What's the big deal with the Sallie Mae

[Anonymous]

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@Anonymous wrote:
I've been seeing this cards in peoples sigs and have read a lot of folks say they want to app for it, but me myself, can't find a reason to. I mean, I know it's a cash back card but aren't the BCP and ED better cards overall (besides AF). Why is it so desirable?

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AF is a big deal.  If you're grocery spend is not very big (<$312.50/month), the Sallie Mae comes out ahead of the BCP card.  I personally prefer the no hassle approach of not having to figure out the best deal for MR points, even so if you're getting 2 cents/point with the EDP card, the breakeven point is much higher than with the BCP card.

Throw in gas stations (5% on the Sallie Mae vs 3% on the BCP) and Amazon/Bookstores and you've got yourself a VERY competitive card, even if the BCP had no AF.

[Anonymous]

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@kdm31091 wrote:

I think the 5% on gas/groceries/Amazon is what lures people in, because on its own that is great. If your spending is high enough, BCP is gonna be better for groceries (6%), but you have to spend enough to offset the annual fee.

I do think Sallie is slightly overrated. Yes it is nice to get 5% on gas/groceries/Amazon. The issue kind of comes in with the caps and redemption for me: even if you spend the max allowed for gas/grocery caps each month, you will get $12.50 in cash back (per category). You're not very likely to max out gas, so really, that cat will probably net you like 5 bucks. Now, $17.50 total for the month in cash back is pretty good, don't get me wrong. It's just not quite as life changing as some people make the card out to be. You can literally only redeem as statement credit unless you have a loan, so the redemption is limited. Statement credit is a fine way to redeem but I wish there were other options...direct deposit, gift cards, etc.

For Amazon spending it's fantastic and nothing really beats it, but I do not typically spend enough on Amazon to make it a huge gain over my Amazon Visa.

Like always it depends on your spend/needs/wants but I will say the amount of people coveting Sallie does perplex me sometimes. It is a great card, but it's not the be all end all some people make it out to be.

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You're firing from the hip here... Sallie isn't overrated in the least bit and where does your "net 5 bucks per month" come from?  Everyone has a different amount they drive every day.  Even so, $17.50/month comes out to $210 per year on a spend of $4200 is a fantastic amount.  

Yes, the Amazon spending is fantastic.  Some of us regularly use Amazon (myself NOT included, I'll spend maybe $50 per month there).  

As far as redeeming options, if you're regularly using the card, redeeming as statement credit is just as good as redeeming as a check, IMO.  It makes no difference to me whether money gets put directly into my account, then pulled out to spend later or never pulled out in the first place.

I understand that the card doesn't really suit you, you don't drive much and you don't frequent Amazon/bookstores much.  However, making a baseless claim that the Sallie Mae WMC isn't one of the best no AF cards on the market at this time is misleading, to say the least.

BTW, the BCP card has a max spending of $6000 per year ($500 per month) between gas, groceries, and department stores.  $250/month for gas, $250/month for groceries totals your $500 per month, with $750 left over for big purchases on Amazon.

[Anonymous]

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@sillykitty1 wrote:

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@kdm31091 wrote:

If you are spending more than $250 a month on gas at current prices, methinks you need a shorter commute, because that would mean even if it's 30 bucks to fill up right now, you are filling up 8 times a month or every 4 days. I suppose with a long commute that is possible, but it's on the higher end so I wouldn't say most people go up to the gas cap. Either way, if your gas spend is that much, it's a good card to have.

I understand about eeking out every possible reward, and yes they add up, I just try not to go super crazy over it. I prefer my rewards concentrated on less cards vs. having $13 in cash back accumulated on 6 cards every month. This is why I want to pare down to 4 cards sooner or later. Having a tiny bit accumulated on each card doesn't appeal to me. The wanting to eek out every possible reward can go a bit overboard sometimes and you end up with little usable gain especially since Sallie requires $25  to redeem.

But, yes, if your spend is high on gas it's a worthwhile card.

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kdm ... you cannot relate everyone's spend to your own.  There are a variety of circumstances that can lead to spending $250/mo on gas.  You do realize that gas prices vary by location?  You do realize that some cars require premium gas?  You do realize that different cars get different MPG?  

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Gas prices where i live is over 3 dollars a gallon again, and my car can only take premium and then i also drive alot outside of work. Its like gas is the third biggest expense in my family after rent and groceries because groceries cost a lot here too

[CarbonCard]

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@barbaralee wrote:

I am confused as to why people dislike statement credits. I don't understand the logic behind it. 

