The end of Sallie Mae Rewards?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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Nixon
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Re: The end of Sallie Mae Rewards?

Postby Nixon » Mon Sep 28, 2015 7:39 pm

F all that shit. I want my rewards in statement credit and I want them now! :beat:
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CarefulBuilder14
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Re: The end of Sallie Mae Rewards?

Postby CarefulBuilder14 » Mon Sep 28, 2015 8:15 pm

Nixon wrote:F all that shit. I want my rewards in statement credit and I want them now! :beat:

You've got a point. It is a bit of a hassle, and there are much easier ways to squeeze out a little more money from CC savings and interest.

In an extreme case of wishful thinking, part of me has some wild hope that I can PC to an Aviator in this mess. Crazy, I know. :ppp
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

beef.stu
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Re: The end of Sallie Mae Rewards?

Postby beef.stu » Tue Sep 29, 2015 3:24 am

This would really kill my rewards as this is my most used card. especially for the 5% at amazon. Hope they have some sort of grandfathering or come up with a comparable cash back alternative
(01/10) - Wells Fargo VISA Platinum
(05/10) - Techron Advantage
(10/12) - Amex BCE
(02/13) - Chase Freedom VISA
(09/13) - Discover It
(03/14) - Sallie Mae WMC
(09/15) - Citi Double Cash WEMC
(09/16) - US Bank Cash+ VISA Signature

kdm31091
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Re: The end of Sallie Mae Rewards?

Postby kdm31091 » Tue Sep 29, 2015 5:59 am

beef.stu wrote:This would really kill my rewards as this is my most used card. especially for the 5% at amazon. Hope they have some sort of grandfathering or come up with a comparable cash back alternative


I really don't get the fascination with the Amazon thing. You can get the same exact benefit from an Amazon store card, uncapped, and you know it will work every single time rather than depending on bookstore coding!

If the card is indeed nerfed, existing users will probably get to keep it as is for a time, but you'll still want to look into alternatives as sooner or later they will change your card over. When Citi Forwards start being switched over I expect to see about 10 threads lol

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Re: The end of Sallie Mae Rewards?

Postby Vermonster » Tue Sep 29, 2015 9:32 am

kdm31091 wrote:You're right. What I meant to say was, I think those people are in denial. It's not just a website update. Something's going on with the card.


It has been a "website issue" for about 6 months now. They completed the refresh of a lot of other cards in that time frame.

I'm going to guess that a lot of SM cardholders min/maxed their spending and Barclay wasn't getting the return on swipes that they expected. Kinda like the original Cash+ that people used solely for the 5% "bill pay." It's all in the cycle of MF; Find great new card, everyone applies, people abuse the rewards, it gets struck down by the nerf bat, people complain.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

Nixon
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Re: The end of Sallie Mae Rewards?

Postby Nixon » Tue Sep 29, 2015 10:13 am

kdm31091 wrote:
beef.stu wrote:This would really kill my rewards as this is my most used card. especially for the 5% at amazon. Hope they have some sort of grandfathering or come up with a comparable cash back alternative


I really don't get the fascination with the Amazon thing. You can get the same exact benefit from an Amazon store card, uncapped, and you know it will work every single time rather than depending on bookstore coding!

If the card is indeed nerfed, existing users will probably get to keep it as is for a time, but you'll still want to look into alternatives as sooner or later they will change your card over. When Citi Forwards start being switched over I expect to see about 10 threads lol


Because I don't wanna apply for an Amazon store card.

Duh.
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Vattené
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Re: The end of Sallie Mae Rewards?

Postby Vattené » Tue Sep 29, 2015 3:28 pm

CarefulBuilder14 wrote:How are you taking this, Vattené?

Annoyed that the program is likely to change so soon after you (through your wife) got the card? You think Upromise could be useful? Or you're waiting for official news and ignoring speculation?


Mentally (because I'm not in private) dropping to my knees and screaming "WHHYYYYY?!" to the heavens.

I'm really hoping that we got in just in time, and they're closing applications to the public but I'll get to be grandfathered in, of course. I expected that with such great spending returns it would have to be nerfed eventually, but does it have to happen right after I get one? Hopefully if they do force existing cardholders to a new product we'll at least get a few more billing cycles.

The worst part is my Walmart actually counts as a grocery store with them! I had such great plans of buying Walmart gift cards every month and using them at their gas stations for 5% back from the credit card and an extra $.03/gallon upfront discount. Maybe I'll just start putting nothing on the card but a $250 gift card (that I can use at Walmart and for gas) each cycle until some actual information comes down. When and if we get the bad news I'll have gift cards to use for a while until they run out. I followed the link thinking I'd be interested in what they were speculating over there, but I was wrong. Couldn't even get through a full page.

