Sallie Mae Rewards MC being discontinued

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Eurookat
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Sallie Mae Rewards MC being discontinued

Post by Eurookat » Wed Dec 14, 2016 9:29 pm

Well that didn't last long. My wife and I enjoyed getting 5% from Amazon, grocery stores and gas stations for over a year. Today, we received a letter informing us that our Sallie Mae card is changing to a new "Commence Mastercard by Sallie Mae."

- 2% cash back on grocery stores and utility
- 1% for everything else.

So, now I'm thinking of switching to our AMEX Blue Cash Everyday. I got noticed that we could upgrade to the Preferred Card, which gives us 6% for groceries and 3% for gas. However, I'm a little turned off by the annual fee of $95, which I would like to think would pay for itself since we put everything on a CC.

Here's a link to a screenshot. Same letter I got today.

http://www.doctorofcredit.com/sallie-ma ... ng-5-card/
Last edited by Eurookat on Wed Dec 14, 2016 10:10 pm, edited 1 time in total.

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Doom&Gloom
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Re: Sallie Mae Rewards MC being discontinued

Post by Doom&Gloom » Wed Dec 14, 2016 9:58 pm

Dammit!

We haven't received our letters yet, but I guess they are on the way. Sad to hear--SM was one of my most frequently used cards.

[Edit: SM was our primary card for Walmart and Target. We can cover groceries, Amazon, and gas with others.]

If you run the numbers on your spend, you may well find that the AMEX BCP is a better card for you than the BCE, even after the annual fee. It is for us.

Eurookat
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Re: Sallie Mae Rewards MC being discontinued

Post by Eurookat » Wed Dec 14, 2016 10:01 pm

Doom&Gloom wrote:Dammit!

We haven't received our letters yet, but I guess they are on the way. Sad to hear--SM was one of my most frequently used cards.

[Edit: SM was our primary card for Walmart and Target. We can cover groceries, Amazon, and gas with others.]

If you run the numbers on your spend, you may well find that the AMEX BCP is a better card for you than the BCE, even after the annual fee. It is for us.
We have a Chase and Discover but I hate playing the quarterly category game they put us through. I hate having to keep track of that stuff, but I may have to now.

You're right, with the BCP, I may be able to recoup the annual fee just buy putting most of our purchases on the card.

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pennstater2005
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Re: Sallie Mae Rewards MC being discontinued

Post by pennstater2005 » Wed Dec 14, 2016 10:01 pm

I have this card as does my wife. Neither of us have received this notice yet but I imagine it's coming. The AMEX preferred card will probably be our new card as well. I just received an upgrade offer from AMEX for a $150 credit for upgrading. This might be the push I needed.
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Eurookat
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Re: Sallie Mae Rewards MC being discontinued

Post by Eurookat » Wed Dec 14, 2016 10:03 pm

pennstater2005 wrote:I have this card as does my wife. Neither of us have received this notice yet but I imagine it's coming. The AMEX preferred card will probably be our new card as well. I just received an upgrade offer from AMEX for a $150 credit for upgrading. This might be the push I needed.

Yep, we're in the same boat. I saw the upgrade offer upon logging in. Not to mention, the new "Commence" card if fugly!

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pennstater2005
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Re: Sallie Mae Rewards MC being discontinued

Post by pennstater2005 » Wed Dec 14, 2016 10:06 pm

^
I have the Discover card as well. I don't mess around with the rotating categories. Having to sign up to get a bonus every quarter....I'm out! I'll probably rotate between the Fidelity Visa for 2% everything and AMEX preferred for gas and groceries. Simple enough.
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson

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mikestorm
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Re: Sallie Mae Rewards MC being discontinued

Post by mikestorm » Thu Dec 15, 2016 8:33 am

Got the same letter. I was just going to post something.

This card was beyond amazing. I'm sad to see it go. I already have the AMEX Plue Preferred, so just start using that for the 3% cash back on gas. Even so, we were heavy amazon shoppers. Losing the 5% on those purchases is going to sting.

nyblitz
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Re: Sallie Mae Rewards MC being discontinued

Post by nyblitz » Thu Dec 15, 2016 10:05 am

Sad news.

