topic Re: Sallie Mae MC - Possibly one of the best cards in Credit Cards

Sallie Mae MC - Possibly one of the best cards

Anonymous — Thu, 14 Mar 2013 02:05:44 GMT

I'm curious why this card is never talked about, it seems.

5% Cashback on groceries (250/mo cap)

5% Cashback on gas (250/mo cap)

5% Cashback on books (750/mo cap)

1% everything else

It is a Mastercard and goes by MCC codes, unlike American Express. This means that you get 5% back at both Walmart and Target (BCP doesn't give 6% at Walmart..only 1%). Amazon is considered a bookstore and has also been confirmed to receive 5% cashback. 5% gas year-round cannot be beaten and is only matched by the PenFed card.

The caps aren't a problem for me - I'm a college student that also delivers pizza and this seems like the perfect card. The PenFed is comparable but also seems more like a hassle to get considering you have to be apart of a government, such as a military member (you can join a military association but still..this costs like $25).

So, whats everyone's take on it? Should I App? I honestly thought that the BCE would be my card of choice but its only 2% on gas and the 3% doesn't count towards WalMart. I'd prefer the BoA Cash Rewards over BCE because its 3% gas and 2% groceries and since its a Visa, WalMart has been confirmed to count as groceries via the MCC.

Edit: Sallie Mae Application

Re: Sallie Mae MC - Possibly one of the best cards

Anonymous — Thu, 14 Mar 2013 01:54:04 GMT

Yes. It is a good card.

Not attractive enough for those looking to get cash back in few hundreds of dollars each quarter

Re: Sallie Mae MC - Possibly one of the best cards

zyzzus — Thu, 14 Mar 2013 01:58:16 GMT

I have wondered the same thing and I am considering this in a small application spree this summer.

Re: Sallie Mae MC - Possibly one of the best cards

HiLine — Thu, 14 Mar 2013 01:58:23 GMT

The caps sound quite low for a typical family, but if you're a student, this seems like the ideal card actually.

Re: Sallie Mae MC - Possibly one of the best cards

Anonymous — Thu, 14 Mar 2013 01:58:43 GMT

Ah. For my next card, I was considering the BoA Cash Rewards (the 1-2-3) and became interested in the Sallie Mae. Both cards aren't really mentioned here much so I was just curious if there were any significant drawbacks.

Re: Sallie Mae MC - Possibly one of the best cards

CreditCrusader — Thu, 14 Mar 2013 02:00:47 GMT

This looks to be Barclay-backed. Anyone know the credit qual for this?

Re: Sallie Mae MC - Possibly one of the best cards

HiLine — Thu, 14 Mar 2013 02:02:01 GMT

@Anonymous wrote:
Ah. For my next card, I was considering the BoA Cash Rewards (the 1-2-3) and became interested in the Sallie Mae. Both cards aren't really mentioned here much so I was just curious if there were any significant drawbacks.

A lot of times it's about marketing. How often do you see Sallie Mae or BofA credit card commercials and ads? Compare that to the likes of Amex, Chase, and recently Discover.

Re: Sallie Mae MC - Possibly one of the best cards

Anonymous — Thu, 14 Mar 2013 02:03:47 GMT

@HiLine wrote:
The caps sound quite low for a typical family, but if you're a student, this seems like the ideal card actually.

That's what I was thinking. It kind of seems too good to be true for me - 5% back year-round at Target/Walmart, Amazon, and gas? Count me in.

The caps on this card used to be $500/mo, which is equivalent to the BCP, but they have since lowered it.

Re: Sallie Mae MC - Possibly one of the best cards

zyzzus — Thu, 14 Mar 2013 02:04:24 GMT

I actually cannot find the website for this card...

Re: Sallie Mae MC - Possibly one of the best cards

Anonymous — Thu, 14 Mar 2013 02:08:01 GMT

@zyzzus wrote:
I actually cannot find the website for this card...

I actually edited my OP, it has the app.

Re: Sallie Mae MC - Possibly one of the best cards

zyzzus — Thu, 14 Mar 2013 02:10:26 GMT

Thanks op. I have been a fan of Barclay for for the few months I've had my priceline card. If this is around this summer still I'm going to apply

Re: Sallie Mae MC - Possibly one of the best cards

Simply827 — Thu, 14 Mar 2013 02:12:37 GMT

I would ignore this card since I didn't want to give SM any more of my business. They always send me emails about it and it shows up on my SL homepage.

Hmm. May have to reconsider. I wonder if purchases also count toward Upromise. (ETA: They do. Can also get a statement credit towards loans.)

Grrr. I can't stand SM.

