It’s not too often that we hear about brand new credit cards coming out, but it’s especially much more unusual to hear about 3 new credit cards at the same time! Let’s take a look at the three different cards
The New Cards
None of these cards will come with an annual fee. Each of them will also have a 0% APR, however depending on the card, will either be 6 month or 12 month period. They all come with MasterCard’s cell phone insurance as well as a FICO score.
Sallie Mae Accelerate: The Accelerate card earns 1.25% back on all purchases. There is an additional 25% bonus on any cash back rewards used to pay down student debt.
Sallie Mae Evolve: Similar to the Accelerate card, the Evolve card also earns 1.25% cash back on all purchases. There is also a 25% cash back bonus earned on this card too. This card will pay the bonus in the two highest spending categories each month.
Sallie Mae Ignite: This is more of a student card, earning 1% cash back on all purchases. The Ignite card will give its users a 25% bonus after making 6 consecutive and on time payments.
When you consider that there are many cards out there without an annual fee that also give you a 2% cash back on all purchases, earning only 1.25% seems like a pretty weak offering. Especially considering that the cash back cards that don’t give you 2% are usually set to 1.5%. Of course, there is a bonus of 25% for each of these cards, but I still don’t think these cards are offering anything special.
If cashback is you’re preferred strategy, then you would be much better off getting a PayPal 2% or a Citi Doublecash card.
What do you think of these cards? Let us know below!