Will miss this card. :(

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dodecahedron
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Re: Sallie Mae Rewards MC being discontinued

Post by dodecahedron » Thu Dec 15, 2016 10:17 am

If you are an Amazon Prime subscriber, I believe you can get a free Amazon Prime credit card, which will give you 5% off Amazon.

surfstar
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Re: Sallie Mae Rewards MC being discontinued

Post by surfstar » Thu Dec 15, 2016 11:30 am

Bummer! This combined with Citi Double Cash, easily outfitted my wallet.

Now I'll have to get the Costco CC + an Amazon Prime card, in addition to the Double Cash.


I figured it was too good to last much longer. Great cashback card for the time I had it!

fareastwarriors
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Re: Sallie Mae Rewards MC being discontinued

Post by fareastwarriors » Thu Dec 15, 2016 12:03 pm

surfstar wrote:Bummer! This combined with Citi Double Cash, easily outfitted my wallet.

Now I'll have to get the Costco CC + an Amazon Prime card, in addition to the Double Cash.

I figured it was too good to last much longer. Great cashback card for the time I had it!

I love this card... sucks to see this go.

I still have MC Doublecash, Citi Costco, and Blue Cash Preferred. I will start using use my gf's Amazon Prime card. :D

Inverted Pyramid
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Re: Sallie Mae Rewards MC being discontinued

Post by Inverted Pyramid » Thu Dec 15, 2016 1:00 pm

Yes that stinks as my wal-mart coded as a Grocery store for the sallie mae :( .About the Amex Blue cash preferred, even if you don't spend that much at grocery stores you can still take advantage of the 6% cashback. Giftcards from grocery stores still count, so now you can get 6% at lowes, home depot, amazon, even gas cards etc etc up to the $500 a month limit.

BD.
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Re: Sallie Mae Rewards MC being discontinued

Post by BD. » Thu Dec 15, 2016 1:04 pm

Eurookat wrote:Well that didn't last long. My wife and I enjoyed getting 5% from Amazon, grocery stores and gas stations for over a year. Today, we received a letter informing us that our Sallie Mae card is changing to a new "Commence Mastercard by Sallie Mae."

- 2% cash back on grocery stores and utility
- 1% for everything else.

So, now I'm thinking of switching to our AMEX Blue Cash Everyday. I got noticed that we could upgrade to the Preferred Card, which gives us 6% for groceries and 3% for gas. However, I'm a little turned off by the annual fee of $95, which I would like to think would pay for itself since we put everything on a CC.

Here's a link to a screenshot. Same letter I got today.

http://www.doctorofcredit.com/sallie-ma ... ng-5-card/
I got the same letter. Is AMEX accepted everywhere nowadays? I was hesitant to switch to AMEX if my grocery store or local gas stations didn't accept the card.

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Doom&Gloom
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Re: Sallie Mae Rewards MC being discontinued

Post by Doom&Gloom » Thu Dec 15, 2016 3:28 pm

BD. wrote:
Eurookat wrote:Well that didn't last long. My wife and I enjoyed getting 5% from Amazon, grocery stores and gas stations for over a year. Today, we received a letter informing us that our Sallie Mae card is changing to a new "Commence Mastercard by Sallie Mae."

- 2% cash back on grocery stores and utility
- 1% for everything else.

So, now I'm thinking of switching to our AMEX Blue Cash Everyday. I got noticed that we could upgrade to the Preferred Card, which gives us 6% for groceries and 3% for gas. However, I'm a little turned off by the annual fee of $95, which I would like to think would pay for itself since we put everything on a CC.

Here's a link to a screenshot. Same letter I got today.

http://www.doctorofcredit.com/sallie-ma ... ng-5-card/
I got the same letter. Is AMEX accepted everywhere nowadays? I was hesitant to switch to AMEX if my grocery store or local gas stations didn't accept the card.
AMEX is accepted far more widely than it was years ago. Just look for the "stickers" for accepted cards at your regular grocery store and gas stations prior to applying if you are concerned about acceptance. My college-student son is an AU on mine and also his mother's AMEX. I can assure you he has no difficulty finding places that accept it.

