So much for the 2% Cash Back Sallie Mae Visa card

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Austex1
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So much for the 2% Cash Back Sallie Mae Visa card

Post by Austex1 » Sat Aug 18, 2012 4:34 pm

I liked mine while it lasted, but I just got notice that, as of Oct. 26th, it will be transferred to Barclays to become a MasterCard with a different rewards program, which is much less favorable, in my opinion. Bummer.

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tfb
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by tfb » Sat Aug 18, 2012 4:41 pm

Austex1 wrote:I liked mine while it lasted, but I just got notice that, as of Oct. 26th, it will be transferred to Barclays to become a MasterCard with a different rewards program, which is much less favorable, in my opinion. Bummer.
But Barclays has a different 2% card. All is not lost.
Harry Sit, taking a break from the forums.

Austex1
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by Austex1 » Sat Aug 18, 2012 5:00 pm

tfb wrote:
Austex1 wrote:I liked mine while it lasted, but I just got notice that, as of Oct. 26th, it will be transferred to Barclays to become a MasterCard with a different rewards program, which is much less favorable, in my opinion. Bummer.
But Barclays has a different 2% card. All is not lost.
Yeah, but I'm getting sick of chasing these deals. I already have a stack of credit cards I never use, but don't want to cancel because I don't want to get a ding on my credit score. And it seems like they all change their good deals after I go to the hassle of enrolling and getting the limit I need to use them as my primary card anyway. I think I'll just stick to my Chase Freedom card. sigh.

centrifuge41
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by centrifuge41 » Sat Aug 18, 2012 5:04 pm

You'll soon realize this :) For most people who have reasonable level of spends, it's far far advantageous to pick up huge signing bonuses rather than to get cards that have good continuous cashback programs.

If the huge signing bonus cards can later be converted to advantageous continuous cards, more power to you. If not, no big loss.

Example: Picking up a ThankYou Premier for the 50k point signing bonus, then converting to a Forward card a year afterwards, and using that card for restaurant, bookstore, etc purchases.

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wander
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by wander » Tue Aug 28, 2012 9:18 pm

Base reward: one (1) Reward for each $1 of all Net purchases.
Gasoline: five (5) Rewards on first $250 charged (a month)
Groceries: five (5) Rewards on first $250 (per month)
Books: Five (5) Rewards on first $750 (per month)

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interplanetjanet
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by interplanetjanet » Tue Aug 28, 2012 9:42 pm

centrifuge41 wrote:You'll soon realize this :) For most people who have reasonable level of spends, it's far far advantageous to pick up huge signing bonuses rather than to get cards that have good continuous cashback programs.
I think this is mostly true. Exceptions come up when you can find cards with high rewards rates (5% and up) on significant expenses. The Blue Cash Preferred card is a great example for this, 6% back on groceries is huge for most families. Citi's Dividend card with 5% back on utility payments in Q1 is great for those of us with high utility bills (prepay for the year in Q1). Hotel and airline cards may be worth it if you use them regularly on their top earning categories - usually hotel and airfare purchases. For other purchases they're usually humdrum.

For most of the rest of the cards out there, I agree with you. Chase the signup bonuses and call it a day. I did both the ThankYou Premier and Sapphire Preferred deals this year, that netted a cool $1k of rewards with only a $5500 spend - for comparison, this is like getting 18% cashback on that spend!
Example: Picking up a ThankYou Premier for the 50k point signing bonus, then converting to a Forward card a year afterwards, and using that card for restaurant, bookstore, etc purchases.
One tricky thing there is that the redemption rate of ThankYou points depends on which card(s) you have with Citi. If you have just a Forward card, you don't get as good redemption rates as if you have a Forward and one of the "ThankYou" cards (that combination lets you get Amazon gift cards at 1c per point, for example).

-janet

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by mediahound » Tue Aug 28, 2012 11:47 pm

interplanetjanet wrote: One tricky thing there is that the redemption rate of ThankYou points depends on which card(s) you have with Citi. If you have just a Forward card, you don't get as good redemption rates as if you have a Forward and one of the "ThankYou" cards (that combination lets you get Amazon gift cards at 1c per point, for example).

