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.
- 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
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?
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.