We got our letters from Sallie Mae today. Not unexpected that they would discontinue it, but I'm glad they kept it alive for a while after closing it to new applicants.

I guess I'll keep the replacement for our cable bill, but I don't see it getting much use beyond that. Oh well ...

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pennstater2005
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Re: Sallie Mae Rewards MC being discontinued

Post by pennstater2005 » Thu Dec 15, 2016 4:29 pm

Don't redeem your rewards too early toward the end and leave money behind. I did that with another card and ended up with $20 sitting in the redeem account. The new redemption percentages were too low and I just stopped using the card.
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reriodan
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Re: Sallie Mae Rewards MC being discontinued

Post by reriodan » Thu Dec 15, 2016 11:39 pm

No, please no! I love this card. I may have to file a complaint with the BBB for emotional trauma if they do this.

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The529guy
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Re: Sallie Mae Rewards MC being discontinued

Post by The529guy » Thu Dec 15, 2016 11:39 pm

I just got the letter today. Huge bummer. The marketing person who wrote that this Commence MC has "great new benefits and features" should be ashamed.

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The529guy
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Re: Sallie Mae Rewards MC being discontinued

Post by The529guy » Thu Dec 15, 2016 11:53 pm

dodecahedron wrote:If you are an Amazon Prime subscriber, I believe you can get a free Amazon Prime credit card, which will give you 5% off Amazon.
The past couple years, I have been buying Sears e-gift cards from eBay at a 10-15% discount when there's a sale. I drop by my local Sears and pick up $200-300 of Amazon gift cards that I apply to my account and spend down. (There's a 10% off promotion happening now.) Obviously not worthwhile if Sears is out of your way.

Update: Amazon Prime Store Card comes with $50 gift card now - nice!
Last edited by The529guy on Fri Dec 16, 2016 1:00 am, edited 1 time in total.

SpaethCo
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Re: Sallie Mae Rewards MC being discontinued

Post by SpaethCo » Thu Dec 15, 2016 11:53 pm

Doom&Gloom wrote:[Edit: SM was our primary card for Walmart and Target. We can cover groceries, Amazon, and gas with others.]
Why not use the Target Debit card? You can get it with no credit pull, you just link it to a checking account they can ACH against. 5% off everything before it generates your receipt total, extra 30 days on returns, free shipping on online orders. No messing around with hoping a store codes as grocery, or meeting minimum redemption thresholds.

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Doom&Gloom
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Re: Sallie Mae Rewards MC being discontinued

Post by Doom&Gloom » Fri Dec 16, 2016 12:19 am

SpaethCo wrote:
Doom&Gloom wrote:[Edit: SM was our primary card for Walmart and Target. We can cover groceries, Amazon, and gas with others.]
Why not use the Target Debit card? You can get it with no credit pull, you just link it to a checking account they can ACH against. 5% off everything before it generates your receipt total, extra 30 days on returns, free shipping on online orders. No messing around with hoping a store codes as grocery, or meeting minimum redemption thresholds.
Thanks for the idea! We will give that some consideration. Walmart is more conveniently located to us so it has gotten a large part of our "basic needs" business, but we may re-evaluate our shopping habits a bit. It may be time anyway as I hate going to our WM so much that I'll only go if we take my wife's car as I am afraid mine will get dinged by shopping carts.

rjbraun
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Re: Sallie Mae Rewards MC being discontinued

Post by rjbraun » Fri Dec 16, 2016 12:54 pm

The529guy wrote:
dodecahedron wrote:If you are an Amazon Prime subscriber, I believe you can get a free Amazon Prime credit card, which will give you 5% off Amazon.
The past couple years, I have been buying Sears e-gift cards from eBay at a 10-15% discount when there's a sale. I drop by my local Sears and pick up $200-300 of Amazon gift cards that I apply to my account and spend down. (There's a 10% off promotion happening now.) Obviously not worthwhile if Sears is out of your way.

