Harvard University alumni will now have the exclusive opportunity to apply for a best-in-class credit card issued by the Harvard University Employees Credit Union (HUECU). The new Harvard Alumni World MasterCard®is a joint effort of HUECU and the Harvard Alumni Association (HAA). PSCU, an industry leader in credit card services, was chosen as the processor for the new program. The card offers World MasterCard® benefits and rewards uniquely designed for the alumni community. The credit union competed with several national card issuers and their bid to purchase the existing Harvard alumni credit card portfolio from Barclays Bank and to develop a new alumni program was selected by the HAA.
Gene Foley, Harvard University Employees Credit Union president and CEO, addresses the luncheon to launch the new affinity card for the Harvard Alumni Association.
“A strong reputation and commitment to community service was extremely important in the decision-making process,” said Philip Lovejoy, the HAA’s deputy executive director. “The not-for-profit Harvard University Employees Credit Union is owned by its members and exclusively serves the Harvard community. At the HAA, we are also committed to serving Harvard alumni around the world, and that includes our future alumni. Every dollar that the HAA receives through the Harvard Alumni Card program will be used to fund student scholarships.”
“The current economic environment has put a spotlight on the credit union industry’s outstanding financial stewardship, including educational programs that equip members to make wise financial decisions and member-friendly practices,” said Michael Kelly, president and CEO, PSCU. “Prestigious universities, alumni associations, and other affinity groups are increasingly aligning with credit unions to deliver financial products to members of their organizations.”
The new Harvard Alumni Card has a wealth of attractive features including no annual fee, no foreign transaction fees, and no balance transfer fees. Unrestricted travel benefits allow cardholders to select any flight, hotel, cruise, or car rental without any blackout dates. The comprehensive World MasterCard® benefits include access to concierge services, rental car collision damage waiver, emergency card replacement and delivery services, ID theft resolution, and a host of features for cardholders who travel extensively domestically and abroad.
“Everyone involved with this project should be very proud of the work we’ve done. Our new partnership with the HAA has been a model of collaboration, with all parties working together flawlessly to achieve a common goal—to design a credit card program that combines unparalleled benefits and rewards, exceptional security and fraud protection, and sound financial principles,” said Gene Foley, president and CEO, Harvard University Employees Credit Union. “PSCU has also played a leadership role in planning the conversion in which the alumni cardholders will become part of our credit union, affording us the opportunity to offer them additional products and services.”
On September 14, HUECU and the HAA celebrated the roll-out of the new program at a launch gala at the Charles Hotel in Cambridge. The event’s attendees represented the various organizations that worked tirelessly for over a year to bring this program to fruition, including the HAA, HUECU, PSCU, and MasterCard®.