I have $200 in my checking account that is set to pay the credit card. I redeem my cash back for 200. Now I have $200 in my checking account that could be used elsewhere. What's the fuss? 

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It's because you get 1:1 for it. Rewards points can sometimes be redeemed for 2:1 or greater. It's really great for people who likes to travel.

Also to add, my current combo is Amex Business Gold + Amex ED.. (3x on gas, 2x on some categories, 1x everything else; 2x for groceries)

[kdm31091]

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@Anonymous wrote:

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@kdm31091 wrote:

I think the 5% on gas/groceries/Amazon is what lures people in, because on its own that is great. If your spending is high enough, BCP is gonna be better for groceries (6%), but you have to spend enough to offset the annual fee.

I do think Sallie is slightly overrated. Yes it is nice to get 5% on gas/groceries/Amazon. The issue kind of comes in with the caps and redemption for me: even if you spend the max allowed for gas/grocery caps each month, you will get $12.50 in cash back (per category). You're not very likely to max out gas, so really, that cat will probably net you like 5 bucks. Now, $17.50 total for the month in cash back is pretty good, don't get me wrong. It's just not quite as life changing as some people make the card out to be. You can literally only redeem as statement credit unless you have a loan, so the redemption is limited. Statement credit is a fine way to redeem but I wish there were other options...direct deposit, gift cards, etc.

For Amazon spending it's fantastic and nothing really beats it, but I do not typically spend enough on Amazon to make it a huge gain over my Amazon Visa.

Like always it depends on your spend/needs/wants but I will say the amount of people coveting Sallie does perplex me sometimes. It is a great card, but it's not the be all end all some people make it out to be.

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You're firing from the hip here... Sallie isn't overrated in the least bit and where does your "net 5 bucks per month" come from?  Everyone has a different amount they drive every day.  Even so, $17.50/month comes out to $210 per year on a spend of $4200 is a fantastic amount.  

Yes, the Amazon spending is fantastic.  Some of us regularly use Amazon (myself NOT included, I'll spend maybe $50 per month there).  

As far as redeeming options, if you're regularly using the card, redeeming as statement credit is just as good as redeeming as a check, IMO.  It makes no difference to me whether money gets put directly into my account, then pulled out to spend later or never pulled out in the first place.

I understand that the card doesn't really suit you, you don't drive much and you don't frequent Amazon/bookstores much.  However, making a baseless claim that the Sallie Mae WMC isn't one of the best no AF cards on the market at this time is misleading, to say the least.

BTW, the BCP card has a max spending of $6000 per year ($500 per month) between gas, groceries, and department stores.  $250/month for gas, $250/month for groceries totals your $500 per month, with $750 left over for big purchases on Amazon.

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Actually, making any claim that it is "one of the best on the market" is misleading too because it is all SUBJECTIVE. Opinion based. It may be the best for some, for me it's not close to the "best". It depends.

Net 5 bucks comes from the fact that if you max out the gas category, you're looking at $12.50 a month. Since some people do not drive enough to max it out, I assume roughly half that amount is what most people will gain, i.e. roughly 5-6 bucks a month.

I think my assesment was fair, and I'm not "firing" from anywhere. It's an opinion. I'm not upset. I clearly stated that it doesn't work especially well for me, but for those who spend more in those categories it is great. I also said that the Amazon category is unbeatable for those who take advantage of it. I think I laid out both sides of it.

At the end of the day it is all opinions. $17.50 a month is great, but remember, that is assuming you are maxing out the groceries every month. For single people, that's probably not gonna happen every single month, but it depends on the person. My claim was not baseless -- I think I laid out the "base" pretty clearly for my claims! I didn't just make it up or anything. It's all valid, just like your points are valid. "Baseless" implies I am just making up ideas which I am not.

You cannot assert anything as "best on the market", same way that you scold me that I cannot assert it as "not best on the market". Works both ways!

[CarbonCard]

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@Anonymous wrote:

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@Anonymous wrote:

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@kdm31091 wrote:

I think the 5% on gas/groceries/Amazon is what lures people in, because on its own that is great. If your spending is high enough, BCP is gonna be better for groceries (6%), but you have to spend enough to offset the annual fee.