Re: Sallie Mae MC - Possibly one of the best cards

Anonymous — Thu, 14 Mar 2013 02:11:58 GMT

@Anonymous wrote:
@HiLine wrote:
The caps sound quite low for a typical family, but if you're a student, this seems like the ideal card actually.
That's what I was thinking. It kind of seems too good to be true for me - 5% back year-round at Target/Walmart, Amazon, and gas? Count me in.

The caps on this card used to be $500/mo, which is equivalent to the BCP, but they have since lowered it.

So if you want it, might be worth applying before it gets nerfed again. The book limit looks quite generous, slightly better than US Cash new $2000 per quarter 5% category. (If you have the Citi Forward, that gives 5% unlimited on books, if redeemed the best way, but that card is no longer available to non students)

Re: Sallie Mae MC - Possibly one of the best cards

Anonymous — Thu, 14 Mar 2013 02:18:15 GMT

Too bad it's ugly.

Re: Sallie Mae MC - Possibly one of the best cards

Anonymous — Thu, 14 Mar 2013 02:19:33 GMT

@Anonymous wrote:
@Anonymous wrote:
@HiLine wrote:
The caps sound quite low for a typical family, but if you're a student, this seems like the ideal card actually.
That's what I was thinking. It kind of seems too good to be true for me - 5% back year-round at Target/Walmart, Amazon, and gas? Count me in.

The caps on this card used to be $500/mo, which is equivalent to the BCP, but they have since lowered it.
So if you want it, might be worth applying before it gets nerfed again. The book limit looks quite generous, slightly better than US Cash new $2000 per quarter 5% category. (If you have the Citi Forward, that gives 5% unlimited on books, if redeemed the best way, but that card is no longer available to non students)

I was interested in the US Bank Cash+ as well but unfortunately they stopped accepting online apps and I don't have a US Bank anywhere even close to me.

The Citi Forward for Students seems pretty appealing with the 5% towards restaraunts and bookstores (aka Amazon). Too bad it also doesn't have gas/groceries.

Sallie Mae looks to be ideal (but I do like that 5% at restaurants including fast food from Citi Forward).

Re: Sallie Mae MC - Possibly one of the best cards

Anonymous — Thu, 14 Mar 2013 02:20:57 GMT

@Anonymous wrote:
Too bad it's ugly.

I know xD It is boring card.

Re: Sallie Mae MC - Possibly one of the best cards

Anonymous — Thu, 14 Mar 2013 02:23:42 GMT

I have the card with a 10k cl... Yea rewards are good but only thing you can use them for are statement credits or cashback to your student loans.. the card was way better when it was with sallie mae and it was a visa too

Re: Sallie Mae MC - Possibly one of the best cards

Open123 — Thu, 14 Mar 2013 02:25:53 GMT

You're right, it is a very good card!

From my perspective, there are two reasons why it's difficult for me to use up an inquiry and new account this card.

1. With the current sign up bonus environment, unless there's a $400+ sign up bonus, it isn't worth the price of an inquiry/new account.

2. For 5%, I can accomplish the same %rewards on spending (with much higher caps) by using the BCP for gift cards at Supermarket or Ink Business cards at Office Depot stores.

At least, from my perspective.

Re: Sallie Mae MC - Possibly one of the best cards

Anonymous — Thu, 14 Mar 2013 02:26:12 GMT

@Anonymous wrote:
I have the card with a 10k cl... Yea rewards are good but only thing you can use them for are statement credits or cashback to your student loans.. the card was way better when it was with sallie mae and it was a visa too

Well I believe thats the same thing as Amex BCE/BCP. You use it as a statement credit when it reaches $25. Thats what I looove about my new Freedom so far is that you can request a check and it doesn't have to be $25 increments.

Re: Sallie Mae MC - Possibly one of the best cards

Anonymous — Thu, 14 Mar 2013 02:30:37 GMT

@Open123 wrote:
You're right, it is a very good card!

From my perspective, there are two reasons why it's difficult for me to use up an inquiry and new account this card.

1. With the current sign up bonus environment, unless there's a $400+ sign up bonus, it isn't worth the price of an inquiry/new account.

2. For 5%, I can accomplish the same %rewards on spending (with much higher caps) by using the BCP for gift cards at Supermarket or Ink Business cards at Office Depot stores.

At least, from my perspective.

Hm, you're right. I keep forgetting about its lack of sign up bonus. I still think its a damn near perfect all-in-one card though. I'm not looking to have tons of different cards, each with their own strengths. I'd also rather keep all my cashback rewards consolidated to fewer cards instead of spanning across multiple cards.