CAMBRIDGE, Mass.-Harvard University Employees CU rolled out a new MasterCard rewards card last week for the Harvard Alumni Association that offers benefits uniquely designed for the Ivy League grads.

The $400-million HUECU won the bidding over several national card issuers to acquire the lucrative Harvard alumni portfolio from Barclays Bank and to develop a new alumni program.

The Harvard Alumni MasterCard charges no annual fee, no foreign transaction fees and no balance transfer fees, and provides unrestricted travel benefits allowing cardholders to select any flight, cruise or car rental without blackout dates.

"Our new partnership with the HAA has been a model of collaboration, with all parties working together flawlessly to achieve a common goal-to design a credit card program that combines unparalleled benefits and rewards, exceptional security and fraud protection, and sound financial principles," said Gene Foley, president of the credit union.

PSCU has been chosen as the card processor for the new Harvard card.

Cardholders under the current Barclays program will be converted to the new credit union program in February 2013.

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