topic Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou in Credit Cards

What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curious?

galahad15 — Thu, 09 Apr 2015 21:24:02 GMT

What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curious? The interest rate, while certainly not bad, is not exactly the lowest game in town...anyway, my curiosity was kind of piqued when I read on various forums just how popular this particular card is, so can some kind soul please elaborate?

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

Anonymous — Thu, 09 Apr 2015 21:23:51 GMT

http://ficoforums.myfico.com/t5/Credit-Cards/What-s-the-big-deal-with-the-Sallie-Mae/m-p/3822082/highlight/true#M1063050

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

jamesdwi — Thu, 09 Apr 2015 21:24:03 GMT

@galahad15 wrote:
What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curious? The interest rate, while certainly not bad, is not exactly the lowest game in town...anyway, my curiosity was kind of piqued when I read on various forums just how popular this particular card is, so can some kind soul please elborate?

0 annual fee, and great rewards, see previous. 5% rewards on the first $250 in 3 catagories. Then 1% after that. I hear barclays is decent with CLI's I doubt I am getting one, since I haven't even used the card yet, have had it for 4 months. Life happens, and didn't want to carry a balance on yet another card. Figure it will get some use this month.

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

galahad15 — Thu, 09 Apr 2015 21:26:40 GMT

Many thanks to everyone who answered for your kind help and assistance!

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

Anonymous — Thu, 09 Apr 2015 21:29:49 GMT

The search function turned up 22 pages of results but of course it's way more convenient to have the same answers being fed with a spoon straight to your mouth, ey?

It's super special because it nets 5% on groceries and gas and especially on Amazon purchases. Show me any other card which can do that - w/o an AF. Cards with high cash back rates are not known for favorable interest rates - they gotta claw their payouts back from the fools who don't PIF their accounts. And of course it's a World MC coming with all its perks comparable to the Visa Signature program.

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

Anonymous — Thu, 09 Apr 2015 21:33:51 GMT

@galahad15 wrote:
What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curious? The interest rate, while certainly not bad, is not exactly the lowest game in town...anyway, my curiosity was kind of piqued when I read on various forums just how popular this particular card is, so can some kind soul please elborate?

This is why.

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

galahad15 — Thu, 09 Apr 2015 21:43:17 GMT

New to the site; not quite that familiar with the search function yet, sorry... Ironically, I did come across another post on a different thread that answered the question, after I had already submitted my thread

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

CreditMagic7 — Thu, 09 Apr 2015 21:41:20 GMT

The card is reasonably fabulous! The lender not so much. At least not for me

Barclays has stubbornly kept me from getting Sallie Mae for well over a year now for whatever reasons.

Looking on the bright side of their weenie nit picking, every denial has only embolden my aspirations that much more with increased and new exposure with their competitors.

So as they say, when you snooze you lose. No Sallie Mae no big loss.

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

Anonymous — Thu, 09 Apr 2015 21:57:08 GMT

@Anonymous wrote:
@galahad15 wrote:
What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curious? The interest rate, while certainly not bad, is not exactly the lowest game in town...anyway, my curiosity was kind of piqued when I read on various forums just how popular this particular card is, so can some kind soul please elborate?
This is why.

Well that's just like free money.

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

Anonymous — Thu, 09 Apr 2015 22:43:03 GMT

@galahad15 wrote:
What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curious? The interest rate, while certainly not bad, is not exactly the lowest game in town...anyway, my curiosity was kind of piqued when I read on various forums just how popular this particular card is, so can some kind soul please elaborate?

It's the lowest game in my town at 13.99%. But I don't care about the interest rate. I got it because it has 5% cash back on the two things I actually buy.

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

Anonymous — Thu, 09 Apr 2015 22:53:39 GMT

5% back at gas stations and grocery stores alone is pretty big - even though the limits are somewhat low for each it's rare to find a card that does that consistently. The 5% back at bookstores is also huge because Amazon is a bookstore, which basically makes this card a 5% back on most things card.

