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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.

http://www.salliemae.com/5percent

Member Summary
Most Recent Posts
What type of redemption?  there are 3 choices.

If you did a statement credit, it will show in transactions tomorrow. howi... (more)

telflonmail (Oct. 22, 2014 @ 10:05a) |

Like other Barclay cards, your points are available in your Barclay account as soon as the transaction posts; no need to... (more)

cpaynter (Oct. 23, 2014 @ 3:43p) |

Thanks. I did not realize this bonus was available. How much work is it to get it? and where are the terms described? I ... (more)

ProfessorEd (Oct. 24, 2014 @ 4:12p) |

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

The $100 bonus is gone, replaced with $25 for first use within 90 days.

The card is now issued by Barclays, and accessible from their card site along with any other cards of theirs you have.

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.

Since Forward pays in Thankyou points while this pays in statement credits, some may prefer this for Amazon and books. PenFed points have been devalued, so for many it is no longer a 5% gasoline card. If you expect to exceed $6,000 per year in groceries, this card may get you 5% on excess (can be used for first $250 per month for groceries)

How do I login to see my account?
https://www.barclaycardus.com/ 

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:

https://www.salliemae.com/landing/WorldCreditCard/ 

Thanks, telflonmail, for finding the application link.
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Of course they release this one just after I got the points one, which is only $85 towards student loans.

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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%.

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Go down and read the terms at: "Cash Back Rewards Program Summary"

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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?

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They seems to be very aggressive introducing competitive cards, here's earlier discussion on 2% CashBack card:

http://www.fatwallet.com/forums/finance/1125011/

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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.

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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.

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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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I might have to get this just for the groceries (already have PenFed and Forward for gas & Amazon).

Thanks for the post OP.

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Thanks for the post OP.

I did not get approved instantly, had to call in and answered a couple of questions. I then got approved for a credit limit of 12k.

I'll probably use it mainly for the 5% back on gas. I spend about $400-500 on gas a month.

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dogbyte said:   Thanks for the post OP.

I did not get approved instantly, had to call in and answered a couple of questions. I then got approved for a credit limit of 12k.

I'll probably use it mainly for the 5% back on gas. I spend about $400-500 on gas a month.

I think that should be a hint you need a more efficient vehicle.

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What sort of questions did they ask, dogbyte? Be general if you'd like.

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nevermind

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The toll free # on the application upper right corner shows 888-742-3710.

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So do you get the 5% from WalMart shopping? I know it was that way years ago with all the 5% gas/groceries cards.

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this makes the 6% AMEX not worth it ..you'd have to spend 625/month to match this free card and negate the 75 annual fee on the AMEX.

Edited...above is wrong, should be 525 (not including Envaulted, see below for those calculations)

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goku2 said:   dogbyte said:   Thanks for the post OP.

I did not get approved instantly, had to call in and answered a couple of questions. I then got approved for a credit limit of 12k.

I'll probably use it mainly for the 5% back on gas. I spend about $400-500 on gas a month.

I think that should be a hint you need a more efficient vehicle.


Pre-mature judgement since you have no idea how many miles he drives per month.

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howie888 said:   this makes the 6% AMEX not worth it ..you'd have to spend 625/month to match this free card and negate the 75 annual fee on the AMEX.

My first thought as well.

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howie888 said:   this makes the 6% AMEX not worth it ..you'd have to spend 625/month to match this free card and negate the 75 annual fee on the AMEX.
AMEX does work with Envaulted and Sallie Mae doesn't (yet?), if that has any value to you.

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DealNegotiator said:   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.
Am I missing something?

$500 cap on gas and groceries?

People are comparing this card to AMEX Blue?

C'mon.

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ColbyS said:   DealNegotiator said:   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.
Am I missing something?

$500 cap on gas and groceries?

People are comparing this card to AMEX Blue?

C'mon.


I use Penfed for 5% gas. So $500/month for groceries is perfect for my family.

For families that spend more or as GamingG suggested (for families who use envaulted and are able to get 1.25% additional), it might be worth it.

Break-even points for envaulted users assuming fixed tier for every month of the year.

1.25% tier (spend at least $277.78/month on groceries using AMEX)
1.00% tier (spend at least $312.50/month ...)
0.75% tier (spend at least $357.15/month ...)
0.50% tier (spend at least $416.67/month ...)
0.25% tier (spend at least $500/month ...)
0.00% tier (spend at least $525/month ...)


althought if used to purchase gift cards for stores that i'm going to spend money anyway, then AMEX comes out way ahead.