-janet

Just noting that that is still better than the Chase Amazon card however. In other words, if you use the Citi Forward card and redeem for an Amazon gift credit, you are still getting higher than the 3% Chase gives with their Amazon card.

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by slug » Wed Aug 29, 2012 10:28 am

Austex1 wrote:I liked mine while it lasted, but I just got notice that, as of Oct. 26th, it will be transferred to Barclays to become a MasterCard with a different rewards program, which is much less favorable, in my opinion. Bummer.
Yeah, this is lame. I really just my Fidelity Investment Rewards card was a 2% VISA instead of a 2% AMEX. Oh well, I'm about to hit the threshold to redeem at the 2% level. Then, I'll just put it in the drawer full of misfit toys/forgotten credit cards.
Personal Finance Blogger at [b]Sunk Costs are Irrelevant[/b] --> currently on hiatus

centrifuge41
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by centrifuge41 » Wed Aug 29, 2012 10:38 am

There's a Visa version. It gives 1.5% until you hit 15k. Then it gives 2%.

The way to really extend the card's value is to transfer to Aeroplan, then buy airfare tickets on US/UA, etc. Still, you'd need to be a pretty big spender, like 12.5k+ a year, to make this work out with ticket purchases.

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by harikaried » Wed Aug 29, 2012 10:41 am

Has anyone switched over to the Priceline Visa which gives 2% cash back for everything and 5% for priceline name your own price purchases? Hopefully it doesn't disappear like the Sally Mae Visa.

mediahound
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by mediahound » Wed Aug 29, 2012 11:09 am

harikaried wrote:Has anyone switched over to the Priceline Visa which gives 2% cash back for everything and 5% for priceline name your own price purchases? Hopefully it doesn't disappear like the Sally Mae Visa.
I've been using this card for a few months for my everything else purchases and really like it. Points are applied immediately, redemptions are easy, etc.

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by Carl53 » Wed Aug 29, 2012 11:29 am

mediahound wrote:
harikaried wrote:Has anyone switched over to the Priceline Visa which gives 2% cash back for everything and 5% for priceline name your own price purchases? Hopefully it doesn't disappear like the Sally Mae Visa.
I've been using this card for a few months for my everything else purchases and really like it. Points are applied immediately, redemptions are easy, etc.
+1

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by Sam I Am » Wed Aug 29, 2012 12:05 pm

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by fareastwarriors » Wed Aug 29, 2012 12:19 pm

Austex1 wrote:I liked mine while it lasted, but I just got notice that, as of Oct. 26th, it will be transferred to Barclays to become a MasterCard with a different rewards program, which is much less favorable, in my opinion. Bummer.
I still haven't gotten notice for my card yet...hmm.

I better redeem soon then.

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by JW » Thu Aug 30, 2012 10:11 pm

I better redeem soon then.
Actually, the way I read the new terms, bonus points earned before the transition will get transferred to the new Barclays MasterCard and can then be redeemed for statement credit at a rate of $0.01/point (with a minimum redemption of 2,500 points) . That's a better rate than Sallie Mae pays until you accumulate 25,000 points. I may wait until the new card arrives in late October, redeem the miles under the new terms, then cancel the card. I just need to remember to spend enough in October so that I can use the entire statement credit.

Going forward, of course, the Barclays card is a worse deal because it only accrues one bonus point per dollar spent (except for specific categories of spending that life is too short to keep track of).

Has anyone else read the new terms and agree/disagree with my interpretation?

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by stan_the_man » Fri Aug 31, 2012 12:23 am

JW wrote:
I better redeem soon then.
Actually, the way I read the new terms, bonus points earned before the transition will get transferred to the new Barclays MasterCard and can then be redeemed for statement credit at a rate of $0.01/point (with a minimum redemption of 2,500 points) . That's a better rate than Sallie Mae pays until you accumulate 25,000 points. I may wait until the new card arrives in late October, redeem the miles under the new terms, then cancel the card. I just need to remember to spend enough in October so that I can use the entire statement credit.