I do think Sallie is slightly overrated. Yes it is nice to get 5% on gas/groceries/Amazon. The issue kind of comes in with the caps and redemption for me: even if you spend the max allowed for gas/grocery caps each month, you will get $12.50 in cash back (per category). You're not very likely to max out gas, so really, that cat will probably net you like 5 bucks. Now, $17.50 total for the month in cash back is pretty good, don't get me wrong. It's just not quite as life changing as some people make the card out to be. You can literally only redeem as statement credit unless you have a loan, so the redemption is limited. Statement credit is a fine way to redeem but I wish there were other options...direct deposit, gift cards, etc.

For Amazon spending it's fantastic and nothing really beats it, but I do not typically spend enough on Amazon to make it a huge gain over my Amazon Visa.

Like always it depends on your spend/needs/wants but I will say the amount of people coveting Sallie does perplex me sometimes. It is a great card, but it's not the be all end all some people make it out to be.

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I'm a big Sallie Mae card fan, but yeah, I hear what you're saying. Honestly, if I hadn't been automatically PC'd to this card, I'd have a hard time justifying burning a credit pull to get it, compared to other offers out there. Nevertheless, it's a great card for me. 5% on groceries/gas/bookstores is key. $250/mo is about perfect for me on grocery and I never come close to the max on gas or bookstores. I would never be able to spend enough to justify the annual fee the BCP.  I get that people who have a lot of kids spend more on groceries, but I would think in that case you'd be buying groceries in bulk at CostCo, Sam's Club, Aldi, etc., where you either can't use BCP or SM or they don't count as grocery anyway.  Do people really spend that much at actual grocery stores?

In my opinion, the ideal redemption method for the Sallie Mae card is not a statement credit, it's the SM->UPromise->SM Savings route that nets you an additional 10%, so it works out to a 5.5%/1.1% card. Takes a while for redemptions to wind through, but it's worth it for me, and it's (literally) money in the bank.

Chris.

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Im in Cali and I spend about 100 a week in groceries at stater bros (the most economical store in the area). Having kids changes your life lol. 

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Yay for another SoCal Stater Bro shopper haha.

[Anonymous]

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@kdm31091 wrote:

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@Anonymous wrote:

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@kdm31091 wrote:

I think the 5% on gas/groceries/Amazon is what lures people in, because on its own that is great. If your spending is high enough, BCP is gonna be better for groceries (6%), but you have to spend enough to offset the annual fee.

I do think Sallie is slightly overrated. Yes it is nice to get 5% on gas/groceries/Amazon. The issue kind of comes in with the caps and redemption for me: even if you spend the max allowed for gas/grocery caps each month, you will get $12.50 in cash back (per category). You're not very likely to max out gas, so really, that cat will probably net you like 5 bucks. Now, $17.50 total for the month in cash back is pretty good, don't get me wrong. It's just not quite as life changing as some people make the card out to be. You can literally only redeem as statement credit unless you have a loan, so the redemption is limited. Statement credit is a fine way to redeem but I wish there were other options...direct deposit, gift cards, etc.

For Amazon spending it's fantastic and nothing really beats it, but I do not typically spend enough on Amazon to make it a huge gain over my Amazon Visa.

Like always it depends on your spend/needs/wants but I will say the amount of people coveting Sallie does perplex me sometimes. It is a great card, but it's not the be all end all some people make it out to be.

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You're firing from the hip here... Sallie isn't overrated in the least bit and where does your "net 5 bucks per month" come from?  Everyone has a different amount they drive every day.  Even so, $17.50/month comes out to $210 per year on a spend of $4200 is a fantastic amount.  

Yes, the Amazon spending is fantastic.  Some of us regularly use Amazon (myself NOT included, I'll spend maybe $50 per month there).  

As far as redeeming options, if you're regularly using the card, redeeming as statement credit is just as good as redeeming as a check, IMO.  It makes no difference to me whether money gets put directly into my account, then pulled out to spend later or never pulled out in the first place.

I understand that the card doesn't really suit you, you don't drive much and you don't frequent Amazon/bookstores much.  However, making a baseless claim that the Sallie Mae WMC isn't one of the best no AF cards on the market at this time is misleading, to say the least.

BTW, the BCP card has a max spending of $6000 per year ($500 per month) between gas, groceries, and department stores.  $250/month for gas, $250/month for groceries totals your $500 per month, with $750 left over for big purchases on Amazon.

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Actually, making any claim that it is "one of the best on the market" is misleading too because it is all SUBJECTIVE. Opinion based. It may be the best for some, for me it's not close to the "best". It depends.

