Sallie Mae Rewards MasterCard Cash Back Decrease Announcement

Sallie Mae currently sent out a very unfortunate letter stating that they will be making some changes to the Sallie Mae MasterCard. The satisfying 5% card will now be changed over to become the Commence MasterCard by March 1, 2017. The card’s transition will be significantly reduced in functionality. With the new Commence MasterCard, you’ll earn 2% cash back on grocery store and utility (cable, phone, internet, electric and gas) purchases and 1% cash back on all other purchases. Comparative to the Sallie Mae Mastercard which earns 5% on gas, grocery & bookstore purchases capped at $750 per month for bookstores, $250 for gas & $250 for grocery stores.

Alternative Credit Card Bonuses:

• Chase Freedom Unlimited^SM
• Citi ThankYou® Preferred Card for College Students
• Amex EveryDay® Credit Card

Sallie Mae Downgrade Summary: 

• You will be able to use your Sallie Mae MasterCard through the holidays into 2017.
• Any points that you earn will be credited to your Sallie Mae Rewards Account.
• February 28th is the last day that you can earn and/or redeem your point under the old Sallie Mae Mastercard Rewards Program
• On March 1st, you will begin Commence Cashback and any un-redeemed Sallie Mae Points will be transferred to cashback
• Your new Commence MasterCard will be in the mail by early March or 2017 as long as your account is open and in good standing by February 28, 2017
• Your account number will remain the same; however, your new card will have a new expiration date and new 3-digit security code.

Sallie Mae MasterCard Features:

• Earns 5% on gas, grocery & bookstore purchases
• World Mastercard benefits (approval for the platinum version of this card will come with basic Mastercard benefits)
• No annual fee

Commence MasterCard by Sallie Mae  Features:

• Earns 2% cash back on grocery store and utility (cable, phone, internet, electric and gas) purchases
• 1% cash back on all other purchases.
• No Annual Fee

Conclusion:

Unfortunately enough, the Sallie Mae MasterCard will be further depreciated as the card changes to the Commence MasterCard by Sallie Mae in March 1, 2017. This exceptionally lucrative everyday spending card with a 5X triggered by gas, groceries and bookstore purchases (or Amazon purchases) will be gutted to a 2X cash back on grocery store and utility purchases. Keep in mind that you will still have until February 28 to earn and redeem your points under the old Sallie Mae Mastercard Rewards Program. All sign-up bonuses and the cap on the 5X aside, this was a great low-key everyday credit card . Find the perfect card for you by checking out our complete list of Credit Card Promotions today!