Sallie Mae Visa Signature card 2 points / dollar, 10K points after a $500 spend

https://www.salliemae.com/landing/signaturecreditcard/default.as...

Terms:
https://creditcardapply.salliemae.com/cgi-bin/scn_cc_disclosure_...

Word is they pull Transunion.
Redemption rate for the rewards are unknown at this point.... could be a 2% Cash Back card.

Point Rewards Summary: There is no total cap to the point rewards you can earn and point rewards do not expire. Rewards are earned on qualifying retail purchases less credits, returns and adjustments. Earn 2 points for every $1 on qualified purchases charged to the credit card each billing cycle.

Earn 10,000 bonus points after you use your new credit card and make $500 of net retail purchases within the first 90 days of opening your account. This one-time 10,000 bonus point offer is valid only for first-time cardmembers with new accounts. Existing cardmembers/accounts are not eligible for this offer. This limited-time offer may be cancelled at any time without notice.

Your point rewards ending balance will be shown on your billing statement. You can redeem points for a check, statement credit or merchandise available through the Sallie Mae Rewards web site. If you or we close your account for any reason, including inactivity or because we believe you present an increased credit risk, if you engage in fraudulent activity, or become delinquent on this or any Sallie Mae account, or if your account does not remain in good standing, you may not earn or redeem rewards, and accumulated rewards may be forfeited. Rewards earned cannot be combined with other discount or reward programs unless specifically authorized by Sallie Mae Bank. When you become a cardmember, you will receive the Point Rewards program rules. Rewards program subject to change at any time.

Any idea what the redemption rate of points are?

Is this card only for people that have loans from Sallie Mae?

Bt your student loan (if held by someone other than sallie Mae) to the cc then Settle the cc debt for pennies on the dollar, the ultimate revenge against nondischargability of student loans !

From app:
888-516-3490
Closed When I Called
Hours: Mon-Thu 8am-8pm; Fri 8am-5pm

Introducing the new Sallie Mae® Visa Signature® Card. Now you can earn 2 points for every $1

From 877-999-3872 it is underwritten by First USA. Per rep minimum 2000 points are redeemed for $20. Can be applied toward Sallie May account or received as a check or received as a gift card to various merchants.

Edit 1: Regular 1% cash back card is shown here. Looks like the login for this card could also be here.

Edit 2: From 888-516-3490 the rep says minimum is 2500 points which can be applied as a statement credit of $16.25. So spend $1250 and get 2500 points = $16.25 Loan credit = 1.3% effective Cash Back.

Edit 3: Called back 3X to 888-516-3490 to see if I get the same story. It's a new card so no link to any information regarding the rewards. All 3 reps repeated Edit 2 above. Each rep repeated 10,000 points after $500 yields $85 credit which is greater then 1.3%. Each rep said 2500/$16.25;5000/$32.50;7500/$48.75;10000/$85; however, they all also said 25000/$250;35000/$350;50000/$500 which makes this 2% at those levels. Each explained that difference differently but basically if you wait till that level to cash out your points you can get 2%. Gift card mall with points has a VISA gift card.

SUCKISSTAPLES said:   Bt your student loan (if held by someone other than sallie Mae) to the cc then Settle the cc debt for pennies on the dollar, the ultimate revenge against nondischargability of student loans !

What if the student loan is held by Sallie Mae? (dang you Citi for selling my wife's student loan SM this month!)

ScreamingDaisy said:   I just called and inquired about the card. Per the rep, the 2 points are for any purchases made with the card even though the advert says "qualified purchases". Points are only redeemable toward student loans serviced by Sallie Mae or products from the Sallie Mae Mall (no other CashBack-type rewards available). They are redeemable at the following rates:

2,500 = $16.25 = 1.3%
10,000 = $85 = 1.7%
25,000 = $250 = 2%
50,000 = $500 = 2%

Wonder how that works when the sign up site says:

"You can redeem points for a check, statement credit or merchandise available through the Sallie Mae Rewards web site."

Make sure to take a screen shot

Green to OP for possible good replacement for Schawb Visa.

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roblox said:   SUCKISSTAPLES said:   Bt your student loan (if held by someone other than sallie Mae) to the cc then Settle the cc debt for pennies on the dollar, the ultimate revenge against nondischargability of student loans !
I wish scumbags weren't allowed on this forum.

yeah, they're almost as bad as n00bs

[nuke accidental double post]

imbatman said:   SUCKISSTAPLES said:   Bt your student loan (if held by someone other than sallie Mae) to the cc then Settle the cc debt for pennies on the dollar, the ultimate revenge against nondischargability of student loans !

What if the student loan is held by Sallie Mae? (dang you Citi for selling my wife's student loan SM this month!)
You generally can't do a bt to the same lender, need to bt to a third party creditor or see if they bt to checking .

SUCKISSTAPLES said:   Bt your student loan (if held by someone other than sallie Mae) to the cc then Settle the cc debt for pennies on the dollar, the ultimate revenge against nondischargability of student loans !

SS, did not expect this from you.
Seriously, man, I though the whole idea of FF was to help people be financially savvy and not become deadbeats and cheaters - and what you suggest is really a way to commit a fraud.

anyone been able to find out more about the rewards mall? When I called, they wouldn't give me information about it over the phone, saying that I had to be a member first.

RussianInNYC said:   SUCKISSTAPLES said:   Bt your student loan (if held by someone other than sallie Mae) to the cc then Settle the cc debt for pennies on the dollar, the ultimate revenge against nondischargability of student loans !

SS, did not expect this from you.
Seriously, man, I though the whole idea of FF was to help people be financially savvy and not become deadbeats and cheaters - and what you suggest is really a way to commit a fraud.

Oh, sh--t we better shut down all the banks then, esp the mortgage servicing units of the biggest banks the "too big to fail"...

RussianInNYC said:   The fact that someone else is doing the wrong thing does not make it ok - and we all know it.
Following your logic, why don't you just rob the "biggest banks with servicing units"? (sarcasm here)

It's a joke, man. Nobody here's advocating doing a bt to declare bankruptcy (least of all SiS). We should def have sarcasm/humor training as a prereq to be able to post in this forum.

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Sidenote: if the OP title were updated to Sallie MaE (as opposed to May), it will make searching for this thread easier.

gatzdon said:   Anyone gotten their new card to show up on Yodlee yet.

I have a similar problem with Mint. Barclays shows the NFL card, but not SM. I've deleted and re-added twice, so far no luck. Is there a trick to get this working?