Now folks can flaunt their Ivy League status every time they pay for something using their credit card. Alumni, faculty, staff, parents and friends can apply for the Yale MasterCard from First Bankcard, designed especially for Yale University boosters.
The card comes in 14 different designs featuring iconic Yale images like the Harkness Tower, residential college shields, and Yale Blue. Cardholders can choose a custom image for their card. Profits from the card support Yale alumni initiatives.
2,500 bonus points, 1% cash back and no interest for six months
New cardmembers who spend $1,000 on the card in the first three months will earn 2,500 bonus points. There is also a six-month promotional period in which purchases and balance transfers will be at 0% annual percentage rate (APR). The rewards program gives all cardholders 1% cash back on all purchases, with no limit on points earned.
Members can redeem points for air travel with no blackout dates, gift cards, statement credits, and more. Points expire after five years if they are not used.
The Yale credit card has no annual fee, and no foreign transaction fee, so cardholders who make purchases while traveling abroad will not pay anything extra.
Free FICO score
Yale MasterCard members can keep track of their credit rating with free access to their FICO score online. More and more credit cards are giving customers free credit score access with their monthly statements, allowing folks to monitor their credit rating and ensure that it stays within a desirable range. The Consumer Financial Protection Bureau (CFPB) recently called for credit card issuers to make credit scores available to consumers at no charge.
The FICO scoring system is based on payment history, length of credit history, debt-to-credit ratio, types of credit utilized, and number of inquiries for new credit. It ranges from 300 to 850, with anything over about 700 considered to be good credit.
Balance transfers are charged a fee of $10 or 5% of the transaction, whichever is greater. After six months, both balance transfers and purchases will be billed at the ongoing regular APR of 18.99%. For more information, go to the Yale MasterCard site at First Bankcard.