Death of Sallie Mae

[BluePoodle]

I am late to the party. I haven't been on MyFico in a while. But I too received the letter of doom. Was hoping it wouldn't happen but now both me and my daughter have this card and not sure what we will do with it once it changes over. 

We get a ton of checks in the mail for 0% for 12 months. I wonder if that will end as we do like to use them periodically.

[Anonymous]

its so weird , ive been waiting for my letter to arrive as i also have the sallie mae mastercard and i have yet to recieve anything.

[zyzzus]

I used this card a bunch as it was great for a single guy with my modest grocery bill and gas bill.  With the end of this card imending I decided to roll a lot of non category spend/this into a CU (there was a thread here I'll see if I can find it after I post) that offerce reward checking account with different tiers.  One of the tiers requires $1K spend (the other $500) plus the card has 3% cashback on groceries (cappted at $6K) and 2% on gas.  When its all said and done I think I'll end up ahead here (even given the interest earnings being taxed lol).  I wasn't happy with the change but it may help me out overall anyhow and i'll be happy to sever the relationship with barclays.  I am upset they don't participate with android pay and all of the horror stories on the forums.... well I am just glad I didn't have any issues.

edit: here is the thread here

http://ficoforums.myfico.com/t5/Credit-Cards/Consumers-Credit-Union-IL-data-points/td-p/4827287

[Imperfectfuture]

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@Falere wrote:

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@Anonymous wrote:

I'm still hopeful for a mortgage soon, so I won't be closing the card. I think I'll just sock drawer it until after the mortgage (whenever that is).

At least this didn't come out in a few months. I was planning on closing my BCP and switching all of my grocery spend to my 2x SMs, but thankfully I still get the older, grandfathered fee for BCP and can keep that as my main grocery card. I think I'll apply for the Amazon Prime store card, covering my Amazon spend (along with Discover IT and Chase Freedom), and freeing up a slot in my wallet. I think I'm going to just suck up the loss of the gas rewards and push those to BCP as well. Maybe I'll get lucky and have my HEB gas code as groceries.

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I thought they increased the fee for existing card holders as well?  Can anyone else confirm they kept the old BCP fee?

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Confirmed

[deltatee]

I officially closed down my Sallie Mae.  She was good while she lasted.  I am quite excited about the improved benefits on the Amazon Rewards card!  It seems the only benefit I will be missing is 5% at Walmart.

[AverageJoesCredit]

RIP

[longtimelurker]

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@Imperfectfuture wrote:

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@Falere wrote:

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@Anonymous wrote:

I'm still hopeful for a mortgage soon, so I won't be closing the card. I think I'll just sock drawer it until after the mortgage (whenever that is).

At least this didn't come out in a few months. I was planning on closing my BCP and switching all of my grocery spend to my 2x SMs, but thankfully I still get the older, grandfathered fee for BCP and can keep that as my main grocery card. I think I'll apply for the Amazon Prime store card, covering my Amazon spend (along with Discover IT and Chase Freedom), and freeing up a slot in my wallet. I think I'm going to just suck up the loss of the gas rewards and push those to BCP as well. Maybe I'll get lucky and have my HEB gas code as groceries.

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I thought they increased the fee for existing card holders as well?  Can anyone else confirm they kept the old BCP fee?

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Confirmed

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In theory, the new fee will apply on renewals after Aug 2016.  But some people luck out for a while!

[Anonymous]

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@SunriseEarth wrote:

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@Anonymous wrote:

Sadly as a few other posts have popped up the death of the SM rewards is here. What are you all going to do? Is there any hope of a PC to something else before the card changes or just suck it up and take the new card? Close the acccount??

-Sin

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I took a targeted offer for opening a CashForward but I had to use $10K of my SM CL to open it.   Eventually, I will fold the rest of the SM CL into the card and close it.   I don't find the 2% categories of the replacement card to be useful for me.  

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Sure wish they would give me a targeted offer! Some people rate?

[Anonymous]

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@deltatee wrote:

I officially closed down my Sallie Mae.  She was good while she lasted.  I am quite excited about the improved benefits on the Amazon Rewards card!  It seems the only benefit I will be missing is 5% at Walmart.

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Yeah, sucks for WalMart purchases. If you have Discover it or More card(s), you can forestall the pain a bit by maxing out the 5% on warehouse clubs this quarter buying Sam's Club g/c, then use those at WalMart once the SallieMae deal is over. I also happened into an AmEx deal on one of my AmExes that gives me 20% on a purchase at Sam's Club, up to $250 back. I plan to buy $1,250 in Sam's g/c, and use them at WalMart starting March 1.  That will keep me in WalMart purchases for a couple of months at least. :/

Chris.

[deltatee]

Thanks for the advice, Chris!  I don't have a Sam's membership, but that is definitely good information to keep in mind.