Sallie Mae Enhances Cash Back Features on Accelerate℠ and Evolve℠ Credit Cards

Rhea-AI Summary

Sallie Mae announced enhanced cash back rewards for its Accelerate℠ and Evolve℠ Mastercard® credit cards. The Accelerate℠ card now offers 2% cash back on rewards redeemed to pay down any federal or private student loan, making it one of the most generous options in the market. Additionally, the Evolve℠ card provides 2% cash back in the two highest-spending categories of cardholders. Both cards offer unlimited 1.5% cash back on all purchases, with a $200 bonus after spending $1,000 in the first three months. New rewards will be available for all cardholders.

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• Accelerate℠ card offers 2% cash back on student loan payments.
• Evolve℠ card provides 2% cash back on the two highest-spending categories.
• Unlimited 1.5% cash back on all purchases.
• $200 bonus after spending $1,000 in the first 3 months.

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• None.

Sallie Mae® today announced increased cash back rewards for its Accelerate℠ and Evolve℠ Mastercard® credit cards. Sallie Mae’s Accelerate℠ credit card now offers one of the most generous benefits in market when customers use rewards to pay down student loans. Accelerate card holders will now receive 2% cash back on rewards redeemed to pay down any federal or private student loan.

In addition, Sallie Mae’s Evolve℠ credit card, which automatically adjusts its rewards to how customers use their card, will also offer 2% cash back on cardholders’ two highest-spending categories.

Both Accelerate℠ and Evolve℠ customers also receive unlimited 1.5% cash back on all purchases, and can earn $200 after they spend $1,000 in the first 3 months. Sallie Mae credit cards feature 100% U.S. based customer service, and cell phone insurance. The new and enhanced cash back rewards will be made available to both current and new credit card holders.

“Our cards are designed to empower customers with the tools to build a confident financial future,” said Jennifer O'Donald, senior vice president, Sallie Mae. “Whether they want help paying down a student loan, or to be rewarded for their own unique spending habits, our new cash back features will help customers accelerate their progress.”

Sallie Mae also offers Ignite℠, a credit card designed specifically for college students to help them establish credit responsibly. Ignite℠ is the only card with cosigner capability offered by a major bank, and cardholders who make six consecutive, on-time payments unlock a 25% bonus to earn 1.25% unlimited cash back on everyday purchases. Ignite℠ customers can earn $50 after they spend $250 in the first 3 months.

For more information visit www.salliemae.com/credit-cards.

Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to support access to college and offer products and resources to help customers make new goals and experiences, beyond college, happen. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Category: Banking

View source version on businesswire.com: https://www.businesswire.com/news/home/20210729005719/en/

FAQ

What new rewards does Sallie Mae's Accelerate card offer for student loan payments?

Sallie Mae's Accelerate card now offers 2% cash back on rewards redeemed to pay down any federal or private student loan.

What are the cash back benefits of Sallie Mae's Evolve card?

The Evolve card provides 2% cash back in the two highest-spending categories and unlimited 1.5% cash back on all other purchases.

What bonus do new Sallie Mae credit card holders receive?

New credit card holders can earn a $200 bonus after spending $1,000 in the first 3 months.

What customer support does Sallie Mae credit cards offer?

Sallie Mae credit cards feature 100% U.S.-based customer service.

Is there a credit card option for college students from Sallie Mae?

Yes, Sallie Mae offers the Ignite℠ card designed specifically for college students, featuring cosigner capability.