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Sallie Mae 5% cash back on gas, groceries, and books: $100 bonus after you spend $500 in first 90 days

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10/6/11 5:50 PM
Sallie Mae Visa.

Issued by Sallie Mae Bank

The cap is $500 a month on gas and groceries (i.e. $25), and $1000 (i.e. $50) on books. Would be great if this works on Amazon.

Cash Back Rewards Program Summary: There is no total cap to the cash rewards you can earn and rewards do not expire. Rewards are earned on qualifying retail purchases less credits, returns and adjustments. Earn 1% Cash Back rewards on purchases charged to the credit card each billing cycle. Earn 5%, Cash Back rewards on the first $500 charged to the card each billing cycle on combined purchases of gasoline and groceries. For purchases in these categories that exceed the $500 monthly limit, you can continue to earn the 1% Cash Back reward. Earn 5%, Cash Back rewards on the first $1,000 in book purchases charged to the credit card each billing cycle. For book purchases that exceed the $1,000 monthly limit, you can continue to earn the 1% Cash Back reward.

10/6/11 5:50 PM
US Citizen or PR ONLY

you CAN have both the 2% flat (phasing out?) and 5% groceries/gas card

5% rewards up to $250 total for groceries per month
5% rewards up to $250 total for gas per month
5% rewards up to $750 total for books per month
1% on everything else

Redemption: After earning 2,500 rewards points, you may redeem your rewards for Cash Back in the form of a statement credit in the amount of $25, get a rewards credit applied to help you pay down your eligible Sallie Mae student loan, or redeem as Cash Back in a Upromise account. Sallie Mae serviced loans and other student loans may not be eligible for linking. Rewards used to pay down student loans reduce the total amount owed on the loan but are not applied to payments due. Subject to the terms and conditions applicable to your Sallie Mae student loan and/or Upromise account. Your participation in the rewards program may end if your credit card account is inactive for 13 months or more.

???Sallie Mae by default sells your personal information to affiliates. You can opt out of SOME (but not all) of this information sale by calling a toll-free number provided in one of the pamplets they send.???

???Credit card benefits are sparse! There's a 90-day new product protection against damage and theft, some sort of crappy-looking rental car insurance benefit, and $59.95/service call for roadside assistance.???

???One plus is that the website will allow you to setup statement balance autopay each month - a feature which is missing from one of my HSBC credit cards.???

All in all, it should work well for people that buy less than $250 in groceries per month. If you want to buy gas, get a Penfed card. If you want to buy books, get a Citi Forward. Both of these cards are superior to the Sallie Mae card. If you buy more than $250 in groceries each month, look into the AMEX 6% cards as they may offer better value.

How do I login to see my account?

From their Cash Back Reward Program Rules:

$250/billing cycle category: gas stations classified as service stations and automatic fuel dispensers and grocery stores and supermarkets

$250/billing cycle category: book stores, books, periodicals and newspapers.


To apply:


Thanks, telflonmail, for finding the application link.

10/6/11 6:00 PM
Of course they release this one just after I got the points one, which is only $85 towards student loans.
10/6/11 6:44 PM
Is this a targeted offer? I only see a 3% card on their website, and the link you gave is just the application page with no mention of 5%.
10/6/11 6:52 PM
Go down and read the terms at: "Cash Back Rewards Program Summary"
10/6/11 8:17 PM
Applied and got:

"Thank you for applying for a Sallie Mae credit card. Your application is currently being reviewed, and we require additional information from you to finalize our decision. Please contact us at 877-903-7968 at your earliest convenience."

Is it normal?
10/6/11 11:52 PM
They seems to be very aggressive introducing competitive cards, here's earlier discussion on 2% CashBack card:

10/7/11 10:21 AM
Don't forget this:

Earn $100 bonus cash reward 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 $100 bonus cash reward offer is valid 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.
10/7/11 10:36 AM
Data point: NOT instantly approved - approval was halted for security review purposes. 771 CreditKarma; 17 open card accounts in good standing with no lates.

Edit: Called 10/13/11 and application was approved with 7k credit line. The lady said I should receive my card in the next week or so.
10/7/11 10:39 AM
Tried now. Got a message to call after submitting the form. Called. Was told "the verification department" would give me a call tomorrow.
Nice if it works, 5% on gas - no need to wait on Discover offer every year. Thanks
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