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Established Contributor
Posts: 887
Registered: ‎03-04-2013
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Re: Sallie Mae mastercard 5% back on gas

Sallie Mae has no annual fee.  After I read this post I went back again and confirmed on the app page.  Where are you seeing that it has an annual $25 fee?

FICO: EQ 759 | TU 754 | EX 737
Amex BCE $25k, SFFCU Visa $15k + LOC $5k, USAA Amex $6k, USAA MC $7k, Cap1 $4.5k, Freedom $9.2k, Slate $500, Barclays SM $9k, USBank Cash+ $5k, Citi Diamond $5.3k, Citi Double Cash $1k, Care Credit $13.5k.

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Posts: 310
Registered: ‎11-22-2013
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Re: Sallie Mae mastercard 5% back on gas

I believe the $25 AF they are talking about has to do with the penfed card.
NFCU Cash Rewards $14,000 | AMEX TE $12,400 | Sallie Mae $7,500 | WalMart MC $7,500 | Target Red Visa $6,000 | America Discount Tire $700

Last app 3/16/14. Wal-Mart TU FICO 763 as of 7/5/15
Established Contributor
Posts: 645
Registered: ‎09-27-2013
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Re: Sallie Mae mastercard 5% back on gas

I got Sallie Mae Oct. Instant approval with new account in March, April, June & 2 in July. So it's not am auto decline. I had 5 new.

It's only 5% back on the $250 as people mentioned so might want to look into another card that offers 3%.

I didn't know about the PenFed card as if it's unlimited that sounds awesome. I've spent $500+ gas in 1 trip before.
EQ 773 * EX 786 * TU 797
Established Contributor
Posts: 645
Registered: ‎09-27-2013
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Re: Sallie Mae mastercard 5% back on gas

At least $700 in gas is $35 cash back so if your spending that much you get back AF in 1 month & then some.
EQ 773 * EX 786 * TU 797
Super Contributor
Posts: 9,141
Registered: ‎06-19-2013
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Re: Sallie Mae mastercard 5% back on gas

I have an random question for all of you that have the SM card. How do you get cashback is statement credit or is it actually an check they send to you like chase and discover do ?



EX Fico 774 3/3/15 Fako 806 CS/Credit.com 11/24/14
EQ SW bank enhanced 5/26/15 827 CK fako 807 5/11/15
TU Fico Barclay's/Walmart 7/6/15 786 Fako 808 Creditkarma 5/11/15
Moderator
Posts: 8,868
Registered: ‎01-15-2009
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Re: Sallie Mae mastercard 5% back on gas


JediNeo wrote:
An auto decline due to new accounts is not true. When I applied my AMEX was six months and NFCU was three months. I was not auto approved but it was not due to the new accounts. It was due to the phone number I provided was not under my name. When I reconed they only asked to clarify the account holder of the phone, nothing about my previous cards.

From what I recall, The $250 limit is on your rewards cap, not on how much you can spend on gas.I think $700/month spend is alright for this card.

I would agree with you more than the other poster for sure. I have an Arrival that's like 4 months old so no way and I just got approved for the SM card.. If you can't get the PenFed I'd go for this one.

Moderator
Posts: 8,868
Registered: ‎01-15-2009
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Re: Sallie Mae mastercard 5% back on gas


mongstradamus wrote:

I have an random question for all of you that have the SM card. How do you get cashback is statement credit or is it actually an check they send to you like chase and discover do ?


My card just loaded on to my Barclays account profile -- there are three options.. you can deposit it to your Upromise account (of which you can then transfer out to a bank -- I've got a upromise account and it isn't hard to do.), you can have it pay down your SM student loans, OR you can get a statement credit.

Moderator
Posts: 8,868
Registered: ‎01-15-2009
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Re: Sallie Mae mastercard 5% back on gas


MoreRewards wrote:
At least $700 in gas is $35 cash back so if your spending that much you get back AF in 1 month & then some.

Totally agree.. the penfed card is way better for them if they can get it!

Super Contributor
Posts: 9,141
Registered: ‎06-19-2013
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Re: Sallie Mae mastercard 5% back on gas


KennyS2006 wrote:

mongstradamus wrote:

I have an random question for all of you that have the SM card. How do you get cashback is statement credit or is it actually an check they send to you like chase and discover do ?


My card just loaded on to my Barclays account profile -- there are three options.. you can deposit it to your Upromise account (of which you can then transfer out to a bank -- I've got a upromise account and it isn't hard to do.), you can have it pay down your SM student loans, OR you can get a statement credit.




Thanks for that information. So is upromise account similar to setting up CMA with fidelity to cash out for fidelity amex card? I am trying to be patient and wait for some inquiries to age before i app for it. It sounds like an really nice card :-)



EX Fico 774 3/3/15 Fako 806 CS/Credit.com 11/24/14
EQ SW bank enhanced 5/26/15 827 CK fako 807 5/11/15
TU Fico Barclay's/Walmart 7/6/15 786 Fako 808 Creditkarma 5/11/15
Moderator
Posts: 8,868
Registered: ‎01-15-2009
0

Re: Sallie Mae mastercard 5% back on gas


mongstradamus wrote:

KennyS2006 wrote:

mongstradamus wrote:

I have an random question for all of you that have the SM card. How do you get cashback is statement credit or is it actually an check they send to you like chase and discover do ?


My card just loaded on to my Barclays account profile -- there are three options.. you can deposit it to your Upromise account (of which you can then transfer out to a bank -- I've got a upromise account and it isn't hard to do.), you can have it pay down your SM student loans, OR you can get a statement credit.




Thanks for that information. So is upromise account similar to setting up CMA with fidelity to cash out for fidelity amex card? I am trying to be patient and wait for some inquiries to age before i app for it. It sounds like an really nice card :-)


Yeah, I guess so... they also have a portal you can use to get money back on purchases you make through their "mall" -- lol so many ways to spend a buck, I tell ya!!

 

I will have no problem at all using a statement credit! Gotta love not having to pay a part of your bills. Smiley Wink

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