[Expired] Terps Credit Card Review – 30,000 Point Sign Up Bonus

Bonus now 10,000 points

Update: Points have been dramatically reduced in value, more on that here.

Update: Bonus has been reduced to 30k

Update 4/6/19: UofI has decreased the sign up bonus to 30,000 points, so it might be a good idea to sign up for the Terps card if interested. Hat tip to neverchurningbutter

Reddit user k0vi86 pointed out the University of Maryland Terps credit card. It looks interesting so let’s have a look. Update: Looks like University of Illinois has a similar card.

Card Basics

  • No annual fee
  • Sign up bonus of 50,000 points when you spend $5,000 or more within 90 days of card issuance
  • Card earns 10x points on all University of Maryland purchases and 1x points on all other purchases
  • 0% introductory APR for the first 12 months
  • During the sign up process it says: By acknowledging, you are affirmatively agreeing that you are aware that granting a security interest is a condition for the credit card and you intend to grant a security interest. Looks like it might be some sort of secured card? Not a secured card, no security deposit required. More on that here.

 

How Much Are Points Worth?

Points have been dramatically reduced in value, more on that here.

Main thing of interest is the sign up bonus. They don’t say exactly how much points are worth but they do say that “As of 9/1/2018 50,000 points covered an October round trip ticket from BWI to LAX. Point values are subject to change at any time based on market cost, dates, and locations.” They also let you browse rewards here. Some interesting options:

  • $200 Visa gift card for 24,000 points
  • Third party gift cards:
    • $25 for 3,500 points
    • $50 for 7,000 points
    • $100 for 12,000 points
  • According to this comment points value for flights is around 1-1.1¢ per point

Our Verdict

After spending $5,000 you’ll likely end up with 55,000 total points. Ignoring the travel redemption as we don’t really know how that works it seems like the best option would be to redeem for two $200 Visa gift cards (48,000 points) and then get a $50 third party gift card (7,000 points). Total of $450, not bad at all. Obviously we basically know nothing about this card and the approval process/security deposit required. Who is going to be the guinea pig?

Additional Promotions

Below is a list of other promotions they have offered but no longer offer:

Update 10/10/18: On the promotions page there is a new promotion for existing cardholders. You can earn up to 30,000 points. Spend needs to be completed between October 1st and December 31st, 2018:

  • Spend $2,500 – $4,999 & get 2,500 bonus points
  • Spend $5,000 – $9,999 & get 5,000 bonus points
  • Spend $10,000 & get 30,000 bonus points

Looks like you’ll be able to get this in addition to the sign up bonus. Hat tip to reader Rob.

 

 

278
Leave a Reply

avatar
 

  Subscribe  
newest oldest most voted
Notify of
Justin
Justin

Points bonus is now 10k

DH7
DH7

Now that the point value is back to what it as, does anyone know if this card is churnable?

JP
JP

From what I have seen, this CU doesn’t f*** around and give you giant middle finger if you try to circumvent their rules. They don’t like MS and will claw back points. I am guessing they have checks in place for churning too.

RD
RD

William Charles this card is back to 50k points: https://terpscard.com/flag

Email I got says “last chance” so I assume that it’ll expire soon. Also I think the bonus only applies if you choose the flag design on the credit card and use the “flag” promo code.

And apparently this card is earning 3x for the month of december: https://terpscard.com/promotions

Justin
Justin

Thanks for the tip!

Gadget - Bank Bonus Geek 🕵️

“This offer is only available for verified Terps Alumni according to the University of Maryland Alumni association database…”

Justin
Justin

I tried to sign up for this card for some family members and they were all declined. It seems like the bank is now highly sensitive to credit inquiries and recent accounts.

Eric
Eric

I redeemed for a Visa gc several days ago and it still hasn’t shipped. For someone that redeemed for that, how long did it take?

MoreSun
MoreSun

Did you get it yet?

Eric
Eric

Sorry, I just saw your comment now. Yes, I did receive the gc.

RD
RD

Does anyone have a screenshot of the 50,000 point bonus? I applied for the 50k before it was reduced but got an email yesterday saying that I’d get 30k points. TIA for your help.

Eric
Eric

I received that same email but 50K points end up posting anyway so I wouldn’t worry.

RD
RD

Thank you for putting my mind to ease.

Felix
Felix

FYI, they changed the 0% offer to only include balance transfers now, while before it was for purchases as well.

Channing
Channing

2 Data Points:

P1:
Applied 4/15/19
Approved 4/16/19
Opened and funded Great Southern Bank with $5,000 on 4/29/19 (coded as purchase)
Transaction cleared and 5,000 points showed in Terps Rewards on 5/2/19
Paid off credit card with Great Southern Bank 5/3/19
Credit Card account has been auto closed later that evening on 5/3/19. Test purchase of a $1 Amazon eGift card is declined. Rewards link is gone, all points are gone.

P2:
Applied 4/15/19
Approved 4/16/19
Opened and funded Great Southern Bank with $5,000 on 5/3/19 (coded as purchase)
Transaction cleared and 5,000 points showed in Terps Rewards on 5/6/19
This time I do NOT pay off the balance but wait. 50,000 bonus points posted today 5/8/19

I planned on using my points from both of these for flights sometime next year. Since we do not yet have solid plans for where we want to go or when and I no longer have any trust whatsoever in this bank, I decided to just take what I can get and redeem the 50,000 for $200 in Amazon eGift cards. I picked eGift cards because someone else had posted they received those the same day but the physical Visa card was nowhere to be seen. I have no faith they would actually mail me a Visa card. The Amazon eGift card number was emailed to me within an hour of placing my order through the rewards portal.

I had much higher hopes for using this card for nearly $1000 in free flights, but ended up with $200 in Amazon cash instead. In the future, I will not be so quick to pay off a balance with the bank account funding money. Now that this bonus is only for 30,000 points, it’s practically worthless.

AP
AP

They are clawing back bonuses.

Jeff
Jeff

Did you do Bank-Account-Funding as your MS also? I’m considering doing some (not the full 5k) but people’s comments above have me spooked…

Channing
Channing

The rewards link has disappeared from my account. I can find no other way to login to the rewards page and see my current balance of points. Has this happened to anyone else?

Paul
Paul

Same here for me and P2

Jeff G
Jeff G

Just checked. My account is still active and I can get to the rewards page.

Channing
Channing

Interesting. I figured it might be something to that effect because I also funded a bank account with $5,000 to reach the spend and that is very obvious as it’s the only purchase I’ve ever made with the card.