MIT Federal Credit Union has been selected by the Massachusetts Institute of Technology Alumni Association to offer its financial services, including an affinity credit card, to its 125,000 members.

The $320-million, Cambridge, Mass.-based credit union succeeds a similar arrangement with Bank of America Corp.

The MIT Affinity Card is designed to represent the school. Cardholders automatically are enrolled in a rewards program. The card has no annual fee and no fee for cash advances.

A portion of each purchase will help fund alumni and student programs.

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