Going forward, of course, the Barclays card is a worse deal because it only accrues one bonus point per dollar spent (except for specific categories of spending that life is too short to keep track of).

Has anyone else read the new terms and agree/disagree with my interpretation?
It's a really good gas card -- if you don't have the PenFed card with the immediate statement credit.

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by vbdoug » Tue Sep 18, 2012 11:08 pm

Same boat. The Sallie Mae Visa card was great. Like the original poster I have been looking for a replacement. I don't need another AX because I all ready have a Costco AX card. After a lot of research I applied and should get a Priceline Card in just a few days. That will be my new 2% card. I have one concern: Sallie Mae dropped the 2% because Barkley's is taking over. Priceline is also a Barkley's card. Per Priceline, no changes are foreseen as yet.

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by vbdoug » Tue Oct 16, 2012 11:46 pm

So I abandoned Sallie Mae for Priceline and I hope that will work out for me. But I am very disappointed with what my final check will be from Sallie Mae. Sallie Mae stated that to get the full 2% you had to have 25,000 points: $250.00, with 35,000 points: $350.00 and with 50,000 points: $500.00. So I had 32,289 points thinking that would be $328.29. No so, they say. You get 2% for the first 25,000 point threshold and then a much lower rate until you reach 35,000 points. So my $328.29 refund becomes $282.50, and I feel shorted $45.79. I just read the small print in the contract and I cannot find the justification for the lower rate, but they have better attorneys than I do. Anyone else have a similar problem from Sallie Mae?

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by tfb » Wed Oct 17, 2012 12:25 am

vbdoug wrote:I have one concern: Sallie Mae dropped the 2% because Barkley's is taking over. Priceline is also a Barkley's card.
I have the same concern. I don't see any levers Barclaycard can pull to keep it at the top in the long run. Fidelity card is an AmEx which charges higher merchant fees. Fidelity also helps marketing it to more affluent customers who charge more. So I think eventually this will also go the fate of the Sallie Mae card. Redeem often. Don't wait until the ratio changes to the worse.
Harry Sit, taking a break from the forums.

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by JW » Wed Oct 17, 2012 12:40 am

vbdoug wrote:So I abandoned Sallie Mae for Priceline and I hope that will work out for me. But I am very disappointed with what my final check will be from Sallie Mae. Sallie Mae stated that to get the full 2% you had to have 25,000 points: $250.00, with 35,000 points: $350.00 and with 50,000 points: $500.00. So I had 32,289 points thinking that would be $328.29. No so, they say. You get 2% for the first 25,000 point threshold and then a much lower rate until you reach 35,000 points. So my $328.29 refund becomes $282.50, and I feel shorted $45.79. I just read the small print in the contract and I cannot find the justification for the lower rate, but they have better attorneys than I do. Anyone else have a similar problem from Sallie Mae?
vbdoug,

Why not wait until Barclays takes over and then redeem the entire balance for a 2% credit? Then you'd get the full $328.29.

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by vbdoug » Wed Oct 17, 2012 12:44 am

I believe that the refund rate when Barkley's takes over is only 1%.

JW
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by JW » Wed Oct 17, 2012 7:13 pm

vbdoug wrote:I believe that the refund rate when Barkley's takes over is only 1%.
Under the old system, you earn two points for every dollar spent. The redemption rate for points is up to $0.01 per point depending on the number of points redeemed.

For the transition, points earned will be retained.

Under the new system, you earn one point for every dollar spent. But the redemption rate is now $0.01 per point regardless of the number of points redeemed (subject to a fairly low minimum, as I recall).

So you're right that the net rebate for new spending will be 1%. But the net rebate for points earned before the transition appears to be 2%.

I base this interpretation on my reading of the terms when they arrived in the mail a few days ago. I'm eager to hear if I've read the terms wrong, because my plan for now is to let the points roll over and redeem them under the new system.

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by plnelson » Wed Oct 17, 2012 7:22 pm

Austex1 wrote: Yeah, but I'm getting sick of chasing these deals. I already have a stack of credit cards I never use, but don't want to cancel because I don't want to get a ding on my credit score.
Why does cancelling a credit card ding your score (assuming the card was paid in full at the time of cancellation)?

