【3/4 Update】After product changing and receiving the new card, I spent $1,000 on the new card and received the $100 welcome bonus directly (10,000 points = $100), so this does seem legitimate. Someone called customer service on 3/1 and was told product changes were still available. It is still unclear when this card will officially be transitioned to the Commence Mastercard, so if you want to get an easy $100 via a product change, act quickly.
【2/17 Update】Today I called the number on the back of the card and successfully product changed this card to the Barclays Rewards Mastercard ($100 bonus after spending $1,000 within 90 days; 2x on gas, grocery, and utility purchases). The process was as follows:
- Call the number on the back of the SallieMae card. When you reach the front-line representative, say that you are considering closing the card because it will soon be converted into a different card.
- The front-line representative will transfer you to an Account Speciallist. Once connected, just say that you want a Product Change. The Speciallist will give you the available options. I personally was offered two: the Rewards Mastercard and the no-annual-fee Arrival version ($50 in value after spending $500 and earning 5,000 points).
- Choose the card you want. The representative will read through the terms and the things to note about the product change, and then you are done~ You should receive the new card package in 1-2 weeks.
- Someone in this Reddit thread posted the terms they received with the new card (Reddit)
【2/9 Update】How should you use this card during what used to be its final month for applications? My suggestions are below:
- Lock in the 5% on Amazon, gas, and groceries: If you spend a lot on Amazon, you can use this card during the last month to buy $750 in Amazon gift cards and max out the 5% bookstore category. You can use the gift cards later at your own pace. Similarly, you can buy gas gift cards or other gift cards at gas stations, and corresponding gift cards at grocery stores as well. Personally, I would not do this, because getting Amazon gift cards at 20% off through AMEX Offer, or at 5% off through a quarterly 5% credit card, is simply too easy. Gas gift cards are also easy to find. As for groceries, the $250 cap is easy to max out anyway.
- Redeem any points once you have at least $25 worth, and pay off the remaining balance: Once this card has 2500 points ($25), you can redeem the entire points balance. So after all pending charges have posted, just redeem all the points in your account as statement credit. Then pay off the full remaining balance.
- Product change for the $100 bonus: Before 3/1, product change this card to the Barclays Rewards Mastercard. Based on data points on Reddit and other reports I saw earlier, you can also get the bonus through a product change: earn $100 after spending $1,000 within three months (Reddit)
【12/14 Update】On 3/1/2017, this card will be replaced by the new Commence Mastercard. All of the previous 5% cash back categories will be removed and changed to 2% on grocery store and utility purchases, and 1% on everything else. At that point, it will basically have no reason to keep it. The letter is below (HT: DOC):
Contents [Hide]
Best use case:
- Long-term keeper (annual cost $0): 5% cash back at grocery stores, gas stations, and bookstores (including Amazon); no annual fee
My experience with this card:
I applied for this card last year on a whim. What attracted me was that it is a Mastercard, which makes it especially useful at Chinese supermarkets that do not accept AMEX, while still earning 5% cash back. Based on testing, this card also coded most Target and Walmart purchases as grocery, so those also earned 5% cash back. That makes it a great complement to grocery cards like the AMEX EDP/BCP (since AMEX does not code Walmart or Target as grocery stores). Since the card also has no annual fee, I decided to keep it long term.
Barclays Sallie Mae credit card overview:
Application
- Application difficulty is average: I recommend applying after you have built some credit history for six months. Before applying, please read about the characteristics of Barclays.
- Things to note: None
Basic features
- Welcome bonus: $25 (2500 points)
- Earn Rewards Point on purchases (100 points = $1)
- The first $250 in grocery purchases each billing cycle earns 5X points (5% cash back), including Chinese supermarkets and most Walmart and Target purchases, but excluding Costco and Sam's Club
- The first $250 in gas purchases each billing cycle earns 5X points (5% cash back)
- The first $750 in bookstore purchases each billing cycle earns 5X points (5% cash back), including Amazon
- All other purchases earn 1X points (1% cash back)
- Points redemption
- Redemptions start at 2500 points
- Can be redeemed for statement credit, 2500 = $25
- Can be transferred to Upromoise Saving, which gives an extra 10% at year end
- No annual fee
Highlights
- An unusually widely accepted grocery card that can earn 5% in many places
- One card covers groceries, gas, Amazon, and bookstores, which is very convenient. The caps are low, but it suits students or people with lower spending.
- If paired with an Upromise Saving Account, you can earn an extra 10% cash back each year (effectively making it a 5.5% grocery/gas/bookstore card and 1.1% on everything else)
- Points are relatively easy to redeem: once you have more than 2500 points, you can redeem them all at once (it does not have to be in increments of 2500)
- The rewards structure is fixed, with no need to enroll in anything; just use the card normally
- Sometimes there are promotions offering bonus points after meeting spending thresholds for several consecutive months
Drawbacks
- The welcome bonus is low at only $25
- The points cannot be redeemed for outsized value
- The 5X categories each have monthly caps, which may be too little for larger families
Summary
This card is a good fit for students or others with relatively low spending, and it covers most everyday spending categories. It is also a great complement for people who already have an AMEX grocery card, because it can cover certain Chinese supermarkets, Walmart, and Target. Amazon and gas are also very practical categories. If you do not already have a card that covers these categories, feel free to apply.
Application link:
- This card is temporarily unavailable for new applications, but the old rewards system remains unchanged