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dozenblackroses said:   What sort of questions did they ask, dogbyte? Be general if you'd like.

The guy asked questions about my gross income and employment status. He also asked about the other credit card debt that I have.

I drive about 80 miles back and forth for work. I also make frequent trips from OC to San Diego, which is the reason why I spend so much on gas a month.

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BingBlangBlaow said:   howie888 said:   this makes the 6% AMEX not worth it ..you'd have to spend 625/month to match this free card and negate the 75 annual fee on the AMEX.

My first thought as well.

Let's not forget the $500/month cap above which the Sallie Mae card earns just 1%. This card as an alternative does raise the break-even point for BCP, but to $525/month rather than the $625/month, and that is still assuming entirely equal spending between months. With the grocery spend fluctuating during the year, the monthly cap enforcement makes the Sallie Mae card less useful and so pushes the "average month" break-even for BCP still lower.

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There is also the gift card thing, which allows you to stretch the 6% for AMEX Blue Preferred at supermarkets to such areas like entertainment, restaurants, and clothing.

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Don't have a groceries or gas card, and im single and spend < 500/mo on these things, so this looks like a pretty good card to have. Went ahead and applied. Was asked to call in.

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Pondus said:   BingBlangBlaow said:   howie888 said:   this makes the 6% AMEX not worth it ..you'd have to spend 625/month to match this free card and negate the 75 annual fee on the AMEX.

My first thought as well.

Let's not forget the $500/month cap above which the Sallie Mae card earns just 1%. This card as an alternative does raise the break-even point for BCP, but to $525/month rather than the $625/month, and that is still assuming entirely equal spending between months. With the grocery spend fluctuating during the year, the monthly cap enforcement makes the Sallie Mae card less useful and so pushes the "average month" break-even for BCP still lower.


You're right, I equated the 2 as equal for some reason on purchases up to $500. I'll edit my other post above.

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I got the same message...call for verification. This seems to be the worst system out there.

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Just called the number w/ the reference number...after wasting about 10 minutes, the customer service said I need to wait for the credit department to call me in about 2 days.

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ColbyS said:   DealNegotiator said:   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.
Am I missing something?
$500 cap on gas and groceries?
People are comparing this card to AMEX Blue? C'mon.
Still even if you're getting 7% on the Blue+Envaulted, you'd have to spend $3750 more on groceries to justify the AMEX $75 fee... As a single guy, I don't spend 3750 on groceries in a year, and I never go over $500/mo on gas+groceries.

This card will be great for me.

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I too applied over the weekend and was also asked to call in. I just called in. They just verified my identity, looked over the application, and told me I'd hear within 5-7 days but that there shouldn't be any problems. It appears the message to call in is going out to everyone.

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true. i got the call in page when applying on saturday. just called in, answered a couple of identity related questions and the woman told me i was approved. however she couldn't tell me what the credit line would be though. odd.

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have to be citizen or pr.

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lol dude told me he'd "have to check into some things" after asking me a bunch of questions about my income and debt and other things... said he'd call me back in an hour, never heard back... information harvesting scam?

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fitallvb said:   goku2 said:   dogbyte said:   Thanks for the post OP.

I did not get approved instantly, had to call in and answered a couple of questions. I then got approved for a credit limit of 12k.

I'll probably use it mainly for the 5% back on gas. I spend about $400-500 on gas a month.

I think that should be a hint you need a more efficient vehicle.


Pre-mature judgement since you have no idea how many miles he drives per month.

At $400-$500 per month on gasoline, it's pretty unlikely the guy is driving 77,000 a year @ 50mpg or 46,000 @ 30mpg but 31,000 @ 20mpg or 23,142 @ 15mpg is far more likely... So, if you're driving over 25,000 miles per year, mostly on the highway, then a much more fuel efficient vehicle would make a lot of sense.

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jd2010 said:   lol dude told me he'd "have to check into some things" after asking me a bunch of questions about my income and debt and other things... said he'd call me back in an hour, never heard back... information harvesting scam? exact samething happened to me last week, just got denial letter.

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motsuka said:   jd2010 said:   lol dude told me he'd "have to check into some things" after asking me a bunch of questions about my income and debt and other things... said he'd call me back in an hour, never heard back... information harvesting scam? exact samething happened to me last week, just got denial letter.

Between these stories and my calculations of break-even, I am pretty much ready to upgrade AMEX Everyday to the Preferred.