Update: Amazon Prime Store Card comes with $50 gift card now - nice!
Interesting idea!

Just to make sure I follow, you use your Sears e-gift cards to then purchase Amazon gift cards at a Sears. I assume the seller of the gift cards is legitimate and "money good".

Can one buy the Amazon gift cards from Sears online? I can get to a Sears, it's just not so convenient for me. But if I can do what you describe in large enough quantity, it would be worth it. Plus, I have a new credit card with a minimum spend to meet for the sign-up bonus, so buying as much as $1000 or so in Sears e-gift cards could be worth it for me.

Thanks for the link to the 10% discount for Sears e-gift cards. How often does the discount drop to 15%?

Edit: It looks like Sears sells gift cards online, but I don't see Amazon as an option. I guess they only sell them in physical stores or perhaps I misunderstood your post (not that you said Sears sold Amazon gift cards online).

https://gift.giftcardmall.com/sears

dsmil
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Re: Sallie Mae Rewards MC being discontinued

Post by dsmil » Fri Dec 16, 2016 1:23 pm

I received the letter yesterday and was disappointed, since we use this for gas, groceries, and amazon. It was always nice to redeem the points for cash back, in combination with our regular travel points cards.

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munemaker
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Re: Sallie Mae Rewards MC being discontinued

Post by munemaker » Fri Dec 16, 2016 1:43 pm

We always used this card for groceries, gas and Amazon. We are really going to miss it. I always thought it was too good to last.

Think we'll go with the Sam's Club card for 5% on gasoline. It also has 3% on dining & travel. Use the Fidelity and Citi double cash cards for everything else.

Discover sometimes has a quarterly bonus on Amazon purchases.

No good alternative on groceries that I am aware of. There is that Amex Blue Cash which charges a fee...we do not use enough groceries to justify the fee.

amitb00
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Re: Sallie Mae Rewards MC being discontinued

Post by amitb00 » Fri Dec 16, 2016 7:12 pm

I had two Sallie Mae. Received the mail today that they will be converted on March 1. It was a good card, while it lasted.

lakpr
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Re: Sallie Mae Rewards MC being discontinued

Post by lakpr » Fri Dec 16, 2016 7:17 pm

munemaker wrote: No good alternative on groceries that I am aware of. There is that Amex Blue Cash which charges a fee...we do not use enough groceries to justify the fee.
Three I can think of, there can possibly be some local credit union offers too.

1. American Express Blue Cash Everyday (this is the no-fee twin to the card that you alluded to above). 3% cash back

2. Penfed Platinum Rewards Visa. 3% in points, but each point is worth only .8 cents, and can only redeem in terms of gift cards not pure cash back.

3. Bank of America Cash Rewards visa. 2% in groceries and Wholesale clubs.

Edited to add the following link I found through google search:

http://www.magnifymoney.com/blog/earnin ... y-shopping

nalor511
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Re: Sallie Mae Rewards MC being discontinued

Post by nalor511 » Fri Dec 16, 2016 11:06 pm

Got letters today, sad. Seems Amex blue cash preferred is the best replacement, and the $95 annual fee is covered by the additional 3% rewards as long as you spend at least $3167 on groceries each year. If you spend more, you come out ahead

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pennstater2005
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Re: Sallie Mae Rewards MC being discontinued

Post by pennstater2005 » Sat Dec 17, 2016 11:28 am

The benefits don't end until March 1st 2017. I'll use until the end then decide to cancel or not. It's one of my older cards. I didn't start using credit cards until just a few years back. I was always a debit card guy until I joined here. I'll probably keep it.
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Eurookat
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Re: Sallie Mae Rewards MC being discontinued

Post by Eurookat » Sat Dec 17, 2016 11:40 am

pennstater2005 wrote:The benefits don't end until March 1st 2017. I'll use until the end then decide to cancel or not. It's one of my older cards. I didn't start using credit cards until just a few years back. I was always a debit card guy until I joined here. I'll probably keep it.
We'll do the same as well due to the high limit on the card.

