Sallie Mae, the student loan provider once sponsored by the government, is now offering credit cards. The company has unveiled three credit cards aimed at college students, recent graduates and young professionals. These new Sallie Mae credit cards offer rewards for responsible financial behavior.
Sallie Mae Credit Cards
These Sallie Mae cards have no annual fees and 0% APR for six to 12 months. After that, the interest rate rises to between 15.24% and 25.24%, similar to credit cards offered by other issuers. Other card features include an app for self-regulated spending limits, $600 in cellphone insurance and access to a free credit score.
The cards are available to Sallie Mae’s current borrowers in June and will open to the rest of the public in July.
The Ignite card earn 1% cash back on all purchases. It gives a 25% cash-back bonus after six consecutive on-time payments. The card has a 0% introductory APR for purchases for 6 months.
The Accelerate card earns 1.25% cashback on all purchase. It offers a similar bonus of 25% on the earned cashback when used to pay down student loans. The card has a 0% introductory APR for purchases for 12 months.
The Evolve card also earn 1.25% cashback. It promises a 25% cash back bonus from the top two purchase categories each month if you’re in good standing. The card has a 0% introductory APR for purchases for 12 months..