[Update 7/25/07: The new promo seems to have also ended.]
[Update 7/19/07: There seems to be a new promo page here with a new promo code: FABHTM.]
[Update 7/14/07: Promotion seems to have ended.]
There's a promotion going on for a Bank of America Alumni MasterCard Credit Card. It offers 25,000 reward points that can be redeemed for $250 cash. The only requirement is spending $250 on the card. Here's the promotional page link. Click on either card, and the 25K point offer will appear. This has been a hot thread at both FatWallet and SlickDeals. It appears the only Alumni card that has this promotion is the University of Iowa Card, but being a student or alumni of the university isn't required. In addition to applying online, you can also apply by phone at 1-800-932-2775. Make sure to mention the priority code FABHPD. The credit card has no annual fee.
Note that the promotional page is at applyonlinenow.com instead of BankofAmerica.com. This seems to be a standard credit card application site used by Bank of America. If you click on the apply-now button at this Bank of America credit card page it'll take you to a similar applyonlinenow.com webpage.
If you sign up for this offer, you may also want to consider taking advantage of a $100 checking account bonus at Bank of America. It's only for BoA credit card customers. Please see this post for more info. This bonus appears to still be available. Several readers have reported receiving the $100, but as usual, you'll have to watch out for monthly fees. For more Bank of America promotions, please see this post.