Posted by William Charles on April 6, 2019
Credit Cards

Published on April 6th, 2019 | by William Charles

278

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

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.

 

 



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Paul
Paul

I will be the guinea terp. Just applied and got a “further review” needed. I’m Lol/24.

whodidntante
whodidntante

A champion among men.

Roger
Roger

Paul I think we should give you MVP status- Free Fries for a year

Norman !
Norman !

Not all heroes are under 5/24

MoreSun
MoreSun

We toast you!

MarcoPolo
MarcoPolo

Way to go Paul
I’m rooting for you 🙂

Julie
Julie

One for the team…

Jiasus
Jiasus

Did you have to apply with ur UMD email?

PAUL
PAUL

I applied with my personal email. Just got an email back saying I was declined. I’m trying to figure out the reason.

Jiasus
Jiasus

Paul you got any word back on why the denied you?

Paul
Paul

They Had three reasons for the decline check marked on the paper:

1. Number of recent inquiries on credit report

2. Other: escalating (I don’t know what that means)

3. Length of employment ( I had just switched jobs a couple months ago)

Ryan
Ryan

“Escalating debt” or “pyramiding debt” (or “Egyptian” on some other discussion boards) seems to be a favorite denial reason, mainly among CUs. I think PenFed made it famous on myfico. Basically, they’re saying you have too many credit cards/too much open credit for their liking 🙂 Being “LOL/24” can trigger a bust-out flag, especially if they’re more on the conservative side.

Paul
Paul

Had my wife apply a week ago. She is around 30/24. She got approved with a 6K limit.

Jeff G
Jeff G

I have similar numbers and got approved a week or so ago. Card arrives in the mail today – wonderful $5k CL.

JZ
JZ

I have this card. The point value for flights is around 1.2c-1.3c.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

I have a good friend who attends University of Maryland maybe I could convince him to apply…

Dave
Dave

I hope this isn’t targeting college kids, dangling points for $5k spend that they can’t pay back.

Dan - Legal Bank Robber
Dan - Legal Bank Robber

Not all college kids can’t spend 5k and pay it back. There are some college churners like myself.

Peter
Peter

The card is backed by CU Campus Card Services (https://www.cucampuscardservices.com/) a division of University of Illinois Community Credit Union. UofI CCU offers the card here: https://uoficreditunion.org/credit-card-landing/credit-card-current-promotions/

Granting a security interest means you are granting the creditor rights to the assets purchased by the card in the event you default on the account. A mortgage grants a security interest on the home, in this case the creditor is attempting to place similar terms upon the credit card agreement. Comenity is the only mainstream lender that I know of that also attempts this practice on their store cards (BJ’s, etc.).

Snorlax
Snorlax

Seems unenforceable though?

https://www.investopedia.com/terms/s/security-interest.asp

I’m not an expert in this topic.

David
David

*Knock* *Knock*

Open up big guy, I’m here to collect the Keurig you bought, the Algebra 2 textbook and the university sweater. We know you have them.

pwd847
pwd847

Security interest means they can go after your other accounts that you have with them.

MarcoPolo
MarcoPolo

According to T&C it seems to be issued by a credit union and they may secure the card against the funds in your CU account:
https://terpscard.com/sites/default/files/inline-files/PDF.MARYLAND.AGREE_.website_0.pdf

pwd847
pwd847

Correct

OccamsVirus
OccamsVirus

Does that mean you could pay your tuition with it for 10x back?

Ben Regelshore
Ben Regelshore

I’d like a data point on this!

momosan
momosan

Huh. This is an interesting point. If memory serves, UMD charges a fee for using a credit card. Let me consult the kid’s account. Yup. 2% fee.

So possibly points at 10X, but 2% fee.

Hmmm. Last thing I charged at UMD was parking and it definitely listed as UMD (as in UMD parking) on the statement, not something odd like DOTS.

I can’t check, as the kid has a prepaid college account. So we may need a sacrificial lamb to try this on the Terp card or the UofI card.

I’m an old Colonial, so carrying a Terp card seems…not right to me. Heck, I wouldn’t even carry a Colonial card, they got enough of my money when I was in school!

Jiasus
Jiasus

momosan just paid whatever is left on my account I owe for my MBA i think they upped the fee to 2.5 now

Justin
Justin

Did you get 10% back?

Ben Regelshore
Ben Regelshore

Confirming success with the 10x on tuition, and on the 2.5% fee!

pwd847
pwd847

YES

dave
dave

“Thank you for applying for the TERPS VISA Signature® Rewards credit card! Your application will be reviewed by an underwriter and we will have a decision for you within two business days. If you have additional questions please feel free to visit our website http://www.terpscard.com, email us at info@terpscard.com, or call 800-754-9619.

To ensure you receive your confirmation email, and decision email, please also be sure to check your “spam” folder.”

Not sure I passed the security test…they asked some awkward questions like what was the last 4 digits of my primary checking account…

Snorlax
Snorlax

Uh oh…

Closertothesun
Closertothesun

Update? +x/24? TIA if possible.

Stable Genius
Stable Genius

Applied for the University of Illinois rewards card in this post, since I may be eligible according to the application menu as our federal agency has a satellite office in the area. Fingers crossed for the review… Thanks Doc!

Ravi
Ravi

Yeah, thats a nice card no AF, no FT. It was my first credit card which is keeping my average age of credit decent. Go ILLLINI!! 🙂

Mike
Mike

Almost all of the large university alumni associations have co-branded cards that they offer to alumni and supporters.

Brian
Brian

Yup. They tried to push an NYU one years ago, which was essentially a plain BOA Cash Rewards Visa with the alumni logo slapped on it. Useless! I wonder how much of a kickback they get for co-branding…

Snorlax
Snorlax
Snorlax
Snorlax

Many do, yes.

I went to a very large school that doesn’t have an alumni credit card and it annoys me slightly because I want one.

steve
steve

Just applied – further review needed. Maryland Alum;LOL/24

Closertothesun
Closertothesun

Ed: Disregard, answered below

Ravi
Ravi

I have the university of illinois credit card. Its a normal credit card as in no secured type. I do have a checking account with them, where I just keep the minimum balance. I opened it 6 years back. Its a decent card with no AF and no FT.

Darv
Darv

I applied. Pulled TU in MN. Under review. Thanks for the find.

Pam
Pam

Does one need to be alumni to apply?

pwd847
pwd847

NO

Onsale
Onsale

What’s the best way to manufacture spend b/c there is no way I can get to $5k in 90 days?

Kirk
Kirk

$5k in Visa GCs from Simon Mall?

Tim
Tim

Pay rent w/ plastiq

Rj
Rj

Is that going to be a cash advance? Remember that lots of restrictions on which visa cards work on Plastiq.

Rj
Rj

New Datapoint, the Terps Card does not count as cash when using for any payment on Plastiq

Bobby Fischer
Bobby Fischer

Thanks for this. Did it just code as regular purchase? Can anybody back up this dp as well? Thank you

YK
YK

Hi, Did any guy have experience on Plastiq for Terps?

Thanks.

JRA
JRA

Have you tried paying on Plastiq yet?

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