 

If you are charged interest on purchases, the charge will be no less 
than $0.50.  

For Credit Card Tips from 
the Federal Reserve Board 

To learn more about factors to consider when applying for or using a 
credit card, visit the website of the Federal Reserve Board at 
http://www.federalreserve.gov/creditcard. 

Fees 

Annual Fee 

Transaction Fees 

  Balance Transfer 

None. 

Either $5 or 4% of the amount of each Balance Transfer, whichever is 
greater. 

  Cash Advance 

Either $10 or 4% of the amount of each Cash Advance, whichever is 
greater. 

 

International Transaction 

3% of each transaction in U.S. dollars. 

 
 
 
 
 
Penalty Fees 

  Late Payment 

Up to $35 

  Returned Payment 

Up to $35 

How We Will Calculate Your Balance: We use a method called "daily balance (including new transactions).”  

Loss of Introductory APR: We may end your introductory APR and apply the Penalty APR if you make a late payment.  

Billing Rights: Information on your rights to dispute transactions and how to exercise those rights is provided in your 
account agreement. 

Margins and Periodic Rates with Corresponding APRs: 

Purchase Rate 

Balance Transfer 
Rate  

Cash Advance 

Penalty Rate 

Rate 

Margin 

[XX.XX]% 

[XX.XX]% 

[XX.XX]% 

[XX.XX]% 

Periodic Rate 

[X.XXXX]% 
(corresponding 
APR of [XX.XX]%) 

[X.XXXX]% 
(corresponding 
APR of [XX.XX]%) 

[X.XXXX]% 
(corresponding 
APR of [XX.XX]%) 

[X.XXXX]% 
(corresponding 
APR of [XX.XX]%) 

This “Summary of Terms” is incorporated into and made a part of your BMW Bank of North America Cardholder Agreement.   

END of CARDHOLDER AGREEMENT