Sallie Mae is perhaps best known for offering private student loans, but the lender introduced a trio of non-annual fees rewards credit cards Targeted audience are college students and young adults, including one who grants cardholders additional credits when they redeem their earnings for student loan payments.
Here’s what you should know about the cards:
The Sallie Mae Ignite, Designed for students taking out loans, it offers unlimited 1% cashback on every purchase. After six consecutive on-time payments, cardholders can receive a 25% bonus on these rewards. It also comes with one Introductory offer of 0% APR of six months on purchases. A standard variable APR then applies.
The Sallie Mae Accelerate is aimed at students with student loans. The card gives you an unlimited 1.25% refund on all purchases and a 25% bonus on premiums redeemed to repay a federal or private student loan. It comes with a 12 month introductory offer of 0% APR on purchases. A standard variable APR then applies.
The Sallie Mae Evolve is for those whose spending patterns can vary from month to month. The card is similar to the structure of the Accelerate and pays unlimited 1.25% cashback on all purchases. However, it also offers a 25% bonus on premiums received each month in your two top spending categories. It comes with a 12 month introductory offer of 0% APR on purchases. A standard variable APR then applies.
“Our cards are aimed at younger people who are grown up and nesting early,” says Anthony Moschella, senior director of Sallie Mae Credit Cards. For some, the Ignite might be their first card, Accelerate focuses on newer graduates or those on a student loan. Develop as you go beyond that and build your life beyond graduation e.g. B. start a family or buy a house. “
According to Sallie Mae, cardholders will be able to work seamlessly in 2020 Product change your card from one to the other to interlock with new phases of life and spending patterns.
All three cards run on the Mastercard network and offer a Mobile phone protection advantage Valued up to $ 600 per incident when you pay your monthly bill with your Sallie Mae Card. The rewards on the cards never expire and can be redeemed once you’ve earned at least $ 25.
Sallie Mae previously offered another credit card, the Sallie Mae MasterCard. It is no longer available.
Are These Cards Good Business?
The Sallie Mae Ignite joins only a small handful of cards that offer rewards for those who work on improving their credit profiles. There is also no disadvantage in having six months of interest-free shopping freedom. However, if you don’t need this intro offering, consider this too Deserve® EDU Mastercard for students. It earns an unlimited 1% cashback on all expenses, which is not as high as the Ignite’s highest potential earnings quota. But unlike the Ignite, the Deserve® EDU Mastercard for students does not charge a foreign transaction fee and waives your first late fee. It also runs on the Mastercard network and offers $ 600 cell phone insurance coverage. However, it will also reimburse you for the annual subscription fees for Amazon Prime students up to a total lifetime of $ 59 after spending $ 500 in the first three billing cycles.
If you are looking for all the help you can get Reduce your student loanWith the Sallie Mae Accelerate, you can save yourself the extra step of redeeming your rewards and then using that Windfall separately to cash out your balance. But if you don’t mind a less streamlined debt settlement process and you have an established loan, other cards can help you make more money on your expenses to use them back on your loans. The Citi® Double Cash Card – 18 months BT offerFor example, offers a total of 2% cashback on every purchase – 1% on purchase and another 1% on paying your bill. That will get you more in the long run.
The Sallie Mae Evolve can be defeated by several other cards on the market. With the 25% bonus function, you get around 1.56% discount on purchases in your two top categories and 1.25% discount on everything else. Any number of cards offer less complicated Flat rate premiums of 1.5% or better for everything you buy.