The end of Sallie Mae Rewards?

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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kdm31091
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Re: The end of Sallie Mae Rewards?

Postby kdm31091 » Wed Sep 30, 2015 7:18 am

Vermonster wrote:
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.


Which cracks me up, considering the very people moaning the loudest are the ones who abuse rewards the most, generally.


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Vattené
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Re: The end of Sallie Mae Rewards?

Postby Vattené » Wed Sep 30, 2015 8:28 am

It's a great deal if you can use a card and net higher rewards than the issuer even gets in swipe fees, and it's even sustainable so long as you're an outlier among a base of customers that don't use it in the same way. I'd like to know just how many people only use a SM in 5% categories. MF and CCF are in no way representative, but this is also a REALLY obscure card. I'm guilty of it, but I'm perfectly content with using what options are available in the market, and I don't think I'm entitled to keep the same great rewards forever.

I have to think Discover and Chase Freedom are much safer from nerfing. They are heavily marketed cards that I'd presume are much more likely to be (1) the everyday card used by a group of customers that don't specialize their spending based on rewards; and (2) earning their respective banks interest revenue. After all, most people aren't PIFers. Their categories also rotate and aren't guaranteed from year to year. Even among us, few people would get a card with the intention of using it for one category of spending in one or two quarters a year.
-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 » Wed Sep 30, 2015 5:25 pm

Vattené wrote:It's a great deal if you can use a card and net higher rewards than the issuer even gets in swipe fees, and it's even sustainable so long as you're an outlier among a base of customers that don't use it in the same way. I'd like to know just how many people only use a SM in 5% categories. MF and CCF are in no way representative, but this is also a REALLY obscure card. I'm guilty of it, but I'm perfectly content with using what options are available in the market, and I don't think I'm entitled to keep the same great rewards forever.

I have to think Discover and Chase Freedom are much safer from nerfing. They are heavily marketed cards that I'd presume are much more likely to be (1) the everyday card used by a group of customers that don't specialize their spending based on rewards; and (2) earning their respective banks interest revenue. After all, most people aren't PIFers. Their categories also rotate and aren't guaranteed from year to year. Even among us, few people would get a card with the intention of using it for one category of spending in one or two quarters a year.


Right and because the categories rotate and aren't guaranteed year to year, they have the ability to make them weaker if they need to. See Chase Freedom Q4 this year: zappos.com, diapers.com, audible.com and amazon. Laughably niche other than Amazon, honestly, and no brick and mortar options. But they still are giving 5% rotating categories, so it's not like they technically nerfed any rewards, just made the categories narrower.

Since they have that leeway I think Freedom and Discover are safer from nerfing in general, though you will see the categories get "less good" over time in many cases. (Discover Q4 2014 included general online shopping where this year it's just Amazon.com).

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Vattené
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Re: The end of Sallie Mae Rewards?

Postby Vattené » Thu Oct 01, 2015 9:28 am

I agree with you in general, but personally I'm happy about Discover's Q4. I'll get more use out of department stores and clothing stores than online shopping, but of course that will vary with cardmember.

That's also the biggest reason I went for Discover over a Freedom: even back then Freedom listed specific merchants where Discover had broader categories.

Edited to add: Plus they can throw out a laundry list of niche merchants to make it look like they're offering a lot while the category as a whole isn't as good.
-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

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Re: The end of Sallie Mae Rewards?

Postby 2011XTERROR » Sat Oct 03, 2015 3:06 pm

kdm31091 wrote:Some people on MF are saying that they took a survey recently about Sallie's benefits and such. Why anyone would think that means the card will not change makes me laugh.

They're probably doing a survey to see which benefits are the most used, and will possibly bring back the card with far lesser benefits than before -- or perhaps ONE 5% category, or something like that.

But I think the chances of it staying unchanged are very unlikely at this point.

It also kind of makes me chuckle that people are saying "well, I applied today and was approved, so I'm in!" umm...just because they approved you today doesn't mean they won't force you into whatever changes they make. There is no law that says issuers have to grandfather people in for rewards programs.



people are just so naive. i will be bothering you on this site kdm until MF unbans me lol.

