The University of Illinois Alumni Association has selected the University of Illinois Employees Credit Union (UIECU) to offer UI-branded Visa credit cards to its 625,000 alumni members. The endorsement replaces a 19-year relationship with MBNA and its successor, Bank of America.
As part of the program, members of the Alumni Association may carry cards with one of five designs representing the University of Illinois’ Urbana-Champaign, Chicago and Springfield campuses. Cardholders may also enroll in a rewards program that can be used for airline travel and merchandise. A royalty is paid to the Alumni Association from the transaction fee paid by merchants when they accept the card for payment. The royalties help fund Alumni Association programs, communications and services that benefit alumni, students and the University of Illinois.
According to Alumni Association President and CEO Loren R. Taylor, the new partnership represents an ideal alignment of the interests of the 138-year-old Alumni Association and the nearly 80-year-old credit union, both not-for-profits founded specifically to serve their members’ needs. All University of Illinois alumni – regardless of location – are eligible to be members of the UIECU. The credit union has served the University of Illinois family since the early 1930s, with many alumni among its 37,000 members.
The choice of UIECU was the culmination of a comprehensive, six-month request-for-proposal process which solicited offers from national and area banks and financial services firms. “We wanted a credit card program that offered the best terms for both the University of Illinois and its alumni,” said Taylor. “After a thorough evaluation of the proposals, we found the ideal partner literally in our own backyard.” As a not-for-profit, member-owned financial institution, UIECU provides credit card and other services to its members at the lowest cost.
As in the previous relationship with Bank of America, the program operates in full compliance with recent state and federal credit card marketing legislation.
For detailed information about the program, visit www.illinoiscards.org.