Sallie Mae Launches 3 Cash Back Credit Cards For Young Adults
Sallie Mae just launched three cash back credit cards designed to help young adults build credit, pay down debt, and establish financial independence. The cards have no annual fees or rewards caps, and have a variable APR of 14.99% to 24.99%.
With Sallie Mae Accelerate, cardholders earn 1.25% cash back for their purchases. In addition, one can earn a 25% bonus on any cash back rewards used to help pay down their student loans. The card also has a 0% introductory APR on purchases for 12 months. According to Sallie Mae, Accelerate is “the only cash back credit card that gives you a bonus when you use your rewards to pay down a student loan.”
The Sallie Mae Ignite card is a traditional rewards card, offering 1% cash back for all purchases. However, cardholders can earn 25% bonus cash back after making six consecutive months of on-time payments. So, $100 in cash back rewards can turn into $125 cash back with good payment history. This card also has an introductory APR of 0% for 12 months on purchases.
The Sallie Mae Evolve card offers 1.25% cash back on all purchases, with a 25% bonus for top spending categories. Every month, cardholders earn a bonus for the top two categories in which they spend the most money. This is re-calculated each month, so cardholders can earn the most cash back possible, regardless of how their spending changes. There is a 0% introductory APR on purchases for six months.
All three cards come with free FICO credit scores, U.S.-based customer support and cell phone insurance, where cardholders receive up to $600 per claim in cell phone protection if they pay their cell phone bill with a Sallie Mae card. Sallie Mae’s mobile app lets cardholders pause their cards if they are lost or stolen, set custom alerts to track their spending, and dispute fraudulent charges in the app.
Sallie Mae also launched a $10,000 monthly sweepstakes for Accelerate and Ignite cardholders. Each month, the lender will provide a $10,000 prize to be applied to the winner’s student loan debt. Every transaction on an Accelerate or Ignite card counts as an additional sweepstakes entry. The sweepstakes runs through the end of September, 2020.