Review: Harvard Credit Card

harvard-credit-cardHarvard University offers the Harvard Alumni MasterCard to its graduated students via the Harvard University Employees Credit Union. See below for a brief overview / review of the card:

The Harvard Card offers a pretty good credit card deal for the cardholder, while also allowing him or her to support the Harvard Presidential Scholarship Fund with each purchase. (Unfortunately, it is unclear what percentage of your purchases make their way into the scholarship fund.)

The Harvard credit card offers an interest rate as low as 10.24% or as high as 18.00% depending on your credit history. There is no annual fee for the card, and it charges no transaction fees on international purchases, which is a real plus if you travel outside of the U.S. regularly. (Many credit cards tack on a 1-3% charge on all transactions outside the country.)

One thing you’ll need to understand is that you do need to become a member of the Harvard University Employee Credit Union in order to get the card. This is no big deal, and you might even enjoy the rates you get on other financial products through the credit union, but as far as we can tell, you will have to open an account with at least $5 in it to become an actual member, so there is a slight hassle involved if you’re not already a member of the credit union. You can apply for the Harvard Card via their online application.