Review: Cal Alumni Association Credit Card

cal-berkeley-credit-cardThe Cal Alumni Association, in partnership with Bank of America offers a credit card targeted to former Berkeley students and other supporters, offering you a reward program and apparently offering the alumni association a percentage of your purchases. Our overview / review of the card is below:

The BankAmericard Cash Rewards Visa Signature for the Cal Alumni Association is actually a standard Bank of America credit card customized with the Cal logo. Bank of America offers this same card with a different design to all consumers.

It’s a decent rewards card that offers:

  • 3% cash back on gas and 2% back on groceries for the first $2500 in such purchases each quarter.
  • 1% cash back on all other purchases (and 1% back on gas and groceries too if you go over the $2500 quarterly limit on those purchases).
  • A 10% bonus on top of the cash back you’ve earned if you redeem the cash into a Bank of America checking or savings account.
  • An extra $150 cash back for new cardholders if you use the card for at least $500 in purchases within 90 days of opening the card account.

The interest rate on the card could be anywhere from 14.99% to 24.99% depending on your credit history, so don’t get it if you have shaky credit — you don’t need a card with a 20%+ interest rate. The card also offers a 0% rate on purchases for the first year you have the card.

You can apply for the Cal Alumni Association credit card online — the application is here.