Net 5 bucks comes from the fact that if you max out the gas category, you're looking at $12.50 a month. Since some people do not drive enough to max it out, I assume roughly half that amount is what most people will gain, i.e. roughly 5-6 bucks a month.

I think my assesment was fair, and I'm not "firing" from anywhere. It's an opinion. I'm not upset. I clearly stated that it doesn't work especially well for me, but for those who spend more in those categories it is great. I also said that the Amazon category is unbeatable for those who take advantage of it. I think I laid out both sides of it.

At the end of the day it is all opinions. $17.50 a month is great, but remember, that is assuming you are maxing out the groceries every month. For single people, that's probably not gonna happen every single month, but it depends on the person. My claim was not baseless -- I think I laid out the "base" pretty clearly for my claims! I didn't just make it up or anything. It's all valid, just like your points are valid. "Baseless" implies I am just making up ideas which I am not.

You cannot assert anything as "best on the market", same way that you scold me that I cannot assert it as "not best on the market". Works both ways!

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Until you show me a no AF card that gets you >5% on gas, groceries, and amazon, I will assert that the Sallie Mae is the best no AF gas/grocery card on the market. 

I'm happy to look into other cards for my gas/grocery/amazon needs.  I believe that I have done thorough research prior to selecting the card and I will stand by my findings until I am proven wrong.

[kdm31091]

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@Anonymous wrote:

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@kdm31091 wrote:

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@Anonymous wrote:

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@kdm31091 wrote:

I think the 5% on gas/groceries/Amazon is what lures people in, because on its own that is great. If your spending is high enough, BCP is gonna be better for groceries (6%), but you have to spend enough to offset the annual fee.

I do think Sallie is slightly overrated. Yes it is nice to get 5% on gas/groceries/Amazon. The issue kind of comes in with the caps and redemption for me: even if you spend the max allowed for gas/grocery caps each month, you will get $12.50 in cash back (per category). You're not very likely to max out gas, so really, that cat will probably net you like 5 bucks. Now, $17.50 total for the month in cash back is pretty good, don't get me wrong. It's just not quite as life changing as some people make the card out to be. You can literally only redeem as statement credit unless you have a loan, so the redemption is limited. Statement credit is a fine way to redeem but I wish there were other options...direct deposit, gift cards, etc.

For Amazon spending it's fantastic and nothing really beats it, but I do not typically spend enough on Amazon to make it a huge gain over my Amazon Visa.

Like always it depends on your spend/needs/wants but I will say the amount of people coveting Sallie does perplex me sometimes. It is a great card, but it's not the be all end all some people make it out to be.

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You're firing from the hip here... Sallie isn't overrated in the least bit and where does your "net 5 bucks per month" come from?  Everyone has a different amount they drive every day.  Even so, $17.50/month comes out to $210 per year on a spend of $4200 is a fantastic amount.  

Yes, the Amazon spending is fantastic.  Some of us regularly use Amazon (myself NOT included, I'll spend maybe $50 per month there).  

As far as redeeming options, if you're regularly using the card, redeeming as statement credit is just as good as redeeming as a check, IMO.  It makes no difference to me whether money gets put directly into my account, then pulled out to spend later or never pulled out in the first place.

I understand that the card doesn't really suit you, you don't drive much and you don't frequent Amazon/bookstores much.  However, making a baseless claim that the Sallie Mae WMC isn't one of the best no AF cards on the market at this time is misleading, to say the least.

BTW, the BCP card has a max spending of $6000 per year ($500 per month) between gas, groceries, and department stores.  $250/month for gas, $250/month for groceries totals your $500 per month, with $750 left over for big purchases on Amazon.

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Actually, making any claim that it is "one of the best on the market" is misleading too because it is all SUBJECTIVE. Opinion based. It may be the best for some, for me it's not close to the "best". It depends.

Net 5 bucks comes from the fact that if you max out the gas category, you're looking at $12.50 a month. Since some people do not drive enough to max it out, I assume roughly half that amount is what most people will gain, i.e. roughly 5-6 bucks a month.

I think my assesment was fair, and I'm not "firing" from anywhere. It's an opinion. I'm not upset. I clearly stated that it doesn't work especially well for me, but for those who spend more in those categories it is great. I also said that the Amazon category is unbeatable for those who take advantage of it. I think I laid out both sides of it.

