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Sallie Mae Mastercard

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longtimelurker
Epic Contributor

Re: Sallie Mae Mastercard


@akula wrote:

@Anonymous wrote:
The BCP also has a cap of $6,000/yr. On top of that it has an AF and doesn't code Walmart as 6%.

If the SM's cap troubles you so much, get your significant other to get one as well.

Correct, meaning that BCP has a 2x higher cap than the Sallie Mae.  With the 75 dollar AF, the BCP equates to a potential 285.00 in rewards vs 150.00 of the SM. So in short, the BCP generates a 90% higher rewards than the SM in the grocery category.  I did not know about the Wal-Mart coding issue, but good to know.  Wife has a Barclay card, so maybe I will check into a PC to the SM - once 6k has been reached.


Right, but for those also using gas, the Sallie Mae provides more return (up again to $250 a month).   IMO, BCP has a pretty narrow range where it is good, for smaller spend, SM is better, for bigger spend, OBC is better (and this leaves out things like the Everyday Preferred, which will also be better for those using MR rewards).

 

And the Walmart/Target issue is big for those most price sensitive

Message 61 of 117
Callandra
Valued Contributor

Re: Sallie Mae Mastercard


@Anonymous wrote:
I got a WMC with a SL of $1,500 and had a preapproved CLI upon receiving the card.

I got a WMC with $2k starting limit. 

Quicksilver $10,000 | Better Balance Rewards $2000 | Sallie Mae $3500 | Freedom $3500

Last HP: 9/27/2015
Message 62 of 117
TRC_WA
Senior Contributor

Re: Sallie Mae Mastercard

Waiting on my $6700 WMC to arrive...

 

$4500 SL and I moved my $2200 Apple CL over... and closed the Apple due to the fact it was worthless.  Smiley Happy

FICO8 current as of : 2-25-24 EQ: 655 TU: 653 EX: 656
Hard INQs last 12 months: EQ: 5 | TU: 7 | EX: 9
Verizon Visa $6500 Amex Delta Gold $10,000 Care Credit $12,000
NFCU CashRewards $6000 Apple Card $2000 Best Buy $3500 Amazon $5000
NFCU auto loan (2022 Ford Bronco Sport Badlands - Cactus Gray) $44k new - balance $31k/6.94%
Total CL: $45,000 --- Total CC UTI: --% --- AAoA: 5.5 years --- Income: $200k
Last app: 11-30-23
Message 63 of 117
Anonymous
Not applicable

Re: Sallie Mae Mastercard

Yeah, I think late next year we will get the wife an SM of her own and move the US Airways limit to it.
Message 64 of 117
Anonymous
Not applicable

Re: Sallie Mae Mastercard

The Sallie Mae is an awesome card for me. Let's look at a few things:

 

The only category where the Sallie Mae is exceptional (for me) is Amazon (bookstores). The only comparable Amazon card is the US Bank Cash+ if you pick bookstores as a 5% category (not tried this). The Cash+ would allow greater spend in a month (2k), but lower spend in a quarter (2k v. 2.25k). As a gas or grocery card, the Sallie Mae is not exceptional. For low to moderate driving purposes, the Sallie Mae is sufficient. With lowered gas prices, unless you are driving a lot, you likely won't go over the limit. For low spend grocery purposes (or just for Wal-Mart/Target type store purposes), the Sallie Mae is a good card. For moderate to high grocery spends, the BCP (or even EDP) is preferrable. 

 

The Sallie Mae card is better than the BCE for groceries for spends that fall within its limit (250/month which I will treat as 3k a year to compare with the 6k BCP limit). The Sallie Mae is identical to the BCE for spends over 6k. Even for spends under 6k, the Sallie Mae is a better grocery card since the 5% benefit for the first 3k (250/month) plus 1% benefit for the next 3k will stay above the total BCE reward till the 6k mark. Granted, using the BCE after 3k and the Sallie Mae before 3k or using the BCP is preferrable if you have high grocery spend. 

 

As mentioned earlier, the Sallie Mae is replaceable. You can get the Pen Fed gas card for 5% unlimited gas rewards. You can get the US Bank Cash+ for similar Amazon/bookstore rewards. You can get the BCE for similar grocery rewards or the BCP for better grocery rewards. The key here is that one card does substantially the same thing that you would otherwise need 2-3 cards for. For people with average driving needs and high bookstore (Amazon) spends, the Sallie Mae is a great card because it gives you 5% on both. The alternative is to waste a 5% category on the Cash+ that could be used for something else and to get the Pen Fed card (notoriously hard to get) or another 5% gas card. The only category the BCP is weak at is groceries, but it compliments the BCP or the BCE well for those with high grocery spend and replaces them for those with low grocery spend. 

 

The Sallie Mae card is not right for everyone. If you drive a lot, rarely use Amazon or go too bookstores, you have grocery spend around 6k/year, and you rarely go to Target/Wal-Mart, the Sallie Mae card is not right for you. On the other hand, if you have moderate gas spend, high Amazon spend, and low grocery spend (or high grocery spend over the BCP limit), the Sallie Mae card is optimal for you. For people who fall in between, you need to do your own analysis. 

