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Verdict: Here's the good news: You don't have to be a graduate of Harvard University to apply for the Harvard World MasterCard credit card. Here's the even better news:
This card comes with one of the lowest purchase interest rates -- depending on your credit score -- and some of the lowest fees in the industry. The bad news? Not everyone who applies for the card will get it. As it says right on the card's Web site, some who apply for this card instead will receive a Platinum MasterCard instead.
Overview: This card is notable because not only does it offer a solid rewards program, it also dispenses with several of the fees usually associated with credit cards, such as cash-advance fees. The card also charges no annual fees, making it an exceptionally inexpensive piece of plastic to own.
How This Card Works: You'll earn rewards points for every purchase that you make with this card. You'll also be doing good: The proceeds from the Harvard World MasterCard will benefit the Presidential Scholars Fund.
Travel and Shopping Benefits: You'll receive one Crimson (the Harvard school color) Rewards program for every dollar that you charge with this card. Once you earn enough points, you can redeem them for cash back, travel discounts, merchandise and to pay for membership dues to the Harvard Club. The card also provides 5,000 bonus Crimson Rewards points when you make your first purchase with it.
Fees: Depending on your creditworthiness, you'll earn a purchase interest rate of 7.24 percent with this card, among the lowest in the consumer credit card industry.
The card also comes with an introductory interest rate of 0 percent on all balance transfers that you make for the first six billing cycles after you activate your Harvard World MasterCard account. There is no annual fee with this card. There's also no fees for cash advances, returned payments or for exceeding your credit limit. The card does charge a late-payment fee of up to $35.
- No annual fee.
- No cash-advance, returned-payment or over-the-limit fees.
- Solid rewards program.
- Low purchase interest rate depending on your credit.
- It's difficult to qualify for this credit.
- Rewards program does not allow you to earn extra points for select purchases.