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Sallie Mae launches new credit cards designed for students and young adults



NEWARK, Del.–(BUSINESS WIRE)–Sallie Mae® today introduced three new credit cards, each uniquely designed to promote and reward financial responsibility, including the only card to offer a cash-back bonus when cardholders use their rewards to pay off a student loan.

Sallie Mae Ignite SM is the cash back credit card designed to help students get credit in responsible ways that fuel their independence. Cardholders earn 1% cashback on all purchases every day, with no limit or expiration date. Additionally, after six consecutive months of on-time payments, cardholders get a 25% bonus on cashback rewards earned on all future purchases.

Sallie Mae Accelerates SM is the only credit card that offers a cash back bonus when cardholders apply their rewards to paying off a student loan. The card offers 1.25% cash back every day on all purchases with no limit or expiration date and a 25% bonus on cash back rewards used to pay off a federal or private student loan.

Sallie Mae Evolve SM is the cashback credit card that automatically adjusts to how cardholders use their card for purchases. This card offers 1.25% cashback on all purchases and automatic 25% bonus on cashback earned on the top two purchase categories each billing cycle. There are no tiered earning structures, rotating categories, or choosing cashback reward categories. Just use the Evolve card and earn a cashback bonus where the cardholder spends the most.

“For our customers, it’s not just about graduating and graduating from university, but also achieving milestones after college. We create products that empower them to confidently accomplish what lies ahead while increasing their own financial independence,” said Donna Vieira, executive vice president and chief marketing officer, Sallie Mae. “Created and developed together with students, parents and recent graduates, our new credit cards offer simplicity and deliver the right benefits at the right time, both during and after college.”

In addition, the cards offer 100% US-based customer service and universal benefits, including cell phone insurance, instant benefits, and free monthly access to credit scores. And because people are busier than ever, the experiences and features of Sallie Mae’s credit cards are designed for life on the go. Each card offers a simple, mobile-first digital experience, giving customers quick access to all features and functionality from within the mobile app. The cards also provide tools to provide security and control, such as the ability to pause the card and personalized alerts.

Sallie Mae is also offering Ignite and Accelerate cardholders the chance to win $10,000 to pay off their student loans as part of the “Wipe out $10K sweepstakes.” A $10,000 prize winner will be selected each month for a year. Ignite and Accelerate cardholders are automatically entered when they open their account and earn additional mentions every time they use their card to make a purchase. Cardholders can also earn an entry by sharing on Twitter or Instagram using #SallieMaeWin10K and #Sweepstakes.

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Sallie Mae (Nasdaq: SLM) believes that education and lifelong learning, in all forms, help people achieve great things. As a leader in private student loans, we provide funding and know-how to enable college and provide products and resources to help clients enable new goals and experiences beyond college. Learn more at Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

Sallie Mae launches new credit cards designed for students and young adults

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