The Indiana University Credit Card is a good all-around credit card for supporters of the Hoosiers who have good credit or better (700+ credit score) and want to earn cash back rewards. The Indiana Card offers an initial bonus of $200, along with pretty good ongoing rewards: 1 - 6% cash back. You just have to be comfortable earning cash back at different rates depending on what you buy and how much you’ve spent recently.

This card doesn’t have to be your everyday workhorse, though. It does not charge an annual fee, so it won’t cost you anything just to have for certain bonus-category purchases.

Below, you can find a rundown of the key details that you should keep in mind when deciding whether or not to apply for the Indiana Credit Card.

What I Like About the Indiana University Credit Card

No annual fee
You won’t find an annual fee on any other college or university credit cards, but that can’t be said for cards that aren’t affiliated with institutions of higher learning. Market wide, the average credit card offer charges an annual fee of roughly $25.22.

$200 initial bonus
You can get this bonus by spending $1,000 in the first 90 days your account is open. For context, the average cash back credit card bonus is $229, according to WalletHub research.

1 - 6% cash back on purchases
The most complicated part of the IU Credit Card offer might also be its most rewarding.During the first year, cardholders earn 6% cash back in their preferred spending category and 2% at grocery stores and wholesale clubs, up to a combined $2,500 in purchases per quarter across those categories. All other eligible purchases earn 1% cash back. After the first year, the cash back rate for the preferred category drops to 3%.

BofA banking bonus
If you qualify for Bank of America Preferred Rewards, you can get extra cash back on purchases made with this card.

0% for 15 months as an introductory APR
The Indiana University Credit Card offers 0% for 15 months on new purchases, along with 0% for 15 months on balance transfers.

What I Don’t Like About the Indiana University Credit Card

Fees for foreign transactions and balance transfers
The IU Credit Card adds a surcharge of 3% to purchases processed internationally. Balances transferred from other credit cards grow by 3%.

High regular APR range: 18.24% - 28.24% (V)
The rate you will be assigned, if approved for an account, depends on your overall creditworthiness. The average credit card offer currently has a regular APR of 22.73%.

Good credit or better needed for approval
We recommend a credit score of 700 or higher for the best approval odds. You will also need a steady income, with enough left over after existing monthly obligations to afford bill payments. If you don’t know your credit score, you can check it for free here on WalletHub.

Limited Indiana-specific benefits
Unfortunately, school-specific imagery is about all that really ties this particular credit card to IU. There aren’t any special discounts or experiences related to Indiana for students, alumni, faculty and other supporters who happen to have the card.

You may want to cast your credit-card net a bit further as a result and consider the best credit card offers overall, regardless of school affiliation.