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What's the big deal with the Sallie Mae

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Turbobuick
Established Contributor

Re: What's the big deal with the Sallie Mae


@longtimelurker wrote:

@kdm31091 wrote:

I love my Redcard, the debit version. It keeps my Target spend in check haha, and it deducts 5% right then and there. I'm in Delaware, so no sales tax...I love getting 5% off. When I shop at a Target in a neighboring state, I always feel a bit slighted because the 5% is basically just deducting most of the tax, but it's still nice haha.

 

The credit Redcard is hit or miss with people, some report being stuck at tiny limits forever. Since at the moment they're only issuing the Target redcard credit as a store card (not Visa), I would just suggest the debit for most people. No reason to take a HP for the same benefits (5% off and free shipping on the site).


SO that's 2 of the 3 Target cards.  You left out the best one, Redcard Prepaid, 5% discount but loadable with your credit card (just before you check out, for the exact amount of purchase if you must, so not MS!) and you then get 5% plus whatever rewards your credit card gives you.


The Redcard Prepaid is only available in select states from what I've read online. At least not available in California.

Message 61 of 162
kdm31091
Super Contributor

Re: What's the big deal with the Sallie Mae


@thelethargicage wrote:
5% CB at Target and Walmart--that's the big deal!

To be fair it's not every location as stated Target has alternatives for a surefire 100% of the time 5%. Sallie is less definite.

 

Walmart, yes, but still not every location. I just don't want anyone to think it is an across the board thing.

Message 62 of 162
Themanwhocan
Senior Contributor

Re: What's the big deal with the Sallie Mae


@Anonymous wrote:

@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?

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.


Yes, the Annual fee is a big deal. the BCP never earns 5% cash back, let alone 6%.

 

Having a 5% card (or get 2 of the same card, why not there is no annual fee on the Sallie Mae...) can be very useful.

 

bcp.png





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 63 of 162
chalupaman
Super Contributor

Re: What's the big deal with the Sallie Mae

It's one of the only cards from Barclays that honestly interests me. Otherwise, I wouldn't want any of their cards and only got what I have with them now as a means to get my foot in the door.

Tradelines: Macy’s - $18k, Penfed Power Cash Rewards - $10k, Ethan Allen (TD Bank) - $5.7k, Kay Jewelers - $5.5k, Appliances Connection - $5.3k, Jared - $5.25k, Best Buy (Citi) - $5k, Dell Preferred Account - $3.5k, Samsung - $3.2k, Firestone CFNA - $3.2k, Capital One Platinum - $3k, Mercury MC - $2.25k, Williams Sonoma - $2.1k, Wayfair (Fortiva) - $2k, Amazon Store Card - $1.8k, Apple Card - $1.7k, NFCU cashRewards - $1.5k, CareCredit - $1.5k, B&H Photo - $1.5k, Adorama - $1.25k, Ebay MC - $1k, Sam’s Club MC - $1k, American Eagle - $1k, Ollo MC - $600, Mission Lane Visa - $500, NY & Company - $500, Walgreens - $500, Home Depot - $500, Target RED Card - $500, CapOne Secured MC 0 AF - $500, Penfed Overdraft LOC - $500

Current FICOS: Mid 640s-50s on all reports, Ch 7 BK D/C Aug 2019
Starting scores: EX - 534, EQ - 574, TU - 516 | Total TLs: $91k approx | Total Utilization: 17%, getting this back down
Message 64 of 162
Themanwhocan
Senior Contributor

Re: What's the big deal with the Sallie Mae


@Anonymous wrote:

The Sallie Mae card can be an awesome rewards card for some people. I love the card and it is my second favorite card, but for some people it makes less sense. It is a 5% grocery, gas, and bookstore (Amazon card). I get about $40 back each month from my spend on this card, which makes it great for me. 

 

Groceries - 5% back up to $250/month:

First off, the Sallie Mae is ALWAYS better or as good as the Amex BCE at any spend level as long as you have consistent grocery spend of $250 or more each month. 5% on the first 3k and 1% on the next 3k is the same as 3% on 6k. Both cards are 1% cards beyond that. At spend levels under 6k/year (as long as you hit $250 each month), the Sallie Mae is a better choice. For spend levels under $250/month, the Sallie Mae card is a better choice. Only at erratic spend levels (e.g. 1k a month for 6 months and under $250/month each month after), does the BCE come out on top. The Amex EDP and BCP are better choices if you have moderately high grocery spend, but the Sallie Mae can still supplement them well if your grocery spend is over $6k/year. Conclusion? Useful card for groceries. Better choices might be available depending on your spend. 

 

Gas - 5% back up to $250/month:

For low to moderate gas spend, this card is great. For high spend, something like an unlimited 5% card (Pen Fed for example) is better. Sallie Mae is easier to deal with for people like me because I don't need a standalone gas card. But if you drive professionally (or drive a lot), a standalone gas card is probably better. 

