U.S. Bank said it entered a co-branding agreement with BMW Financial Services to issue credit cards that will provide enhanced digital experiences to BMW, Mini and BMW Mottorad enthusiasts, according to a press release. 

As part of the agreement, U.S. Bank said it also acquired the existing credit card portfolio of BMW Bank of North America. 

"We are thrilled to have the opportunity to serve customers of BMW, a brand and company that is recognized and respected around the world," John Steward, president of U.S. Bank retail payment solutions, said in the press release.

The new cards will offer enhanced rewards, which will allow customers to redeem points towards BMW products and services. Customers will also be able to add the cards to digital wallets and use the cards at contactless readers. 

New customers can also initiate a one-click application process on their mobile phones and get an instant decision for credit. Once approved they can use cards for downpayment on BMW vehicles or purchase BMW merchandise or vehicle accessories.