There are only a couple cards that meet or beat the cash back on a Sallie Mae. PenFed beats it on gas stations because it's unlimited BUT it's just automated fuel dispensers. Sam's Club MasterCard beats it at gas stations because the annual limit is higher BUT you have to be a Sam's Club member and redemption is annual in the form of a check you have to cash or use at Sam's IIRC. AMEX BCP beats grocery stores by a percentage point and has a higher annual limit, but it has an annual fee and it's an AMEX so it may not be accepted everywhere. Amazon's store card beats it if you're an Amazon Prime member, which is essentially an annual fee, because there doesn't appear to be a monthly limit.

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

Anonymous — Thu, 09 Apr 2015 23:11:21 GMT

@Anonymous wrote:
5% back at gas stations and grocery stores alone is pretty big - even though the limits are somewhat low for each it's rare to find a card that does that consistently. The 5% back at bookstores is also huge because Amazon is a bookstore, which basically makes this card a 5% back on most things card.

There are only a couple cards that meet or beat the cash back on a Sallie Mae. PenFed beats it on gas stations because it's unlimited BUT it's just automated fuel dispensers. Sam's Club MasterCard beats it at gas stations because the annual limit is higher BUT you have to be a Sam's Club member and redemption is annual in the form of a check you have to cash or use at Sam's IIRC. AMEX BCP beats grocery stores by a percentage point and has a higher annual limit, but it has an annual fee and it's an AMEX so it may not be accepted everywhere. Amazon's store card beats it if you're an Amazon Prime member, which is essentially an annual fee, because there doesn't appear to be a monthly limit.

It depends on volume, so things like the OBC beat it on groceries and gas if you spend enough, Penfed Plat Rewards is only 2.54% on groceries but uncapped, so that will overtake, a number of CU cards are uncapped or very high capped 3%

But yes, I think the great appeal of the card is the choice of year-round categories that get 5%, most people will find at least one useful. And the cap, while low, is OK or near OK for many.

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

Anonymous — Thu, 09 Apr 2015 23:17:03 GMT

was 204.38 groceries for which they gave you back 10.22? Looks like about $25 CB for the mo ?

To OP.

These would help nicely towards my Student Loan. I'm waiting until
1 more card reports as 0 balance DANGIT before I app. Citi- Best Buy
would NOT early report to save their lives.

@Anonymous wrote:
@galahad15 wrote:
What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curious? The interest rate, while certainly not bad, is not exactly the lowest game in town...anyway, my curiosity was kind of piqued when I read on various forums just how popular this particular card is, so can some kind soul please elborate?
This is why.

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

TRC_WA — Thu, 09 Apr 2015 23:22:20 GMT

I ran $4800 in 31 transactions thru my Sallie Mae this month... cashed in $50 in statement credits too and almost hit $75.

Gas... groceries... Amazon.

Between me (I'm single) and my Dad (AU) hitting the 5% caps is stupid easy in gas/groceries and then I switch to another card (Discover, Sam's MC) for the 5%. I spend $200-$300 a month in Amazon too.

It's my current go to card...

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

Anonymous — Thu, 09 Apr 2015 23:26:11 GMT

@Anonymous wrote:
It depends on volume, so things like the OBC beat it on groceries and gas if you spend enough, Penfed Plat Rewards is only 2.54% on groceries but uncapped, so that will overtake, a number of CU cards are uncapped or very high capped 3%

But yes, I think the great appeal of the card is the choice of year-round categories that get 5%, most people will find at least one useful. And the cap, while low, is OK or near OK for many.

You're right, if you spend enough there are some cards that beat it so Sallie is for those that may spend a little less and won't beat it - like those that may break Sallie's cap but don't QUITE spend enough to make the 1% back after cap less appealing than an annual fee. Like, for me, the cap for gas is way more than I spend on average, and the cap for groceries is just under what I spend on average, and the Amazon I'd rarely hit (and if I did, I've also got a Discover It which historically also has online shopping - read, Amazon - during Quarter 4 and that would be when I'd be at risk of hitting Sallie's cap anyway, so that's an extra $1500 on top of the $2250 from Sallie during those three months), so Sallie is a good fit for someone with my spending habits.

