UPDATE: Sallie mae is nerfed

[Open123]

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.

[longtimelurker]

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@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.

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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?

[kdm31091]

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.

[Open123]

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

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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.

[Anonymous]

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. 

[barthooper]

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@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. 

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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.

[Dw4250]

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@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. 

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^^^

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+).

[thelethargicage]

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

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December 7, 1941

November 22, 1963

March 21, 2015

September 30, 2015

[OmarGB9]

^lol

[slicemans]

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