The Terps credit card is a credit card that is issued by the University of Illinois, however, there is also another card very similar to the University of Maryland.. It’s possible to get a 50,000 point sign up bonus for spending $5,000 within the first 3 months. The card earns 10x points on all University of Illinois/Maryland purchases and 1x back everywhere else.
While the sign up bonus of 50,000 points remains the same, it looks like some of the redemptions of these points have changed. Previously, it was possible to get a Visa Gift Card worth $200 with 24,000 points. That has been upped to requiring 50,000 points. If you redeemed the points for the gift card, you would be earning $200 for spending $5,000. That is only a 4% return on spending for the sign up bonus.
Fortunately, there is an alternative to using those points for a much better vaue. At least for the time being, the points can be used for airfare at a point value of ~ 1 cent per point.
It looks like the Terps credit card was getting quite a lot of attention recently. I think with all of this newfound attention, more points were being issued than they were expecting. Thus, Terps took action by reducing the quick and easy redemptions from $400 down to $200. For the time being, the points used for airfare remain unchanged. If you have the Terp points, I would recommend redeeming these points immediately before Terps changed their minds and devalues these points too.
While I haven’t applied for either of the Maryland or Illinois version of this card, it’s a shame what they have done to the cardholders. While I can understand somewhat from Terps point of view why these changes, it just seems in poor taste. The changes were made without any warning. While churners just churn and burn, this really just hurts the legitimate cardholders that wanted the card and were hoping to use the rewards.
What do you think of these changes? Have you signed up for this card for the 50,000 point sign up bonus? Let us know below!