Sallie Mae Accelerate Credit Card Review: Earn $200; 1.5% Cash Back on All Purchases, No Annual Fee

Sallie Mae Accelerate Credit Card

Benefits

• 33% bonus when redeeming cash back toward student loans: This card earns 1.5% cash back by itself. If you redeem your cash back to pay your student loans, you get a 33.33% bonus. For example, redeeming $100 lets you pay off $133.33 in student loans. That means the welcome bonus is effectively worth $200*1.33=$266, and your regular rewards become 1.5%*1.33=2% cash back.
• 15 months of 0% APR on purchases: For purchases, you only need to pay the minimum and there will be no additional interest. For details on how to use this benefit, see: How to Use 0% APR on Purchases and Balance Transfers
• 0% APR on balance transfers: You need to complete the balance transfer within 60 days of opening the card. For details on how to use this benefit, see: How to Use 0% APR on Purchases and Balance Transfers
• Cell phone protection: If you use this card to pay your monthly cell phone bill, you automatically get cell phone protection for up to 3 phones (the primary cardholder plus the first two family members). Each claim covers up to $600, with a $50 deductible, and coverage is capped at $1,000 per 12 months. See also: Guide to Credit Card Cell Phone Protection Benefits

My Take

If you have student loans, this no-annual-fee card is actually pretty solid. Redeeming cash back toward student loan payments effectively boosts all your everyday spending to 2% cash back. The 15-month 0% APR offer can help ease cash flow pressure. And cell phone protection for up to 3 phones is another nice highlight.

Application

• I previously applied for Sallie Mae's grocery card (now long discontinued), and it felt relatively easy to get approved for.

Application Link