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wander
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Re: Sallie Mae Rewards MC being discontinued

Post by wander » Sat Dec 17, 2016 1:30 pm

I received the same letter. The new deal is not "great" like it said. I will miss the % grocery rebate but not much with gas rebate since I have used other CC for gas rebate. Blue cash preferred card,for some people, is better deal by the way.

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Re: Sallie Mae Rewards MC being discontinued

Post by davidlukewilcox » Mon Dec 19, 2016 12:34 am

The problem I have with the Sallie Mae Preferred Card is that the annual fee is HUGE! If you only use the card on grocery stores, and you spend the max amount on grocery stores allowed ($6k/year), then the annual fee turns the card into 4.4% cash back. It's certainly no 5% that we were getting with Sallie Mae. :( Not awful, but not great. And that's under the most optimistic scenarios--assuming you spend exactly $6k/year on groceries, not more, not less.

I'll have to think if I want to get the Preferred Card or if I just want to use my grandfathered Priceline Rewards Visa everywhere now.

mediahound
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Re: Sallie Mae Rewards MC being discontinued

Post by mediahound » Mon Dec 19, 2016 12:55 am

I've had this card for something like 5 years. It was a good run but not a huge loss since I have other cards which offer the same cash back.

-For Amazon, I can use the Amazon Prime Store Card - 5%
-For gas, I can use the PenFed Cash Rebate Card - 5%
-For groceries, I can use either Amex Blue Cash (no fee version gives 3%), or Chase Freedom when it has a rotating category for 5% cashback on groceries.
Last edited by mediahound on Mon Dec 19, 2016 7:05 am, edited 1 time in total.

nalor511
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Re: Sallie Mae Rewards MC being discontinued

Post by nalor511 » Mon Dec 19, 2016 1:48 am

davidlukewilcox wrote:The problem I have with the Sallie Mae Preferred Card is that the annual fee is HUGE! If you only use the card on grocery stores, and you spend the max amount on grocery stores allowed ($6k/year), then the annual fee turns the card into 4.4% cash back. It's certainly no 5% that we were getting with Sallie Mae. :( Not awful, but not great. And that's under the most optimistic scenarios--assuming you spend exactly $6k/year on groceries, not more, not less.

I'll have to think if I want to get the Preferred Card or if I just want to use my grandfathered Priceline Rewards Visa everywhere now.
I think you mean Amex, not Sallie Mae? 4.4% is still better than any other card I've been able to find accepting new applications

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mikestorm
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Re: Sallie Mae Rewards MC being discontinued

Post by mikestorm » Mon Dec 19, 2016 6:50 am

The529guy wrote: The past couple years, I have been buying Sears e-gift cards from eBay at a 10-15% discount when there's a sale. I drop by my local Sears and pick up $200-300 of Amazon gift cards that I apply to my account and spend down. (There's a 10% off promotion happening now.) Obviously not worthwhile if Sears is out of your way.
I did something similar a few years back. I bought a new house that required all new appliances (washer, dryer, dishwasher, stove, fridge). I decided on LG appliances, and Home Depot was having a major sale. I bought HD gift cards off eBay @ $390 or so per $500, so for $1560 cash I got $2000 in HD purchasing power. I then spent another $2.50 for a pair of '10% off your entire purchase' coupons.

Between the sale already under way, the gift card discount and the coupons, I made out like a bandit.

Jags4186
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Re: Sallie Mae Rewards MC being discontinued

Post by Jags4186 » Mon Dec 19, 2016 7:35 am

nalor511 wrote:
davidlukewilcox wrote:The problem I have with the Sallie Mae Preferred Card is that the annual fee is HUGE! If you only use the card on grocery stores, and you spend the max amount on grocery stores allowed ($6k/year), then the annual fee turns the card into 4.4% cash back. It's certainly no 5% that we were getting with Sallie Mae. :( Not awful, but not great. And that's under the most optimistic scenarios--assuming you spend exactly $6k/year on groceries, not more, not less.

