Sallie Mae MasterCard

For discussion of rewards cards targeted at students, just starting out.
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IWISHU
Credit Card Expert
Posts: 146
Joined: Fri Oct 06, 2006 1:58 pm

Sallie Mae MasterCard

Post by IWISHU » Mon Feb 10, 2014 7:05 am

https://www.salliemae.com/credit-cards/sallie-mae-card/
Sallie Mae MasterCard®
If you have student loans, the Sallie Mae MasterCard might be the right card for you. Not only does it offer cash back rewards, but it also allows you to use those rewards to pay down your eligible Sallie Mae student loans.
Here’s how you earn cash back:
5% cash back on the first $250 you spend per month on eligible gas and grocery purchases each and the first $750 you spend per month on eligible book purchases.
1% cash back on every other purchase you make.
Earn 2500 bonus points which may be redeemed for a $25 cash back statement credit, just for using your card within 90 days of account opening.
No annual fee.
Excellent credit required. If you don't have credit history to meet their requirements, you may be offered another card.

Eric
Credit Card Expert
Posts: 155
Joined: Sun Apr 09, 2006 6:54 pm

Re: Sallie Mae MasterCard

Post by Eric » Fri Aug 12, 2016 5:33 pm

This card has been discussed in more depth under the cashback card thread, since you need not be a student to receive this, and viewers should refer to the cashback thread. The 5% category is great, and if the high limit on bookstores appears to limit its appeal among non-students, it should be noted that Amazon.com is coded as a bookstore. We run our first $250 a month in groceries, all our gasoline (which is under $250) and (since we learned about the coding) usually all our Amazon through this card.

Eric
Credit Card Expert
Posts: 155
Joined: Sun Apr 09, 2006 6:54 pm

Re: Sallie Mae MasterCard

Post by Eric » Fri Feb 03, 2017 6:56 pm

See the thread under Cash Rewards cards: this card loses all its special benefits as of March 1, 2017. Reduced to 2% on groceries (but no longer a $250 monthly limit), 1% on all else. Bye-bye Sallie Mae.

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