 

 

Message 65 of 117
lord_kinbote
Established Contributor

Re: Sallie Mae Mastercard


@longtimelurker wrote:

@akula wrote:

@Anonymous wrote:
The BCP also has a cap of $6,000/yr. On top of that it has an AF and doesn't code Walmart as 6%.

If the SM's cap troubles you so much, get your significant other to get one as well.

Correct, meaning that BCP has a 2x higher cap than the Sallie Mae.  With the 75 dollar AF, the BCP equates to a potential 285.00 in rewards vs 150.00 of the SM. So in short, the BCP generates a 90% higher rewards than the SM in the grocery category.  I did not know about the Wal-Mart coding issue, but good to know.  Wife has a Barclay card, so maybe I will check into a PC to the SM - once 6k has been reached.


Right, but for those also using gas, the Sallie Mae provides more return (up again to $250 a month).   IMO, BCP has a pretty narrow range where it is good, for smaller spend, SM is better, for bigger spend, OBC is better (and this leaves out things like the Everyday Preferred, which will also be better for those using MR rewards).

 

And the Walmart/Target issue is big for those most price sensitive


The BCP offers 3% with NO cap on gasoline purchases, which adds up to a much larger rewards potential than the small max potential of 125.00 in rewards offered by SM.  With that said, my original comparison was in relation to groceries.  In regards to the point made about Target/Wal-mart purchases, I concur that it is note worthy.  However, I don't do the grocery shopping for our household, but I know the wife would much rather visit a traditional grocery store than the likes of Wal-mart and/or Target.

 

I also do not buy that the SM is geared towards "students" when it is one of the more difficult cards to achieve from Barclay.  So sorry, the 250 cap is big limitation.  For some reason the SM is treated with such high regard on myfico.com forums, personally I just don't see it outside of Amazon.com purchases when they are not covered by Freedom/Discover It categories.  

Message 66 of 117
CreditMagic7
Mega Contributor

Re: Sallie Mae Mastercard


@Anonymous wrote:

The Sallie Mae is an awesome card for me. Let's look at a few things:

 

The only category where the Sallie Mae is exceptional (for me) is Amazon (bookstores). The only comparable Amazon card is the US Bank Cash+ if you pick bookstores as a 5% category (not tried this). The Cash+ would allow greater spend in a month (2k), but lower spend in a quarter (2k v. 2.25k). As a gas or grocery card, the Sallie Mae is not exceptional. For low to moderate driving purposes, the Sallie Mae is sufficient. With lowered gas prices, unless you are driving a lot, you likely won't go over the limit. For low spend grocery purposes (or just for Wal-Mart/Target type store purposes), the Sallie Mae is a good card. For moderate to high grocery spends, the BCP (or even EDP) is preferrable. 

 

The Sallie Mae card is better than the BCE for groceries for spends that fall within its limit (250/month which I will treat as 3k a year to compare with the 6k BCP limit). The Sallie Mae is identical to the BCE for spends over 6k. Even for spends under 6k, the Sallie Mae is a better grocery card since the 5% benefit for the first 3k (250/month) plus 1% benefit for the next 3k will stay above the total BCE reward till the 6k mark. Granted, using the BCE after 3k and the Sallie Mae before 3k or using the BCP is preferrable if you have high grocery spend. 

 

As mentioned earlier, the Sallie Mae is replaceable. You can get the Pen Fed gas card for 5% unlimited gas rewards. You can get the US Bank Cash+ for similar Amazon/bookstore rewards. You can get the BCE for similar grocery rewards or the BCP for better grocery rewards. The key here is that one card does substantially the same thing that you would otherwise need 2-3 cards for. For people with average driving needs and high bookstore (Amazon) spends, the Sallie Mae is a great card because it gives you 5% on both. The alternative is to waste a 5% category on the Cash+ that could be used for something else and to get the Pen Fed card (notoriously hard to get) or another 5% gas card. The only category the BCP is weak at is groceries, but it compliments the BCP or the BCE well for those with high grocery spend and replaces them for those with low grocery spend. 

 

The Sallie Mae card is not right for everyone. If you drive a lot, rarely use Amazon or go too bookstores, you have grocery spend around 6k/year, and you rarely go to Target/Wal-Mart, the Sallie Mae card is not right for you. On the other hand, if you have moderate gas spend, high Amazon spend, and low grocery spend (or high grocery spend over the BCP limit), the Sallie Mae card is optimal for you. For people who fall in between, you need to do your own analysis. 

 

 


It's quite a factual as well as formidable statement (at least with this SM card) that Barclays competes quite well compared to Amex, any way you look at it.

Message 67 of 117
longtimelurker
Epic Contributor

Re: Sallie Mae Mastercard


@akula wrote:

@longtimelurker wrote:

@akula wrote:

@Anonymous wrote:
The BCP also has a cap of $6,000/yr. On top of that it has an AF and doesn't code Walmart as 6%.

If the SM's cap troubles you so much, get your significant other to get one as well.