I'm not very interested in the Upromise card. I'm willing to put up with statement credits and $25-thresholds for 5% back, but that approaches my limit for redemption inconvenience. If we're forced to switch I might see if I can go for another Barclay product, and put just enough spending through it to keep it alive because my wife doesn't have nearly as many accounts as I do.

I probably won't do anything new to optimize gas station spending, and would just go back to using the Walmart card. The highest category return I'm aware of for gas stations is 3% cash back, or a marginal increase of approximately 1% over my next best option. Not worth a new card. I would be open to an EDP, that way I'll not only get 3X MR for gas stations but 1.5X MR for everything else instead of 1.2X. It'll be worth considering when the worst-case scenario with SM happens.

Maybe I should try calling customer service and seeing if they actually know anything? (My hopes wouldn't be too high.)
-Vattené
FICO-8:
EX - 809 (11/16) | TU - 803 (11/16)
Primary Cards:
American Express EveryDay - $20,000 (10/14)
Discover it - $23,000 (2/14)
AU on Barclay Sallie Mae - $10,000 (8/15)
plus several store accounts of varying usefulness now

kdm31091
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Re: The end of Sallie Mae Rewards?

Postby kdm31091 » Tue Sep 29, 2015 4:36 pm

Nixon wrote:
kdm31091 wrote:
beef.stu wrote:This would really kill my rewards as this is my most used card. especially for the 5% at amazon. Hope they have some sort of grandfathering or come up with a comparable cash back alternative


I really don't get the fascination with the Amazon thing. You can get the same exact benefit from an Amazon store card, uncapped, and you know it will work every single time rather than depending on bookstore coding!

If the card is indeed nerfed, existing users will probably get to keep it as is for a time, but you'll still want to look into alternatives as sooner or later they will change your card over. When Citi Forwards start being switched over I expect to see about 10 threads lol


Because I don't wanna apply for an Amazon store card.

Duh.


Why? You get 5% with no hassles, as opposed to hoping it codes correctly. I don't have an amazon store card because I'm no amazon junkie but if I were I'd opt for that over the one of the psuedo-Amazon "bookstore" options.

Nixon
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Re: The end of Sallie Mae Rewards?

Postby Nixon » Tue Sep 29, 2015 5:09 pm

kdm31091 wrote:Why? You get 5% with no hassles, as opposed to hoping it codes correctly. I don't have an amazon store card because I'm no amazon junkie but if I were I'd opt for that over the one of the psuedo-Amazon "bookstore" options.


I like "real" CC's better, and there's no good bonus to apply.
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CarefulBuilder14
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Re: The end of Sallie Mae Rewards?

Postby CarefulBuilder14 » Tue Sep 29, 2015 5:35 pm

Vattené wrote:I'm not very interested in the Upromise card. I'm willing to put up with statement credits and $25-thresholds for 5% back, but that approaches my limit for redemption inconvenience. If we're forced to switch I might see if I can go for another Barclay product, and put just enough spending through it to keep it alive because my wife doesn't have nearly as many accounts as I do.

I probably won't do anything new to optimize gas station spending, and would just go back to using the Walmart card. The highest category return I'm aware of for gas stations is 3% cash back, or a marginal increase of approximately 1% over my next best option. Not worth a new card. I would be open to an EDP, that way I'll not only get 3X MR for gas stations but 1.5X MR for everything else instead of 1.2X. It'll be worth considering when the worst-case scenario with SM happens.

Maybe I should try calling customer service and seeing if they actually know anything? (My hopes wouldn't be too high.)

I studied Upromise in some detail, and found that it wasn't worth the extra hassle for me.
1. I have the IHG program (and CSP/IHG cards) for Rewards Network restaurants.
2. I don't use the Upromise travel portals much, and would rather pay with CSP and find a random discount code if I do.
3. The online shopping portals offer little (that I'd realistically buy) beyond my other portals.
4. 10% extra points aren't much of an enhancement.

I'm pretty happy with EDP. The good offers have been cooling off, though. I'm also on pace to exceed the annual $6k grocery limit on EDP, so might use Sallie instead for a month to see if that invites better offers. If you upgrade, see if you can get a small bonus.

I think a CSR might give you an answer, but I wouldn't expect it to be based on good information.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when



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