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Re: The end of Sallie Mae Rewards?

Postby Nixon » Sat Oct 03, 2015 10:00 pm

Why did they ban you? Sounds like the same peanut gallery running things into dog shit over there.

Did you know that when that fartbag MVV (aka Mr. 850) banned me, they decided to enact a bullshit policy about questioning the mods decisions in posts (or otherwise ;) ) It was and still is a purely retaliatory move because they know if I ever go back I won't hesitate to call them out when I smell a rat.

There is only one cool mod over there presently since Relevate went into sleeper mode.
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CarefulBuilder14
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Re: The end of Sallie Mae Rewards?

Postby CarefulBuilder14 » Sun Oct 04, 2015 12:34 am

Vattené wrote:I have to think Discover and Chase Freedom are much safer from nerfing. They are heavily marketed cards that I'd presume are much more likely to be (1) the everyday card used by a group of customers that don't specialize their spending based on rewards; and (2) earning their respective banks interest revenue. After all, most people aren't PIFers. Their categories also rotate and aren't guaranteed from year to year. Even among us, few people would get a card with the intention of using it for one category of spending in one or two quarters a year.

Chase once gave checking customers an extra 10 URs per Freedom transaction, in addition to the 10% annual point bonus about to finally expire for the once-grandfathered. It's already been nerfed a lot.

Then again...going through my cards' histories...
Discover only lost a few benefits.
CSP lost the 7% dividend and First Friday dining, but gained travel benefits.
The PRG airfare credit isn't enough to offset numerous Amex nerfs (AF hikes, roadside assistance cuts, no SBS credits, etc.). Amex cards overall are definitely nerfed.
Brooks Bros changed issuers, but is basically unchanged.
Arrival's 10% back is now 5%.
Sallie Mae is closed to new applications.
IHG reclassified a few properties (overall, a very minor nerf).

Cards really change constantly!
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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Vattené
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Re: The end of Sallie Mae Rewards?

Postby Vattené » Sun Oct 04, 2015 1:23 am

I should have said safer from being completely axed rather than nerfing. It's still just speculation, but that looks likelier to be the case on Sallie Mae with applications no longer available. It would have been easy to cut one of the categories or make you choose.

The fact that card specifics are always changing certainly can't be denied!
-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

TheLethargicAge
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Re: The end of Sallie Mae Rewards?

Postby TheLethargicAge » Sun Oct 04, 2015 12:23 pm

Just spoke to a CSR who was adamant that you could still apply for it over the phone and that the rewards haven't been changed. But then again, Barclays CSRs are notoriously clueless.
Blue Cash Preferred ($24K), Costco TrueEarnings ($8K), Better Balance Rewards ($6K), CashForward ($15K), Sallie Mae Rewards ($10K), Quicksilver ($17K), AARP Rewards ($15K), Freedom ($15K), Double Cash ($16.5K), It ($28.5K), Fidelity Investment Rewards ($18K), Cash+ ($11K)

kdm31091
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Re: The end of Sallie Mae Rewards?

Postby kdm31091 » Sun Oct 04, 2015 12:51 pm

2011XTERROR wrote:
kdm31091 wrote:Some people on MF are saying that they took a survey recently about Sallie's benefits and such. Why anyone would think that means the card will not change makes me laugh.

They're probably doing a survey to see which benefits are the most used, and will possibly bring back the card with far lesser benefits than before -- or perhaps ONE 5% category, or something like that.

But I think the chances of it staying unchanged are very unlikely at this point.

It also kind of makes me chuckle that people are saying "well, I applied today and was approved, so I'm in!" umm...just because they approved you today doesn't mean they won't force you into whatever changes they make. There is no law that says issuers have to grandfather people in for rewards programs.



people are just so naive. i will be bothering you on this site kdm until MF unbans me lol.


This site has less crazy people anyway :)

As far phone apps for sallie mae, even if they are still available, its probably pointless. Despite what the cardholders insist, I imagine eventually the rewards will be nerfed and/or cards converted for everyone. So apping now to potentially have the benefits for 2 months for example is probably a waste.



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