Correct, meaning that BCP has a 2x higher cap than the Sallie Mae.  With the 75 dollar AF, the BCP equates to a potential 285.00 in rewards vs 150.00 of the SM. So in short, the BCP generates a 90% higher rewards than the SM in the grocery category.  I did not know about the Wal-Mart coding issue, but good to know.  Wife has a Barclay card, so maybe I will check into a PC to the SM - once 6k has been reached.


Right, but for those also using gas, the Sallie Mae provides more return (up again to $250 a month).   IMO, BCP has a pretty narrow range where it is good, for smaller spend, SM is better, for bigger spend, OBC is better (and this leaves out things like the Everyday Preferred, which will also be better for those using MR rewards).

 

And the Walmart/Target issue is big for those most price sensitive


The BCP offers 3% with NO cap on gasoline purchases, which adds up to a much larger rewards potential than the small max potential of 125.00 in rewards offered by SM.  With that said, my original comparison was in relation to groceries.  In regards to the point made about Target/Wal-mart purchases, I concur that it is note worthy.  However, I don't do the grocery shopping for our household, but I know the wife would much rather visit a traditional grocery store than the likes of Wal-mart and/or Target.

 

I also do not buy that the SM is geared towards "students" when it is one of the more difficult cards to achieve from Barclay.  So sorry, the 250 cap is big limitation.  For some reason the SM is treated with such high regard on myfico.com forums, personally I just don't see it outside of Amazon.com purchases when they are not covered by Freedom/Discover It categories.  


OK, but if you have large gas purchases, you DON'T want to be using BCP either, use something like Penfed(incapped) or Amex OBC (50K a year) which both give 5%.   And the same applies to grocery bills.  As they get large, you want the OBC (unless you shop at Walmart and Target, but you don't want the BCP there either)

 

I think others have explained well the love for SM here.   For a decent segment of people, it provides great benefits in commonly used categories in one card.   Yes, small cap for a family, but then partner can get one too.

Message 68 of 117
Anonymous
Not applicable

Re: Sallie Mae Mastercard


@longtimelurker wrote:

@akula wrote:

@longtimelurker wrote:

@akula wrote:

@Anonymous wrote:
The BCP also has a cap of $6,000/yr. On top of that it has an AF and doesn't code Walmart as 6%.

If the SM's cap troubles you so much, get your significant other to get one as well.

Correct, meaning that BCP has a 2x higher cap than the Sallie Mae.  With the 75 dollar AF, the BCP equates to a potential 285.00 in rewards vs 150.00 of the SM. So in short, the BCP generates a 90% higher rewards than the SM in the grocery category.  I did not know about the Wal-Mart coding issue, but good to know.  Wife has a Barclay card, so maybe I will check into a PC to the SM - once 6k has been reached.


Right, but for those also using gas, the Sallie Mae provides more return (up again to $250 a month).   IMO, BCP has a pretty narrow range where it is good, for smaller spend, SM is better, for bigger spend, OBC is better (and this leaves out things like the Everyday Preferred, which will also be better for those using MR rewards).

 

And the Walmart/Target issue is big for those most price sensitive


The BCP offers 3% with NO cap on gasoline purchases, which adds up to a much larger rewards potential than the small max potential of 125.00 in rewards offered by SM.  With that said, my original comparison was in relation to groceries.  In regards to the point made about Target/Wal-mart purchases, I concur that it is note worthy.  However, I don't do the grocery shopping for our household, but I know the wife would much rather visit a traditional grocery store than the likes of Wal-mart and/or Target.

 

I also do not buy that the SM is geared towards "students" when it is one of the more difficult cards to achieve from Barclay.  So sorry, the 250 cap is big limitation.  For some reason the SM is treated with such high regard on myfico.com forums, personally I just don't see it outside of Amazon.com purchases when they are not covered by Freedom/Discover It categories.  


OK, but if you have large gas purchases, you DON'T want to be using BCP either, use something like Penfed(incapped) or Amex OBC (50K a year) which both give 5%.   And the same applies to grocery bills.  As they get large, you want the OBC (unless you shop at Walmart and Target, but you don't want the BCP there either)

 

I think others have explained well the love for SM here.   For a decent segment of people, it provides great benefits in commonly used categories in one card.   Yes, small cap for a family, but then partner can get one too.


This is exactly right. I'm not even going to get into the gas part of the discussion, but the breakeven point for a Sallie Mae + BCE vs. a BCP is $375 per month or $4,500 (counting the AF for the BCP, of course). For spend between $250 and $375 per month the Sallie Mae + BCE wins out. This would be ideal for single people and small families. A BCP wins for any spend beyond beyond $375 per month for groceries.

 

If you can get two Sallie Mae cards, then that would would beat a single BCP for grocery spend up to $500 per month. Beyond that I'm guessing a BCP + BCE would be the best bet if you wanted to stick with Amex and convenience. Otherwise, two Sallie Maes + a BCE probably wins.

Message 69 of 117
longtimelurker
Epic Contributor

Re: Sallie Mae Mastercard

The old Blue Cash: 5% after $6,500 spend. which beats the BCP on groceries at around $12K a year

Message 70 of 117
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