Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
This article contains links to products or services from one or more of our advertisers or partners. We may receive a commission when you click or make a purchase using our site. Learn more about how we make money.
Sallie Mae Accelerate℠ card review
Last updated:
A decent cashback card that rewards paying down your student loans
finder.com’s rating: 3.4 / 5
★★★★★
- Get this card if you want a cashback card and you have student loans.
- Pick something else if you want a higher overall cashback rate on your purchases.
- Apply if you have a good to an excellent credit score of 670 or higher.
Up to 2.5%
Cash back
$0
Annual fee
0%
Intro purchase APR
for the first 15 months (then 12.99% to 22.99% variable)
0%
Intro balance transfer
for the first 15 months (then 12.99% to 22.99% variable)
Details
| Product Name | Sallie Mae Accelerate℠ |
|---|---|
| Card type | Mastercard |
| Annual fee | $0 |
| Purchase APR | 0% intro for the first 15 months (then 12.99% to 22.99% variable) |
| Balance transfer APR | 0% intro for the first 15 months (then 12.99% to 22.99% variable) |
| Balance transfer fee | $5 or 3% of the transaction, whichever is greater |
| Cash advance fee | $10 or 5% of the cash advance amount, whichever is greater |
| Foreign transaction fee | 3% of the transaction value |
| Interest free period | Up to 23 days |
| Late payment fee | Up to $39 |
| Returned payment fee | Up to $39 |
Expert review
Review by
Steven Dashiell
steven.dashiell@finder.comSteven Dashiell is a credit cards writer at Finder. He's worked on 250 Finder articles and counting, helping readers embrace and maximize credit cards. Backed by nearly a decade of research and reporting experience, Steve's work can be seen on Debt.com, CreditCards.com and Lifehacker.
Expert review
The Sallie Mae Accelerate℠ is best for college students or recent graduates still paying off their student loans. The card offers a unique draw: It gives students the opportunity to earn 25% more cash back when rewards are applied to those loans.
Unfortunately, this bonus isn’t quite enough to make it a better raw value pick than some other flat cashback credit cards. For example, the Citi® Double Cash Card is a no-annual-fee card that pulls in 1% cash back on initial purchases and another 1% cash back when you make your payment on time.
While you can earn cash back on purchases made with Sallie Mae Accelerate℠, the rate and additional student loan reward bonus still aren’t enough to pull ahead of competitor cash back cards.
Finder experts pick Sallie Mae Accelerate℠ as a 2020 best product for credit cards.
How to apply for the Sallie Mae Accelerate℠
Applying for the Sallie Mae Accelerate℠ is quite simple:
- At the Sallie Mae Accelerate℠ site, click on the Apply now button.
- At the new screen, you’ll be instructed to fill in your personal information. You’ll need to include:
- Personal details, including your name, date of birth, Social Security Number and address.
- Your citizenship status.
- Financial information, including housing expenses, housing status, monthly income and available assets.
- Employment status and student status.
- Once complete, you can click on the Continue button to submit your application.
Card benefits
- Flat cash back. You’ll earn an unlimited 1.25% cash back on all purchases with no limit. Your reward cash is worth 25% more when redeemed on your student loan payments.
- No annual fee. You won’t need to pay an annual fee to use this card.
- Introductory APR. You’ll enjoy a 0% introductory purchase APR for the first 15 months after account opening. After the intro period expires, your rate will revert to 12.99% to 22.99% variable.
- Rewards for good financial habits. While details are sparse, Sallie Mae promises additional reward opportunities when you exhibit responsible financial behavior.
What to watch out for
- Average APR. Once your introductory purchase APR is finished, your APR will revert to an average 12.99% to 22.99% variable.
- Transaction fees. You’ll pay $5 or 3% in balance transfer fees (whichever is greater), $10 or 5% in cash advance fees (whichever is greater) and 3% in foreign transaction fees.
- Penalty fees. Late payments and returned payments will run you up to $39 each.
- Average cashback rate. The best cashback rate you’ll get on this card is 1.25%. This is the industry average. Your rate is even lower if you’re not redeeming on student loans.
Compare Student credit cards
Bottom line
While it’s not the strongest flat cashback card available, the Sallie Mae Accelerate℠ could be a good choice — and easier to qualify for — if you’re a college student or recent graduate with student loans. If this card doesn’t seem right for you, compare your cashback credit card options to find something that best suits your financial needs.
Frequently asked questions:
Credit card ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our team evaluates credit cards to determine their value against similar cards on the market.
We rank card types — travel, cash back, business — on a set of factors that are most relevant to that type of card. We create these rankings to help you narrow down a credit card that best suits your spending and budget.