The $320 million, 28,000-member MIT Federal Credit Union has won the support of the 125,000-member MIT Alumni Association, including the ability to issue the association's affinity credit card which the association used to issue through an affinity agreement with Bank of America.
Bank of America purchased many affinity card programs when it merged with former mono line card issuing bank MBNA. The bank has since left many of the agreements.
“On behalf of MIT Federal Credit Union, I am very proud of our partnership with MITAA,” said MITFCU CEO Brian Ducharme. "Our commitment to MIT and the MIT community for over 70 years has been steadfast and we look forward to a lasting relationship with the MITAA.”
The credit union said cardholders would automatically be enrolled in a rewards program, with points redeemable for merchandise, travel, gift cards and more. The card will carry no annual fee, and there will be no fee for transferring balances from an old card to the new card. Nor will there be a fee for cash-advances and a portion of income from the card will go to support MIT student programs.
“The MIT Federal Credit Union has supported alumni and students in a variety of ways. This is yet another example of its commitment to the MIT Community,” said Judy Cole, CEO of the MIT Alumni Association.