I'll have to think if I want to get the Preferred Card or if I just want to use my grandfathered Priceline Rewards Visa everywhere now.
I think you mean Amex, not Sallie Mae? 4.4% is still better than any other card I've been able to find accepting new applications
And keep in mind that if you spent $6000/yr on the Sallie Mae card you only received 3.5% cashback at grocery stores. If you paired with a 3% card you only got 4% CB at $6k/yr. so you still come out ahead with the Amex card unless your spend was very low at grocery stores or you have 2 SM cards. Bummer? Yes. End of the world? No.

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mikestorm
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Re: Sallie Mae Rewards MC being discontinued

Post by mikestorm » Mon Dec 19, 2016 8:06 am

Jags4186 wrote: And keep in mind that if you spent $6000/yr on the Sallie Mae card you only received 3.5% cashback at grocery stores.
The first weekly trip of every month was the Sallie Mae card. The rest went on the AMEX. It stretched the $6000 limit considerably for us. Drove my wife crazy though.

mediahound
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Re: Sallie Mae Rewards MC being discontinued

Post by mediahound » Mon Dec 19, 2016 10:55 am

pennstater2005 wrote:The benefits don't end until March 1st 2017. I'll use until the end then decide to cancel or not. It's one of my older cards. I didn't start using credit cards until just a few years back. I was always a debit card guy until I joined here. I'll probably keep it.
Keep in mind you have to redeem under the old program by March 1st though. So probably stop using the card a month before or therabouts.

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Re: Sallie Mae Rewards MC being discontinued

Post by rjbraun » Mon Dec 19, 2016 11:20 am

mediahound wrote: -For groceries, I can use either Amex Blue Cash (no fee version gives 3%), or Chase Freedom when it has a rotating category for 5% cashback on groceries.
Just got my Chase Freedom card (downgraded Chase Sapphire Preferred). Assuming groceries will be a rotating category one quarter next year, what has been the cap in the past on total grocery purchases to earn the 5% cash back? I'm thinking maybe I'll just load up on gift cards from the grocers I frequent.

I suppose that will be my consolation to the demise of my Sallie Mae card as I knew it till the recent program change. I may also try to buy Amazon gift cards at Sears, if I can finesse a 10% or better discount as another poster suggested.

Update: Just saw in another thread Chase Freedom caps groceries to $1500, at least in past quarters. That answers that. But, on an unrelated topic still interested to better understand how to use Sears gift cards to buy Amazon gift cards. Specifically, can this be done online or must one visit a physical Sears location?

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pennstater2005
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Re: Sallie Mae Rewards MC being discontinued

Post by pennstater2005 » Mon Dec 19, 2016 12:19 pm

mediahound wrote:
pennstater2005 wrote:The benefits don't end until March 1st 2017. I'll use until the end then decide to cancel or not. It's one of my older cards. I didn't start using credit cards until just a few years back. I was always a debit card guy until I joined here. I'll probably keep it.
Keep in mind you have to redeem under the old program by March 1st though. So probably stop using the card a month before or therabouts.
Thanks. Hadn't thought of that. I won't redeem now at all until the end, so I should have a significant amount to redeem by March 1st.
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson

rhlhj
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Re: Sallie Mae Rewards MC being discontinued

Post by rhlhj » Mon Dec 19, 2016 12:44 pm

I am bummed to see this card go.

Blue Cash Preferred seems to make sense for me if I supplement grocery bills with some gift card purchases.

Right now, I'm seeing an offer for Blue Cash Preferred that if you apply by 1/11/17, they will give you $150 in statement credit if you purchase $1000 within 3 months and offer 10% off Amazon purchases for the first 6 months of owning the card.