I routinely get store credit cards for the discounts, take my 10% off my $6000 purchase or whatever the deal was, and cancel the card. I've been doing this for years and I've done it so often I forget which stores I've done it with, so on more than one occasion I've had my application rejected because it was less than 2 years since I did it before with the same store! Interestingly, when that happened with Macy's they gave me the discount anyway!

recently I did that with Home Depot to get 10% off a $6000 carpet purchase I told the sales clerk, "You know I'm only getting the card for the discount, as soon as I pay it I'm cancelling". And she said she knows, most people do that.

But anyway, back to my question - my Equifax score is solidly in the 800's, so I don't think cancelling credit cards does any harm.

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by M1garand30064 » Wed Oct 17, 2012 7:24 pm

I've had the 2% cash back Fidelity Amex card and the 1.5% cash back FIdelity Visa card for several years now. They've been great! I use the Amex everywhere that will take it, and if they dont I use the VIsa card and lose the .5% :(

https://www.fidelity.com/cash-managemen ... ress-cards

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by centrifuge41 » Wed Oct 17, 2012 9:25 pm

plnelson wrote:
Austex1 wrote:I routinely get store credit cards for the discounts, take my 10% off my $6000 purchase or whatever the deal was, and cancel the card. I've been doing this for years and I've done it so often I forget which stores I've done it with, so on more than one occasion I've had my application rejected because it was less than 2 years since I did it before with the same store! Interestingly, when that happened with Macy's they gave me the discount anyway!
Save your hard pulls for big signing bonuses. Like 50k+ airline points. You can buy 10% Home Depot and Lowe's coupons on eBay for a reasonably small sum of money - 10% is the standard discount that they give for coupons, good bargaining, veterans on special holidays, etc.

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by vbdoug » Wed Oct 17, 2012 11:22 pm

JW wrote:
vbdoug wrote:I believe that the refund rate when Barkley's takes over is only 1%.
Under the old system, you earn two points for every dollar spent. The redemption rate for points is up to $0.01 per point depending on the number of points redeemed.

For the transition, points earned will be retained.

Under the new system, you earn one point for every dollar spent. But the redemption rate is now $0.01 per point regardless of the number of points redeemed (subject to a fairly low minimum, as I recall).

So you're right that the net rebate for new spending will be 1%. But the net rebate for points earned before the transition appears to be 2%.

I base this interpretation on my reading of the terms when they arrived in the mail a few days ago. I'm eager to hear if I've read the terms wrong, because my plan for now is to let the points roll over and redeem them under the new system.
You may very well be right. I had earlier called Sallie Mae to redeem 25000 points and had planned to redeem the remaining 7000+ soon but at a lower rate. They told me that if I waited until the October 29th cutoff I would net about 50% more. I have all ready switched over to Priceline on all my accounts. I think Sallie Mae/Barkley's could have handled this a lot better

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by fareastwarriors » Wed Dec 05, 2012 6:39 pm

vbdoug wrote:
JW wrote:
vbdoug wrote:I believe that the refund rate when Barkley's takes over is only 1%.
Under the old system, you earn two points for every dollar spent. The redemption rate for points is up to $0.01 per point depending on the number of points redeemed.

For the transition, points earned will be retained.

Under the new system, you earn one point for every dollar spent. But the redemption rate is now $0.01 per point regardless of the number of points redeemed (subject to a fairly low minimum, as I recall).

So you're right that the net rebate for new spending will be 1%. But the net rebate for points earned before the transition appears to be 2%.

