The University of Minnesota Alumni Association, in partnership with Bank of America, offers a credit card that lets you earn some rewards while showing off your commitment to the Golden Gophers and presumably giving a little bit back to the Alumni Association with every 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 University of Minnesota Alumni Association Cash Rewards Visa Signature. As the name sort of implies, this is a standard Bank of America credit card customized with the University of Minnesota logo. Bank of America offers this same card with a standard design to consumers nationwide.
That doesn’t really matter, of course. You want to support your alma mater and get a decent rewards credit card, and this is one. The card 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.
If you want to apply for the University of Minnesota Alumni credit card, the online application is here.