The cash back covers the first year's fee plus some and with the 10% Amazon benefit, you can net a bit more savings at double the Sallie Mae cash back rate for the first half of the next year. While this 'deal' in and of itself is only mildly enticing, I'll probably do it since I'm going to be looking for a replacement for the 5% grocery cash back anyway. I'm currently a Blue Cash Everyday card member but I don't see any exclusions for upgrading from an existing account. I'll verify this first by chat.

Incidentally, I also saw in the terms and conditions that you can only redeem cash back in $25 increments, though I think this is pretty common.

mediahound
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Re: Sallie Mae Rewards MC being discontinued

Post by mediahound » Mon Dec 19, 2016 12:50 pm

rhlhj wrote: Blue Cash Preferred seems to make sense for me if I supplement grocery bills with some gift card purchases.
Be aware that it is against the TOS and cash back does not apply to any 'cash equivalents'. So, YMMV doing that.

rgs92
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Re: Sallie Mae Rewards MC being discontinued

Post by rgs92 » Mon Dec 19, 2016 12:55 pm

The Costco Citicard gives you 4% back on gasoline.
The Amex everyday blue cash (as it seems most people know here) gives 3% on groceries.
The Citicard doublecash gives 2% on everything.
This seems to be the best Holy Trinity as I see it.
I guess you could add some affinity cards like Amazon (5% there) or Target (also 5% there).
So there you have it, 5 cards.

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pennstater2005
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Re: Sallie Mae Rewards MC being discontinued

Post by pennstater2005 » Mon Dec 19, 2016 1:49 pm

mediahound wrote:
rhlhj wrote: Blue Cash Preferred seems to make sense for me if I supplement grocery bills with some gift card purchases.
Be aware that it is against the TOS and cash back does not apply to any 'cash equivalents'. So, YMMV doing that.
What is against the TOS?
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson

mediahound
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Re: Sallie Mae Rewards MC being discontinued

Post by mediahound » Mon Dec 19, 2016 2:11 pm

pennstater2005 wrote:
mediahound wrote:
rhlhj wrote: Blue Cash Preferred seems to make sense for me if I supplement grocery bills with some gift card purchases.
Be aware that it is against the TOS and cash back does not apply to any 'cash equivalents'. So, YMMV doing that.
What is against the TOS?
Buying cash equivalents to get cash back.

nalor511
Posts: 219
Joined: Mon Jul 27, 2015 1:00 am

Re: Sallie Mae Rewards MC being discontinued

Post by nalor511 » Mon Dec 19, 2016 3:57 pm

mediahound wrote:
pennstater2005 wrote:
mediahound wrote:
rhlhj wrote: Blue Cash Preferred seems to make sense for me if I supplement grocery bills with some gift card purchases.
Be aware that it is against the TOS and cash back does not apply to any 'cash equivalents'. So, YMMV doing that.
What is against the TOS?
Buying cash equivalents to get cash back.
I think if you throw a $50/100 gift card in with your groceries, you're likely to get by. If you do a separate checkout for exactly $50/100, you may draw scrutiny - I've had the card actually call me about round dollar purchases at grocery stores flagged as fraud even. If anyone has experience buying a gc with amex blue cash preferred and whether they got rewards or not, I'd be curious to hear

batpot
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Location: Seattle

Re: Sallie Mae Rewards MC being discontinued

Post by batpot » Mon Dec 19, 2016 5:04 pm

pennstater2005 wrote:Don't redeem your rewards too early toward the end and leave money behind. I did that with another card and ended up with $20 sitting in the redeem account. The new redemption percentages were too low and I just stopped using the card.
What's the minimum reward draw amount? $25?

