This bank card allow you to make rewards to cover your student loans off — but will it be a great deal?

This bank card allow you to make rewards to cover your student loans off — but will it be a great deal?

Posted: Oct 15, 2019 9:38 a.m. ET

Sallie Mae has rolled away three credit that is new directed at university students and current graduates

JacobPassy

Education loan giant Sallie Mae SLM, +0.44% happens to be providing three charge cards created for the collegiate set — including one which lets people make use of their cash-back rewards to repay student education loans.

But also for some, the smarter move could be to join up for other credit-building cards available on the market.

The 3 credit cards — Sallie Mae Ignite, Sallie Mae Accelerate and Sallie Mae evolve — are all structured similarly. Each features a base price for cash-back benefits, after which a supplementary 25% bonus on benefits if users satisfy specific needs. Here’s the way they break up:

• The Sallie Mae Accelerate card provides 1.25% right right straight back on all acquisitions, but individuals could possibly get an additional 25% bonus regarding the benefits in the event that benefits are acclimatized to lower any federal or student loan that is private. This is done through Sallie Mae’s mobile app.

• The Sallie Mae Ignite card, which can be designed to assist university students develop credit, will pay 1% money back on all acquisitions. Card holders may then unlock a 25% bonus on benefits acquired on all future acquisitions if they make six consecutive months of on-time re re payments.

• Finally, the Sallie Mae Evolve card provides 1.25% right back on all purchases, but users will get a 25% bonus on benefits received for acquisitions produced in their top two spending categories each company period immediately. Weiterlesen