Waiting for the approved members to provide the Credit Limits. That my entice more people.

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I also got the notice about calling in for verification. When I did they only asked for my name and date of birth to verify who I was. She said my application was in process and everything was in order and I didn't even need to call in. Took less than a minute. Seems like everyone gets the call in notice.

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Dude at callback # was ridiculously thorough... Asking about recent runups in Chase AARP and FIA Visa

Even asked what an ancient Lndng.Club loan was used for. I answered, "Paid them off, but I can't remember." Rather than, "Abusing promotions for easy profit."

Took 10 mins and was DENIED for having "maxed out" utilizations of 60% on Chase AARP and FIA... Unbelievable, keep your utilization low before you apply.

Skipping 855 Messages...
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cpaynter said:   
ProfessorEd said:   
 
  So unlike virtually every credit card, they are not prompt in crediting the rewards (or miles, or cash) soon after the statement closes? This is puzzling since Barclays issues the card, and probably uses basically the same software on this card as on other cards. Technically, managing this reward program seems simpler than managing the Priceline card, or the Arrival card, (where refunds are based on refunding specific travel expenses).

I just went to the rewards area, and was able to place a redemption request for $28.50 (based on Amazon purchases recently made plus the $25 for first use) even though the statement had not closed.

I was pleased to see that although there is a stated $25.00 minimum for redemptions, they did not limit redemptions to multiples of $25, but accepted a request for the full amount.

I had the following E-mail from them:
"Thank you for redeeming for a statement credit1 on 10/22/2014 through our customer website. You should receive this statement credit reflected on your account within 1-2 days."

 


Like other Barclay cards, your points are available in your Barclay account as soon as the transaction posts; no need to wait until the statement cuts.

When I used to redeem for statement credit, the credit was almost instantaneous.  But now that I've switched to UPromise redemptions, I've have results consistent with the other posters.  

The redemptions always show up on UPromise as pending within 3-5 days.  But to go from "Pending" to "Funded" has ranged from 30 days to 130 days.  After that, the actual transfer to the savings account happens the middle of the next month.





Amount Redeemed Pending Funded Transferred
32.54 4/2/14 4/6/14 8/14/14 9/16/14
42.55 6/9/14 6/16/14 7/16/14 8/13/14
33.89 8/1/14 8/4/14    
34.19 9/10/14 9/15/14    
25.61 10/11/14 10/16/14    

I'm thinking it will all be worth it when I get the 10% bonus (at $16.88 so far) next year.

Chris.

  Thanks. I did not realize this bonus was available. How much work is it to get it? and where are the terms described? I could not find that on the Barclay's web site.

It looks like this would make the card slightly more generous, with the 5% categories being 5.5% for instance. It would be nice to know just how to get this, and whether it was worth the trouble.

Searching on this thread I could find a little more information, notably that the 10% gets reported as interest.

On the Sallie Mae site (https://www.salliemae.com/banking/hysa/) there are more details, notably that you need a $5,000 minimum deposit, or a $25 per month Automatic Savings Plan.  I am guessing you could set this up, and then make withdrawals frequently so you were not tying up too much money. The interest rate is now .8%, which is good, but still too low to lead many of us to want to keep much money in it. It may even be possible to automate things, so that you draw your $25 out frequently, but I am not certain regarding this.

Whether this is worth the trouble may depend on how much you expect to use the card, and how much you expect to earn. Doe instance, spending $100 per year in 5% categories would earn you $50. The bonus would be $5.00 per year, which is not a high return for the hassle of setting up a new account, managing the process, etc.

"To be eligible for the 10% annual match on your Upromise earnings from Upromise you must link your High Yield Savings Account (HYSA) to your Upromise Account and, within 90 days of opening your HYSA, either: (1) set up an Automatic Savings Plan with a monthly deposit of $25 or more, or (2) fund the account with $5,000 or more. If you qualify for the 10% match based on having the minimum balance of $5,000 in your HYSA, you must maintain that minimum balance in your HYSA for the duration of the calendar year for which your earnings will be matched. Once you complete the steps above, Upromise will match 10% of your Upromise earnings posted as ”funded” to your Upromise Account during each calendar year.  Your match will be deposited into your HYSA in the February after you have linked and funded your account as described above, provided that both accounts remain active and are in good standing at time of transfer.  Visit the FAQs to learn more. Upromise may change or terminate the 10% annual match offer at any time without notice.  Other terms and conditions may apply.  "
 

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