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Carpe Diem: Harvard University Employees Credit Union Captures Alumni with New Harvard Alumni World MasterCard®
Harvard University’s Alumni Now Can Park Their “Card” in Harvard Yard
St. Petersburg, Florida (September 27, 2012) – Credit unions are now playing in the Ivy League. Harvard University Employees Credit Union (HUECU) competed with major banks and won the bid to purchase the Harvard University Alumni Credit Card portfolio from Barclays Bank. The credit union today began accepting applications from the university’s alumni for the new Harvard Alumni World MasterCard®. Working with PSCU, the credit union put together a compelling card offer that enabled it to successfully compete against large national card issuers in the bidding process.
“PSCU worked flawlessly with our team to design parameters for the Harvard Alumni World MasterCard program that combine exceptional security and fraud protection features with sound financial principles that reflect the goals of Harvard University,” said Gene Foley, President and CEO, Harvard University Employees Credit Union. “PSCU has also played a leadership role in planning the conversion in which the alumni cardholders will become part of our credit union, which allows us the opportunity to offer them additional products and services.”
The credit union today began marketing the Harvard Alumni World MasterCard credit cards to Harvard alumni and will conduct joint promotions with the alumni association to market this specialty credit card at events and through alumni communications. Each cardholder will automatically become a member of the credit union. Cardholders have a choice of five iconic Harvard images featured on the plastic. Proceeds from this card program provide support for Harvard student scholarships.
“A reputation for fiscal responsibility and community service was extremely important in the decision making process for a card that carries the name of Harvard University. We believe the credit union’s exemplary financial record and the vision and values it represents matched the needs of our alumni,” said Philip Lovejoy, Deputy Executive Director, Harvard Alumni Association.
“The current economic environment has put a spotlight on the credit union industry’s outstanding financial stewardship, educational programs that equip members to make wise financial decisions and member-friendly practices,” said Michael Kelly, President and CEO, PSCU. “Prestigious universities, alumni associations and other affinity groups are increasingly aligning with credit unions to deliver financial products to members of their organizations.”
The Harvard Card Alumni World MasterCard is a premium card designed for affluent cardholders. It includes access to concierge services, rental car collision damage waiver, emergency card replacement and delivery services, ID theft resolution and a host of features that benefit cardholders who travel extensively domestically and abroad.
The Harvard Alumni World MasterCard includes PSCU’s CURewards, which enables cardholders to redeem points for a wide variety of travel rewards and merchandise to include Harvard University merchandise and Harvard Coop gift cards. Cardholders will earn one point for each dollar spent. Cardholders that spend $2,500 in the first 90 days will earn 5,000 bonus points.
About PSCU
Established in 1977, PSCU (St. Petersburg, Fla.) is the nation’s leading credit union service organization (CUSO) and serves more than 1,500 financial institutions nationwide. As a non-profit cooperative, the company is owned by more than 680 member credit unions representing 16 million credit, debit, prepaid, online bill payment, mobile and electronic banking accounts. Comprehensive 24/7/365 member support is delivered through four Contact Centers located throughout the United States that handle more than 18 million inquiries a year.
PSCU’s MōPRO initiative marries emerging technologies with proven strategies and empowers the CUSO to lead the industry in developing innovative payments solutions. This new culture of engagement, agility and energy can enhance both revenue and market share for Member-Owner credit unions. For more information, visit the PSCU website at www.pscu.com.
About Harvard University Employees Credit Union
Membership in the Harvard University Credit Union is available to the employees, students and alumni of Harvard University, Harvard teaching hospitals and affiliated organizations. If you fall into our field of membership, your family members also qualify to be members. Once you join the credit union, you have the option of being a member for life. Even if you change employers, your membership remains open until you choose to close your account. For more information, visit www.huecu.org.