Not to mention a couple folks have 2 Sallies so that would be about right for many if not most families.

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

TRC_WA — Thu, 09 Apr 2015 23:31:22 GMT

@Anonymous wrote:
@Anonymous wrote:
It depends on volume, so things like the OBC beat it on groceries and gas if you spend enough, Penfed Plat Rewards is only 2.54% on groceries but uncapped, so that will overtake, a number of CU cards are uncapped or very high capped 3%

But yes, I think the great appeal of the card is the choice of year-round categories that get 5%, most people will find at least one useful. And the cap, while low, is OK or near OK for many.
You're right, if you spend enough there are some cards that beat it so Sallie is for those that may spend a little less and won't beat it - like those that may break Sallie's cap but don't QUITE spend enough to make the 1% back after cap less appealing than an annual fee. Like, for me, the cap for gas is way more than I spend on average, and the cap for groceries is just under what I spend on average, and the Amazon I'd rarely hit (and if I did, I've also got a Discover It which historically also has online shopping - read, Amazon - during Quarter 4 and that would be when I'd be at risk of hitting Sallie's cap anyway, so that's an extra $1500 on top of the $2250 from Sallie during those three months), so Sallie is a good fit for someone with my spending habits.

Not to mention a couple folks have 2 Sallies so that would be about right for many if not most families.

You pretty much summed it up. That's why Sallie Mae is my go to card.

It's funny cuz my Dad (AU) spends about $150 a week in gas... where I spend about $200 a month. He'd cap Sallie Mae for me and then went to Discover last quarter for the 5%....

That one expired but it's cool because I just got Sam's MC good for 5% on $6k in gas so you better believe I sent him a card... LOL

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

Turbobuick — Thu, 09 Apr 2015 23:37:11 GMT

Funny you should ask that because it's becoming less revelant in our house. Obviously it would help many with the 5% categories. I acquired it mainly for Amazon to replace Chase/Amazon 3%, but now Amazon Store card matches it at 5%. The Amex TE card beats it for gas because we fill exclusively at Costco where 3% off Costco gas beats 5% off anywhere else. So we reap $12.50/mo on grocery rebates each and every month which is still a nice perk with just two of us in the house now.

I've never shopped a credit card solely for the interest rate.

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

Anonymous — Thu, 09 Apr 2015 23:40:00 GMT

@Anonymous wrote:
was 204.38 groceries for which they gave you back 10.22? Looks like about $25 CB for the mo ?
To OP.
These would help nicely towards my Student Loan. I'm waiting until
1 more card reports as 0 balance DANGIT before I app. Citi- Best Buy
would NOT early report to save their lives.

@Anonymous wrote:
@galahad15 wrote:
What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curious? The interest rate, while certainly not bad, is not exactly the lowest game in town...anyway, my curiosity was kind of piqued when I read on various forums just how popular this particular card is, so can some kind soul please elborate?
This is why.

Pretty much.

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

Anonymous — Thu, 09 Apr 2015 23:40:46 GMT

@galahad15 wrote:
New to the site; not quite that familiar with the search function yet, sorry... Ironically, I did come across another post on a different thread that answered the question, after I had already submitted my thread

Don't worry, you are not alone. I am new here and still learning to navigate the site. I simply do not have all day long to read these forums like some people do. It seems to really irritate some of the people that have been here a while or with thousands of posts to see these new people ask questions. I get a chuckle out of it.

Re: What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curiou

Turbobuick — Thu, 09 Apr 2015 23:41:12 GMT

@Anonymous wrote:
@Anonymous wrote:
@galahad15 wrote:
What makes the Sallie Mae card super-special and desirable to a lot of card holders, just curious? The interest rate, while certainly not bad, is not exactly the lowest game in town...anyway, my curiosity was kind of piqued when I read on various forums just how popular this particular card is, so can some kind soul please elborate?
This is why.

Well that's just like free money.

That's a lot of pennies that add up! I like how Barclay is current on the rebate unlike so many others. Easier to discover if a merchant is giving what you hope in rebates.