from personal experience....an absolutely waste....
i just called today to redeem points to buy some stuff from the bmw-online.com website (since that's the only website you can use it on). you get $1 back for each $1000 spent (0.1%) so i redeemed $200 for spending $20,000 using it....i'm switching to Capital One !!!
2007 335xi jet black-black interior-black CF interior trim-steptronic-logic 7-rear fogs-silver 19" CSL- Gen Exclaim 235/35Z/R19-front splitters-remote ipod & garmin hardwire-M3 spoiler-SSTT-e90post stickers (woohoo!)
"LYF SUX - NLS U DRV A BMR"