Harvard University alumni will soon have the opportunity to carry a credit card issued by the $409 million Harvard University Employees Credit Union in Cambridge, Mass.
The credit union is one of the latest to take over an affinity card program previously run by a bank and will issue the cards in conjunction with the Harvard Alumni Association.
The 32,000-member credit union said it beat out bids from several other firms to both purchase the existing affinity portfolio from Barclays Bank and set up a new affinity program.
"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," Lovejoy said.
"Every dollar that the HAA receives through the Harvard Alumni Card program will be used to fund student scholarships," he said.
Michael Kelly, president/CEO of Florida-based PSCU, which will process the new card's transactions, said, "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." He said prestigious universities, alumni associations and other affinity groups are increasingly aligning with credit unions to deliver financial products to their members.
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