Sallie Mae rolled out three new credit cards that offer cash back on purchases, with one card also offering the option of using the cash back option to pay down student loans.
Sallie Mae Ignite is the cashback credit card designed to help college students establish credit in responsible ways that fuel their independence. Cardholders will earn 1 percent cash back on all purchases, every day, with no cap or expiration. Plus, after six consecutive months of on-time payments, cardholders will unlock a 25 percent bonus on cashback rewards earned on all future purchases.
Sallie Mae Accelerate is the only credit card that offers a cashback bonus when cardholders apply their rewards to paying down any student loan. The card features 1.25 precent cash back on all purchases every day with no cap or expiration and a 25 percent bonus on cashback rewards that are used to pay down any federal or private student loan.
Sallie Mae Evolve is a cashback credit card that automatically adapts to how cardholders use their card for purchases. This card offers 1.25 cashback back on all purchases and an automatic 25 percent bonus on cash back earned on the top two purchase categories each billing cycle. There are no tiered earn structures, rotating categories, or choosing cash back reward categories. Simply use the Evolve card and earn a cash back bonus where the cardholder spends most.
“For our customers, it’s not just about getting to, and graduating from college, but also reaching milestones after college. We are creating products that empower them to accomplish what’s next with confidence while fueling their own financial independence,” said Donna Vieira, executive vice president and chief marketing officer, Sallie Mae. “Our new credit cards, co-created and developed with students, parents, and recent graduates, offer simplicity and provide the right benefits at the right time, both during and after college.”
The cards feature 100 percent U.S. based customer service and universal benefits, including cell phone insurance, instant perks, and free monthly access to credit scores.
Each card offers a mobile-first digital experience, allowing customers to quickly access all features and functionality from the mobile app. The cards also provide tools to deliver security and control like the ability to pause the card and personalized alerts, a release stated.
Sallie Mae is based near Newark. The company moved its headquarters from the Washington, DC area to Delaware, due in part to the pool of financial services workers in the state.
At the time, Delaware was dealing with the sale of credit card giant MBNA to Bank of America and the subsequent downsizing of staff.