At the end of the day it is all opinions. $17.50 a month is great, but remember, that is assuming you are maxing out the groceries every month. For single people, that's probably not gonna happen every single month, but it depends on the person. My claim was not baseless -- I think I laid out the "base" pretty clearly for my claims! I didn't just make it up or anything. It's all valid, just like your points are valid. "Baseless" implies I am just making up ideas which I am not.

You cannot assert anything as "best on the market", same way that you scold me that I cannot assert it as "not best on the market". Works both ways!

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Until you show me a no AF card that gets you >5% on gas, groceries, and amazon, I will assert that the Sallie Mae is the best no AF gas/grocery card on the market. 

I'm happy to look into other cards for my gas/grocery/amazon needs.  I believe that I have done thorough research prior to selecting the card and I will stand by my findings until I am proven wrong.

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If I am not "allowed" to say it is not the best, than you are not allowed  to say it is. However, I don't really care -- as I said, if it works for you, you should enjoy it because it is a great card for some people.

I'm not trying to prove you "wrong", there is no right or wrong here. It's opinion and benefits will be based on spend patterns and nothing more.

It's a credit card, not a family member. Nobody has to feel insulted when someone says it's not as good for them. You are free to have whichever cards benefit you best. Just because I personally don't benefit from it as much doesn't mean I'm insulting you. It's just a credit card. I wasn't intending to fire at anybody.

[mitchblue]

I love me some Amazon, so for me it's worth it based on that (I had 95 orders in '14, some with multiple items). Gas as well, I have cards that do 5% gas but not for the whole year..so for 6 months it's big for me. I have the BCP so I won't be using Sallie Mae's 5% on groceries but If I go over the 6k limit of BCP I will..I love this card. 

[Turbobuick]

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@kdm31091 wrote:

I did forget to mention a few of my "SM is a bit overrated" points: most of my groceries are purchased at BJs (have the Mastercard for 5% anyway) and  Target (have the debit redcard) so the amount I spend at the actual grocery store isn't much, meaning my gains with SM aren't much. I should have researched more before getting Sallie because I could easily live without it with my spend...my BCE gives 3% at the actual grocery store and 2% difference with what I spend on groceries at the grocery store wuold be very little. I'm gonna say I maybe go to a normal grocery store like 3 times a month maybe like 25 bucks each time, just picking up a few things, so 75 bucks...sallie gets me $3.75, BCE $2.25, either way it's not much so it's not a big deal for me.

The other point is gas, for me, I probably fill up about every 10 days so 3 times a month. It has risen slightly, but it's roughly 25 bucks each time or less. So again, $3.75 from Sallie. Though I'd only get $1.50 from BCE. But sitll, you're talking about 2 bucks haha.

It is a great card if your spend fits it, but I do get perplexed with the people "getting ready for this card" like you said. Now, if it were 5% with a higher cap, I would possibly be more into it, but my spend still doesn't fit spending much at the actual grocery store or on gas, so meh.

Like I said though, if you're a heavy Amazon shopper, you can't beat 5% and the cap at 750 is a bit more reasonable. You could make a pretty large purchase and get 5%. Amazon sells a looooot of stuff so it can be very useful.

Personally, I'm not going to keep the Sallie forever. I just can't justify it. I won't close it right now because it is a nice buffer for utilization, but once my Amex and Discover and Cap One grow more, I will likely close it. I don't think I could PC it to the no AF Arrival, which is the only Barclay product I'd be slightly interested in, but only slightly. I want to pare down and it is definitely one I can live without. I am probably going to close Sallie and Amazon by the end of the year, leaving me with 4 cards which is perfect for me. (Until I get the Discover Miles...lol)

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kdm, your post leaves me lol. Supposedly, your speaking somewhat against SM, but most of your points only emphasize how good it is vs your other cards. Sure it only saves you a dollar here or 2 dollars there over your other choices, but isn't that why we use rebates cards? If I can save an additional $2 by simply pulling one card from my wallet vs another, isn't that free money?

Gas, groceries, and Amazon. I didn't do the math, but those 3 catagories make up a fair share of our monthly budget. There's just two of us in the house now, so the smallish limits work well and with Amazon, the 5% almost negates the recently implemented state tax charges. SM has rendered our Chase/Amazon Visa Sig card moot.

Our spend and lifestyle doesn't favor those cards with AF. So there may be better rewards for the big spenders and world travelers, but this card meets our daily demands and beats most of the other cards available without an AF.