The Alumni Association for the University of Michigan, in partnership with Bank of America, offers a credit card that lets you earn some rewards while flashing your U of M credentials and presumably giving a little bit back to the Alumni Association with each purchase (though this isn’t specifically stated anywhere on the Web site of the Alumni Association or the card’s online application).
The full name of the card is the Alumni Association of the University of Michigan Cash Rewards Visa Signatur, and it is basically a standard Bank of America credit card customized with the U of M logo design. Bank of America offers this same card with a different design to consumers nationwide.
Not that that matters. It’s a decent rewards card that gives you:
- 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 have that cash deposited 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, and a 0% rate for a year on any balances you transfer from other credit cards within the first 60 days. (3% fee on balance transfers, however.)
If you want to apply for the University of Michigan credit card, you’ll find the online application here.