I base this interpretation on my reading of the terms when they arrived in the mail a few days ago. I'm eager to hear if I've read the terms wrong, because my plan for now is to let the points roll over and redeem them under the new system.
You may very well be right. I had earlier called Sallie Mae to redeem 25000 points and had planned to redeem the remaining 7000+ soon but at a lower rate. They told me that if I waited until the October 29th cutoff I would net about 50% more. I have all ready switched over to Priceline on all my accounts. I think Sallie Mae/Barkley's could have handled this a lot better
I redeemed my 25,000 points for a check before the switch but I still haven't seen it in the mail yet. sigh
I guess it's time to go through customer service hotline...fun

vbdoug
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by vbdoug » Wed Dec 05, 2012 7:41 pm

Good luck with your refund. When Sallie Mae went down they closed their web site. You now deal with Barclay's. They told me a month ago that they would call me in a week re my refund. They did not. Then they said it would be two weeks. I called last week and they said it could easily take a month more for them to get back to me. All this, of course, with the joy of being transferred countless times between people manning call centers in the USA and the Philippines. Why would they want to pay me for the money I earned with Sallie Mae? Why do they need to help me in a timely manner? Plus Barclay's failed to properly transfer my automatic payment information. It has been a disaster. Again, good luck. VBDOUG

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by fareastwarriors » Thu Dec 06, 2012 2:54 pm

vbdoug wrote:Good luck with your refund. When Sallie Mae went down they closed their web site. You now deal with Barclay's. They told me a month ago that they would call me in a week re my refund. They did not. Then they said it would be two weeks. I called last week and they said it could easily take a month more for them to get back to me. All this, of course, with the joy of being transferred countless times between people manning call centers in the USA and the Philippines. Why would they want to pay me for the money I earned with Sallie Mae? Why do they need to help me in a timely manner? Plus Barclay's failed to properly transfer my automatic payment information. It has been a disaster. Again, good luck. VBDOUG

VBDOUG,

Thanks for letting me know about your struggle. I haven't had a chance to call yet.
=(

chipperd
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by chipperd » Sat Dec 08, 2012 8:54 am

amex blue. cost $75 but it's 3%/6% gas/groceries (i forget which). pays for itself in a month. rest is gravey

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by crowd79 » Sat Dec 08, 2012 9:41 am

centrifuge41 wrote:You'll soon realize this :) For most people who have reasonable level of spends, it's far far advantageous to pick up huge signing bonuses rather than to get cards that have good continuous cashback programs.

If the huge signing bonus cards can later be converted to advantageous continuous cards, more power to you. If not, no big loss.

Example: Picking up a ThankYou Premier for the 50k point signing bonus, then converting to a Forward card a year afterwards, and using that card for restaurant, bookstore, etc purchases.
I agree. This past spring I got a Citi ThankYou Preferred Card offer in the mail and they offered me 35,000 points (or an equivalent of $350 in gift cards) if I signed up and spent just $3000 in the first 4 months. Since I was already planning a vacation in a few months to Mexico, and I had a large car repair to make, this worked out perfectly. Sure my score probably took a minor ding (790 to 780), but that'll be made up quickly.

I actually ended up getting $400 worth of gift cards (Best Buy) when I went to redeem, since they were on sale at a discount at the time. Definitely worth it to have excellent credit to take advantage of bonuses like this now and then....

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by Austintatious » Sat Dec 08, 2012 10:01 am

We've just received a no annual fee, Capital One Cash Rewards card offer, touting a 1.5% "unlimited cash back on every purchase". Besides those incredibly bad commercials Cap One has been serving up of late, and the even more offensive APR of 18.99% that goes with this card, has anyone had recent experience with a Cap One cash rewards card of this nature and, if so, have they lived up to their cash back promises?

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by crowd79 » Sat Dec 08, 2012 10:13 am

Austintatious wrote:We've just received a no annual fee, Capital One Cash Rewards card offer, touting a 1.5% "unlimited cash back on every purchase". Besides those incredibly bad commercials Cap One has been serving up of late, and the even more offensive APR of 18.99% that goes with this card, has anyone had recent experience with a Cap One cash rewards card of this nature and, if so, have they lived up to their cash back promises?
I have this card and I use it for my everyday day-to-day purchases, when none of my other cards offer the monthly 5% bonuses in certain categories that I spend on. You only get 1% back, but they credit you with an additional .5% (Capital One gimmicks it as a 50% extra back, to make the deal "look better" in their ads) every year on your anniversary sign-up date. I just got my yearly bonus of .5% a few days ago, making it a total of 1.5%, so yes they do honor that. APR can be 75.99% for all I care. That is the least of my concerns when I pay it off in full every month.