Jags4186
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Joined: Wed Jun 18, 2014 7:12 pm

Re: Sallie Mae Rewards MC being discontinued

Post by Jags4186 » Mon Dec 19, 2016 5:20 pm

nalor511 wrote:
mediahound wrote:
pennstater2005 wrote:
mediahound wrote:
rhlhj wrote: Blue Cash Preferred seems to make sense for me if I supplement grocery bills with some gift card purchases.
Be aware that it is against the TOS and cash back does not apply to any 'cash equivalents'. So, YMMV doing that.
What is against the TOS?
Buying cash equivalents to get cash back.
I think if you throw a $50/100 gift card in with your groceries, you're likely to get by. If you do a separate checkout for exactly $50/100, you may draw scrutiny - I've had the card actually call me about round dollar purchases at grocery stores flagged as fraud even. If anyone has experience buying a gc with amex blue cash preferred and whether they got rewards or not, I'd be curious to hear
Ignore the above. You won't have any issues buying gift cards at grocery stores. I use the Everyday Preferred (it's the membership reward earning version of the Blue Cash Preferred) and I buy $6000 in 3 transactions at the super market every year. Never had any issues. People did have issues with the OBC [Old Blue Cash] buying $100,000s in gift cards for $10,000s in rewards. These are people who were cycling their credit limit 3,4,5,10 times a month. AMEX corrected that by putting a $50k limit on purchases for bonus cash back for that card.

AMEX will bust your chops on buying gift cards to hit minimum spend on bonuses, but for regular purchases, at the level you're talking about, you will be fine.

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pennstater2005
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Re: Sallie Mae Rewards MC being discontinued

Post by pennstater2005 » Mon Dec 19, 2016 5:33 pm

batpot wrote:
pennstater2005 wrote:Don't redeem your rewards too early toward the end and leave money behind. I did that with another card and ended up with $20 sitting in the redeem account. The new redemption percentages were too low and I just stopped using the card.
What's the minimum reward draw amount? $25?
Yes, $25.
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson

amitb00
Posts: 397
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Re: Sallie Mae Rewards MC being discontinued

Post by amitb00 » Mon Dec 19, 2016 6:47 pm

I am little confused. Are these cards valid until 1-Mar or we can redeem rewards by 1-Mar and after 1-Mar all rewards will be forfeited? My understanding was that rewards will be accumulated until 1-Mar and then will be transferred to the next card. Is that not true?
Regards, Amit

mediahound
Posts: 680
Joined: Fri Mar 02, 2007 5:43 pm

Re: Sallie Mae Rewards MC being discontinued

Post by mediahound » Mon Dec 19, 2016 6:54 pm

amitb00 wrote:I am little confused. Are these cards valid until 1-Mar or we can redeem rewards by 1-Mar and after 1-Mar all rewards will be forfeited? My understanding was that rewards will be accumulated until 1-Mar and then will be transferred to the next card. Is that not true?
Regards, Amit
They letter specifically states:
February 28th is the last day to earn and/or REDEEM points under the old Sallie Mae Rewards program

rhlhj
Posts: 30
Joined: Mon Apr 28, 2014 10:16 pm

Re: Sallie Mae Rewards MC being discontinued

Post by rhlhj » Mon Dec 19, 2016 7:14 pm

rhlhj wrote:I am bummed to see this card go.

Blue Cash Preferred seems to make sense for me if I supplement grocery bills with some gift card purchases.

Right now, I'm seeing an offer for Blue Cash Preferred that if you apply by 1/11/17, they will give you $150 in statement credit if you purchase $1000 within 3 months and offer 10% off Amazon purchases for the first 6 months of owning the card.

The cash back covers the first year's fee plus some and with the 10% Amazon benefit, you can net a bit more savings at double the Sallie Mae cash back rate for the first half of the next year. While this 'deal' in and of itself is only mildly enticing, I'll probably do it since I'm going to be looking for a replacement for the 5% grocery cash back anyway. I'm currently a Blue Cash Everyday card member but I don't see any exclusions for upgrading from an existing account. I'll verify this first by chat.

Incidentally, I also saw in the terms and conditions that you can only redeem cash back in $25 increments, though I think this is pretty common.
When I log in to my Blue Cash Everyday account, I am presented with an offer for the $150 statement credit with $1000 spend within 3 months, but not the 10% Amazon cashback for 6 months. I spoke with customer service, they confirmed that the 10% cashback on Amazon purchases is only for new applicants, not those upgrading. The upshot of upgrading, though, is that there is no hard credit inquiry.

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