 

Bookstores (Amazon) - 5% back up to $750/month:

This is my main reason for getting the card. The groceries and gas is nice since my grocery and gas spend usually fall within the limits since I live alone and eat out a lot (my extremely restaurant bill each month makes me love my CSP more than my Sallie Mae). But Amazon is usually my second or third highest CC billing category each year. Travel and restaurants round out the top two and sometimes a major purchase takes third spot to bump Amazon down to 4. I consistently spend $500 or more on Amazon each month. For me, this category is what makes the card great. 

 

Should You Get the Card?:

The answer is it depends. Do you have high bookstore or Amazon spend? If so, this card is the best around. Do you have low grocery spend and moderate gas spend? If so, this card covers two categories for one and beats out most of the competition. If you have no Amazon spend, moderate grocery spend, and high (or no) gas spend, this card is not very good. Why? The BCP is a better choice along with no gas card (no gas spend) or a Pen Fed gas card (high gas spend). If your grocery spend is over $6k/year though, this card can be a useful supplement to the BCP to keep 5% rewards after the 6% cap on the BCP is hit. 

 

Concluding Remarks:

Whether the card makes sense to you or not depends on your spend. How much you spend and where you spend it makes all the difference. For example, the CSP is my best card. Why? My biggest CC spend areas are the areas where the card gives bonus points AND I value UR points highly. For someone else, the CSP might be the worst card out their due to the AF and their high everyday spend categories like groceries. While the best card for you can usually be determined by objective metrics, the spend areas and amount differ from person to person. Moreover, sometimes subjective metrics must also be considered. Some people prefer dealing with 1 or 2 cards, while others want to maximize their rewards and don't mind carrying multiple cards. Simply put, a card that is great for one person might not be great for another. Many posters on this forum love the Sallie Mae card because it meets their needs. If the card is not so useful for you, then apply for what you need. 


Its simple, if you want cash back instead of travel points, you should pick the card(s) that fit your spending pattern best. For a lot of people, especially singles that also shop online at Amazon (ie, like a lot of people that read MyFico) the Sallie Mae is the best fit. Just look on the chart and decide for yourself. Personally, I have 2 Sallie Mae MasterCards.

Sallie-BCP3.png





TU-8: 804 EX-8: 805 EQ-8: 788 EX-98: 767 EQ-04: 752    
TU-9 Bankcard: 837 EQ-9: 823 EX-9 Bankcard: 837
Total $443,800
Message 65 of 162
Involver
Valued Contributor

Re: What's the big deal with the Sallie Mae

Worth it alone for 5% cash back on Amazon purchases.

 

5% back on gas and grocery up to $250 is free money.

 

No AF.

 

Not really sure why anybody wouldn't want this card.

Message 66 of 162
kdm31091
Super Contributor

Re: What's the big deal with the Sallie Mae

Any rewards card is free money if it has no AF. That's not unique to this card. Its not that I don't like it, but I prefer less cards and if I was gonna cut something it would cut it because with my spend the difference isn't much, as I explained earlier.
Message 67 of 162
Anonymous
Not applicable

Re: What's the big deal with the Sallie Mae

The 10k limit they just gave me is a HUGE deal.

Smiley Indifferent

 

but in all seriousness, Its a GREAT card for single people. families would blow the caps instnatnly 

Message 68 of 162
longtimelurker
Epic Contributor

Re: What's the big deal with the Sallie Mae


@Turbobuick wrote:

@longtimelurker wrote:

@kdm31091 wrote:

I love my Redcard, the debit version. It keeps my Target spend in check haha, and it deducts 5% right then and there. I'm in Delaware, so no sales tax...I love getting 5% off. When I shop at a Target in a neighboring state, I always feel a bit slighted because the 5% is basically just deducting most of the tax, but it's still nice haha.

 

The credit Redcard is hit or miss with people, some report being stuck at tiny limits forever. Since at the moment they're only issuing the Target redcard credit as a store card (not Visa), I would just suggest the debit for most people. No reason to take a HP for the same benefits (5% off and free shipping on the site).


SO that's 2 of the 3 Target cards.  You left out the best one, Redcard Prepaid, 5% discount but loadable with your credit card (just before you check out, for the exact amount of purchase if you must, so not MS!) and you then get 5% plus whatever rewards your credit card gives you.


The Redcard Prepaid is only available in select states from what I've read online. At least not available in California.


It is available in some Targets in CA (although not listed on the site) and of course you can get it elsewhere.   But there are rumors of nationwide rollout later this year anyway.

Message 69 of 162
mitchblue
Valued Contributor

Re: What's the big deal with the Sallie Mae


@Anonymous wrote:

The 10k limit they just gave me is a HUGE deal.

Smiley Indifferent

 

but in all seriousness, Its a GREAT card for single people. families would blow the caps instnatnly 


Groceries maybe but $250 for gas is quite a bit, maybe not the person who drives a long way to work. Add in $750 on Amazon it's a pretty nifty card.

 

Btw, I love those graphs posted above.

 

P.S. On a side note, can you actually own 2 Sallie Mae's?

FICO® 8 Scores 821 FICO® 9 Equifax 826 (Updated 02-7-23)
Message 70 of 162
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