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by wander » Sat Dec 08, 2012 10:27 am

vbdoug wrote:When Sallie Mae went down they closed their web site. You now deal with Barclay's. They told me a month ago that they would call me in a week re my refund. They did not.
Previous bank was Bank of America. Now, Barclay has no record of whatsoever before taking over the loan. They refuse to handle all the pending transactions. In my case, Barclay took over at the end of October, but they refused to handle the question on charges that were made on the 26th of October. I think it's a terrible transition.

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by Austintatious » Sat Dec 08, 2012 12:34 pm

crowd79 wrote:
Austintatious wrote:We've just received a no annual fee, Capital One Cash Rewards card offer, touting a 1.5% "unlimited cash back on every purchase". Besides those incredibly bad commercials Cap One has been serving up of late, and the even more offensive APR of 18.99% that goes with this card, has anyone had recent experience with a Cap One cash rewards card of this nature and, if so, have they lived up to their cash back promises?
I have this card and I use it for my everyday day-to-day purchases, when none of my other cards offer the monthly 5% bonuses in certain categories that I spend on. You only get 1% back, but they credit you with an additional .5% (Capital One gimmicks it as a 50% extra back, to make the deal "look better" in their ads) every year on your anniversary sign-up date. I just got my yearly bonus of .5% a few days ago, making it a total of 1.5%, so yes they do honor that. APR can be 75.99% for all I care. That is the least of my concerns when I pay it off in full every month.
Thanks for responding, crowd79. I, too, religiously follow the practice of NEVER carrying over, to the next month, a credit card balance, but I still think the APR they're using here is offensive.

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by MnD » Mon Dec 10, 2012 12:45 pm

The Cap1 Venture card is a 2% back card if you use your points for past travel expenses. Also for future travel but we haven't tried that.
Points credit immediately. Statement cash credits for past travel take about three minutes to transact and show up typically the next day.

They also issue statement credit promotions for spending X amount with certain retailers.
We do not chase those deals but just randomly end up with typically $50 in statement credits per year which about covers the annual fee.

We also got a sign-up bonus worth $250 when we signed up a couple years ago.

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by JustMe » Mon Dec 10, 2012 2:03 pm

Austintatious wrote:We've just received a no annual fee, Capital One Cash Rewards card offer, touting a 1.5% "unlimited cash back on every purchase". Besides those incredibly bad commercials Cap One has been serving up of late, and the even more offensive APR of 18.99% that goes with this card, has anyone had recent experience with a Cap One cash rewards card of this nature and, if so, have they lived up to their cash back promises?
crowd79 wrote:I have this card and I use it for my everyday day-to-day purchases, when none of my other cards offer the monthly 5% bonuses in certain categories that I spend on. You only get 1% back, but they credit you with an additional .5% (Capital One gimmicks it as a 50% extra back, to make the deal "look better" in their ads) every year on your anniversary sign-up date.
No, no recent experience with Capital One prior to applying last week, but I also received the targeted offer touting "1.5% unlimited cash back on every purchase". As far as I can tell from the materials, the 1.5% is credited immediately. However, there is no initial bonus, so I ignored it and applied online for the version that crowd79 described where you have to wait until the end of the year to get your extra 0.5%. I'd rather have the 1.5% immediately, but not enough to give up the $100 bonus. It's advertised on Capital One's main page. If searching for it under "Browse All Cards", it's a green card described as "Cash Rewards", but beware; there's also one with a $39 fee and no bonus. You want the one for "Excellent Credit" with $0 annual fee and $100 bonus after spending $500 in the first 3 months.

