Death of Sallie Mae

[Revelate]

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@kdm31091 wrote:
With the new card doing grocery and utilities I'm surprised they don't just do a force PC to a Barclay rewards instead of making a new product.

The amazon thing, we all knew would end eventually. But there's still several 5 percent Amazon options so it's not the end of the world.

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Are there others besides the store card and rotating IT/Freedom/etc?

[kdm31091]

The cash+ if you select bookstores gives 5 percent. There's also the store card and discover/ freedom rotating as mentioned.

Personally I've found amazon to be overpriced for many things I've shopped for lately so even with a 5 percent discount it's not always the best deal. But that's another topic.

[Anonymous]

My girlfriends + my spending is right at the threshold for BCP being worthwhile... $250-$300 at grocery stores not including Target.

Here's my plan, please feel free to make suggestions:

Amazon store card - with my prime membership, the 5% on Amazon comes right back.

Gas - Apply for the BoA Cash Rewards.  I have a 50% booster thanks to preferred rewards and a joint account, so that'll be 4.5%, still 4% with the Citi Costco Card.

Groceries - Shop at Target more for groceries (5% Debit Red Card), 2% from the cash rewards -> 3% with preferred rewards.

The downside... 2 new apps.  I'll have to run a whole year calculation to see if the AF is really worth it, but so far I'm coming up with $250-$300 for groceries less spend at Target. 

I'm going to miss the SMMC (well, both SMMCs), but I'd like to take this moment to appreciate Barclay for putting out a truly excellent product for us

[wasCB14]

I have a targeted $150/$1k spend BCE-to-BCP upgrade offer. I make take Amex up on that after all.

I know I could app for a new BCP account, but I'm considering becoming 5/24-compliant.

[gdale6]

Well well I have 2 SMs only used for the 5% and dont need anymore 1/2 percenters they are useless and old school, bye bye Barclays when the time comes....

Am going to have to reconsider closure of my World account with them, was able to get an APR reduction on it down to 10.24% so this makes it my lowest APR card with 1/2 % rebates another of my 1/2 cards is going to get sacked just dont know which at this point. I will close my SM Platinum I had with them its high APR and low CL...

[Bman70]

To be honest I've only been using mine for gas and BTs. The BT are pretty good offers though, like 1% fee. Wonder if they'll honor 18 month 0% balances when it changes over. I will miss the 5% gas every quarter... I don't know of any other equivalent right now. 

Anyone know if Barclay allows PC to any other card in their lineup?

[Gunnar419]

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@longtimelurker wrote:

Didn't see other posts, maybe I missed it.

Dear XX

 Look what's new.  On Mar 1 2017, your Sallie Mae Rewards Mastercard will be replaced with the new Commence Mastercard by Sallie Mae with great new benefits and feaures.

The great features are 2% on groceries and utilities, and 1% on everthing else.     I can hardly wait!

ETA:  One new feature, apply cashback to student loan and get a 25% bonus.    So if you can do that, it's 2.5% on groceries with no cap.

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Thanks for the word, longtimelurker. I haven't received my letter yet, but along with everybody else, I knew something like this had to be coming soon.

I'm a very light cc user. Groceries, gas, and everything Amazon are my main expenditures, making Sallie my major go-to card. Sad to see it go away. OTOH, because I put so much everyday spending on it, it was also the only card where I ever got a little ahead of myself and at times carried a balance (since learning via MyFico that carrying a balance wasn't the smartest thing to do).

So in one way, the loss of all those 5% goodies will be a blessing. I can pay the last few hundred off Sallie, use the new card only for my one online utility payment, and never be tempted to get ahead of myself again. Except during the times of year when Discover or Chase Freedom has Amazon at 5%, I'll probably also spend less online, too. So the sad farewell to Sweet Sallie Mae will also bring a small blessing with it.

[CreditCuriosity]

Well that sucks.. Guess a few more months of abusing it then not quite sure if I will just close it or keep it open.. Have a pretty good APR on it, but ya those rewards suck flat out where many other cards can most likely win without the headache barclay's might throw at someone.  Was nice while I had it close to two years..

Guess it might be time in Feb to apply for the amazon store card otherwise possibly fall back on the Marvel card.  As the Cash+ might get an influx of applications and the bookstore on that card might go good-bye as well as we know US Bank doesn't like losing money as they have nerfed it already, mise well take away the bookstore category as well if people use it as a fall back of the SM card.

SM was a perfect card for me.. Amazon pretty high spend on, Light on gas and food each month.. Going to miss it

[newhis]

It will be missed.

Better to read it here, than opening the letter.

[Bman70]

Re: Replacements: 

Cash+ has been mentioned, but keep in mind the Bookstore category doesn't say "Amazon.com." It says "Amazon.com Kindle store Purchases." So I don't know if that includes all Amazon. Maybe someone else does. 

Also the Penfed Platinum Rewards has been suggested for 5% gas. However, those are points not direct cash back. The redemption options look like 29.4 points for a $25 retail gift card or such.