topic Re: UPDATE: Sallie mae is nerfed in Credit Cards

UPDATE: Sallie mae is nerfed

slicemans — Wed, 30 Sep 2015 14:28:05 GMT

https://m.reddit.com/r/churning/comments/3mwyf0/update_finally_figured_out_whats_going_on_with/

Re: UPDATE: Sallie mae is nerfed

thelethargicage — Wed, 30 Sep 2015 14:32:27 GMT

**Head explodes**

Re: UPDATE: Sallie mae is nerfed

Anonymous — Wed, 30 Sep 2015 14:37:11 GMT

My heads still intact lol It states that current card holders will be unaffected which is the same a rep told me this morning. Sucks for new applicants but I missed out on a Citi Forward and it didnt kill me.

Re: UPDATE: Sallie mae is nerfed

Anonymous — Wed, 30 Sep 2015 14:38:28 GMT

Can someone tell me what the link says? Can't get it to open for some reason.

Re: UPDATE: Sallie mae is nerfed

thelethargicage — Wed, 30 Sep 2015 14:38:56 GMT

However, she did say they're in the process of "creating a new rewards program" for that card, so those categories are probably not going to be around that much longer.

Re: UPDATE: Sallie mae is nerfed

baller4life — Wed, 30 Sep 2015 14:43:20 GMT

Not the end of the world folks. Always other options if it gets nerfed.

Re: UPDATE: Sallie mae is nerfed

Anonymous — Wed, 30 Sep 2015 14:45:31 GMT

It doesnt make sense for this same person to state that current card holders wont be affected but then say the rewards program will change since that DOES affect existing members. And this is from the same person who wasnt aware the application link was still available. At this point I take all this with a grain of salt including what I heard bc no one seems to have their story straight. If its nerfed for us fine, if not great. I'll wait on official word from Barclay whenever they finally get it together!

Re: UPDATE: Sallie mae is nerfed

mongstradamus — Wed, 30 Sep 2015 14:47:29 GMT

I had an feeling it was going bye bye since when you goto sallie mae site and under CC section there no longer is an sallie mae card just the upromise one.

Re: UPDATE: Sallie mae is nerfed

OmarGB9 — Wed, 30 Sep 2015 14:47:46 GMT

I think the details are up in the air. For now the only thing that's for sure is the fact that the application link no longer works.

Re: UPDATE: Sallie mae is nerfed

gdale6 — Wed, 30 Sep 2015 14:48:17 GMT

Bye bye both SMs no need for Barclays without the 5%, they will be closed upon receipt of and implementation of new rewards program

Re: UPDATE: Sallie mae is nerfed

Open123 — Wed, 30 Sep 2015 14:49:50 GMT

I wouldn't bet the farm on nerfing for existing customers, just yet. I recall reading the nerfing on the Forward for exsiting customers, and that was 3 years ago.

Re: UPDATE: Sallie mae is nerfed

Anonymous — Wed, 30 Sep 2015 14:55:12 GMT

@Open123 wrote:
I wouldn't bet the farm on nerfing for existing customers, just yet. I recall reading the nerfing on the Forward for exsiting customers, and that was 3 years ago.

Right, even though there was briefly a period where new apps could get a 1% Forward card.

And, from Barclays, doesn't TheManWhoCan still have the 2% Priceline card, when it's been 1% for new applicants for a long while?

Re: UPDATE: Sallie mae is nerfed

kdm31091 — Wed, 30 Sep 2015 15:07:13 GMT

Again, just because they arent forcing existing users into anything right now does not mean that they wont sooner or later.

Agree with baller. Its not the end of the world. Seriously. There are other cards.

Re: UPDATE: Sallie mae is nerfed

Open123 — Wed, 30 Sep 2015 15:16:10 GMT

@kdm31091 wrote:
Again, just because they arent forcing existing users into anything right now does not mean that they wont sooner or later.

Ah, this would be true of every singe rewards card in existence! Except for zero-rewards cards, since I'm assuming having a negative-cashback card would be a violation of the T&C.

Re: UPDATE: Sallie mae is nerfed

Anonymous — Wed, 30 Sep 2015 15:34:53 GMT

OP, thank you for this piece of information.

However, until there is some sort of confirmation, I'm putting this down to a troll. Even if it isn't, the reddit article doesn't provide anything by way of info to the existing cardholders. We're where we were yesterday folks, just waiting to see what happens.

Re: UPDATE: Sallie mae is nerfed

barthooper — Wed, 30 Sep 2015 15:36:42 GMT

@Anonymous wrote:
OP, thank you for this piece of information.

However, until there is some sort of confirmation, I'm putting this down to a troll. Even if it isn't, the reddit article doesn't provide anything by way of info to the existing cardholders. We're where we were yesterday folks, just waiting to see what happens.

Well, at least one thing is new from yesterday. That being that the application link says the offer has expired. But as far as existing cardholders all we can do is speculate until we get an official update. It is interesting that existing Priceline holders kept the 2% when it got downgraded to 1% though.

Re: UPDATE: Sallie mae is nerfed

Dw4250 — Wed, 30 Sep 2015 15:50:37 GMT

@Anonymous wrote:
OP, thank you for this piece of information.

However, until there is some sort of confirmation, I'm putting this down to a troll. Even if it isn't, the reddit article doesn't provide anything by way of info to the existing cardholders. We're where we were yesterday folks, just waiting to see what happens.

^^^

This.

As an existing cardholder, there's really no need to make any move until there is official confirmation. Even if what the reddit article says is true, it will take some time to implement. In the meantime, people can figure out if they want to keep/SD/cancel their Sallie Maes.

I rarely use my SM outside of the 5% categories...maybe 5 times in the 2 years I've had it. My guess is Barclays count on people to use cards like the SM as an "everyday" card; that way they more than make up for the 5% they have to dish out for the rewards categories. So people like me may be part of the reason it's getting nerfed.

On a wider industry note, it really does seem like credit card companies have figured out 2% CB is about their max threshold. Anything more seems to be either temporary or has capped/category spending. Cash+ was a bonzana for early users, but US Bank quickly figured out they were taking a loss and nerfed it (by loss I mean not making enough profit; they still made plenty of money off the Cash+).

Re: UPDATE: Sallie mae is nerfed

thelethargicage — Wed, 30 Sep 2015 16:09:52 GMT

@Anonymous wrote:
Today is a day that will live in infamy. .....

December 7, 1941

November 22, 1963

March 21, 2015

September 30, 2015

Re: UPDATE: Sallie mae is nerfed

OmarGB9 — Wed, 30 Sep 2015 16:10:53 GMT

^lol

Re: UPDATE: Sallie mae is nerfed

slicemans — Wed, 30 Sep 2015 16:23:12 GMT

ok seriously.....what is a replacement card for 5% amazon? Majority of my sallie mae card iis spent there.