I don't care about the APR and don't know what's even typical any more, but I checked my offer letter and FWIW they listed a 15.99% APR. The version on the website specifies a range (12.9%-20.9%), presumably depending on credit score.

fareastwarriors
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by fareastwarriors » Sat Dec 15, 2012 1:13 pm

vbdoug wrote:Good luck with your refund. When Sallie Mae went down they closed their web site. You now deal with Barclay's. They told me a month ago that they would call me in a week re my refund. They did not. Then they said it would be two weeks. I called last week and they said it could easily take a month more for them to get back to me. All this, of course, with the joy of being transferred countless times between people manning call centers in the USA and the Philippines. Why would they want to pay me for the money I earned with Sallie Mae? Why do they need to help me in a timely manner? Plus Barclay's failed to properly transfer my automatic payment information. It has been a disaster. Again, good luck. VBDOUG

I got my 250 rewards check. From barclays

cheapskate
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by cheapskate » Sat Dec 15, 2012 4:13 pm

fareastwarriors wrote:
vbdoug wrote:Good luck with your refund. When Sallie Mae went down they closed their web site. You now deal with Barclay's. They told me a month ago that they would call me in a week re my refund. They did not. Then they said it would be two weeks. I called last week and they said it could easily take a month more for them to get back to me. All this, of course, with the joy of being transferred countless times between people manning call centers in the USA and the Philippines. Why would they want to pay me for the money I earned with Sallie Mae? Why do they need to help me in a timely manner? Plus Barclay's failed to properly transfer my automatic payment information. It has been a disaster. Again, good luck. VBDOUG

I got my 250 rewards check. From barclays
Ditto. I had closed my Sallie Mae card (after signing up for the Barclays 2% Priceline card). I was able to transfer my credit limit to the Priceline one too.

I got a statement for Sallie Mae that informed me of a $250 credit. I called in and asked them to send me a check, which they said they would be happy to.

squirm
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by squirm » Sat Dec 15, 2012 4:43 pm

I have AmEx Blue. I buy gas cards at the grocery store with the card to effectively get 6% discount on gas.

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bUU
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by bUU » Sat Dec 15, 2012 4:46 pm

How does that work?

sport
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by sport » Sat Dec 15, 2012 4:59 pm

If you are a Costco customer, the Costco Amex may meet your needs. There is no fee, and the rebates are cash, not points. The cash comes in a special check that can be cashed at any Costco store. The rebates are 3% for gas, 2% for restaurants, 2% for travel (hotels, air fare, cruises, etc.) and 1% for everything else (including Costco purchases). I have had this card for 6 years, and the only change to the rebate schedule was restaurants have changed from 3% to 2% about 2 years ago.

Jeff

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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by flroots » Tue Jan 20, 2015 4:45 am

M1garand30064 wrote:I've had the 2% cash back Fidelity Amex card and the 1.5% cash back FIdelity Visa card for several years now. They've been great! I use the Amex everywhere that will take it, and if they dont I use the VIsa card and lose the .5% :(

https://www.fidelity.com/cash-managemen ... ress-cards
We just retired our Fidelity AmEx in favor of the Citi Double Cash MasterCard for the following reasons:
  • more widely accepted
  • can redeem with $25 vs $50
  • also pays 2% cash back
We also retired our Fidelity Visa since the Citi Double Cash MasterCard replaces both cards. The only regret is that Fidelity redeems automatically whereas you must initiate the redemption with Citi. I will keep the Fidelity cards in my drawer just in case Citi decides to downgrade their rewards :D

FedGuy
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by FedGuy » Tue Jan 20, 2015 7:10 am

interplanetjanet wrote:Citi's Dividend card with 5% back on utility payments in Q1 is great for those of us with high utility bills (prepay for the year in Q1).
Isn't Citi just doing Macy's and Home Furnishings stores this quarter?

nordlead
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by nordlead » Tue Jan 20, 2015 7:25 am

FedGuy wrote:
interplanetjanet wrote:Citi's Dividend card with 5% back on utility payments in Q1 is great for those of us with high utility bills (prepay for the year in Q1).
Isn't Citi just doing Macy's and Home Furnishings stores this quarter?
The thread is from 2012.

FedGuy
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Re: So much for the 2% Cash Back Sallie Mae Visa card

Post by FedGuy » Tue Jan 20, 2015 9:51 pm

nordlead wrote:The thread is from 2012.
Oops. Sorry. Thanks for setting me straight.

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