Sallie Mae monthly rewards

[clocktick]

I was just approved for the Sallie Mae card.  It says the $250 net purchases are per billing cycle.  So I can calculate correctly for when I start using it, do the rewards earnings reset every statement cut?  Thanks!

[longtimelurker]

Yes, statement date to statement date.  But remember this is when the transaction posts, not when it was made.

[clocktick]

Good point, thanks.  I don't plan to use it much past the threshold amounts but knowing the dates helps a lot. 

[pastnow123]

Please remind what type of expense is the $250 cap for?

[clocktick]

From their site:

Here’s how you earn cash back:

• 5% cash back on the first $250 you spend per month on eligible gas and grocery purchases each and the first $750 you spend per month on eligible book purchases.2
• 1% cash back on every other purchase you make.2
• Earn 2500 bonus points which may be redeemed for a $25 cash back statement credit, just for using your card within 90 days of account opening.3
• No annual fee.

[Involver]

Already up to $60 in savings my first month (incl the 2500 point initial use bonus).  No complaints here.

[clocktick]

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@Involver wrote:

Already up to $60 in savings my first month (incl the 2500 point initial use bonus).  No complaints here.

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Awesome!  I just cosigned for a small $3000 Sallie Mae loan.  The points will go directly to that and, hopefully, will be paid off in no time!