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Sallie Mae Accelerateâ„ card review
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)
Review by
Steven Dashiell
steven.dashiell@finder.comSteven Dashiell is a writer at Finder specializing in all things credit cards. With more than 300 articles under his belt, he aims to help readers embrace credit cards and maximize their rewards. Steve is studying to become a Certified Educator in Personal Finance, and is a frequent face on Finder’s YouTube channel, offering the latest in credit card hacks and advice. His expertise has been featured on numerous outlets, including U.S. News & World Report, Time, CBS, Fox Business, Lifehacker, Martha Stewart Living and more.
Expert review
The Sallie Mae Accelerateâ„ 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 Accelerateâ„ as a 2021 best product for credit cards.
How to apply for the Sallie Mae Accelerateâ„
Applying for the Sallie Mae Accelerateâ„ is quite simple:
- At the Sallie Mae Accelerateâ„ 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
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