Sallie Mae Launches New Credit Cards Designed for College Students and Young Adults

Company Announces ‘Swipe Away $10K Sweepstakes’ Giving Cardholders the Chance to Win $10,000 to Pay Down Any of Their Student Loans

Wednesday, October 9, 2019 1:11 pm EDT

Dateline:

NEWARK, Del.

Public Company Information:

NASDAQ:
SLM
"Our new credit cards, co-created and developed with students, parents, and recent graduates, offer simplicity and provide the right benefits at the right time, both during and after college."

NEWARK, Del.--(BUSINESS WIRE)--Sallie Mae® today rolled out three new credit cards, each uniquely designed to promote and reward financial responsibility, including the only card that offers a cash back bonus when cardholders apply their rewards to paying down a student loan.

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

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

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

“For our customers, it’s not just about getting to, and graduating from college, but also reaching milestones after college. We are creating products that empower them to accomplish what’s next with confidence while fueling their own financial independence,” said Donna Vieira, executive vice president and chief marketing officer, Sallie Mae. “Our new credit cards, co-created and developed with students, parents, and recent graduates, offer simplicity and provide the right benefits at the right time, both during and after college.”

In addition, the cards feature 100% U.S. based customer service and universal benefits, including cell phone insurance, instant perks, 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, allowing customers to quickly access all features and functionality from the mobile app. The cards also provide tools to deliver security and control like 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 down any of their student loans as part of the “Swipe Away $10K Sweepstakes.” One $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 entries every time they use their card for any purchase. Cardholders can also earn an entry by sharing on Twitter or Instagram using #SallieMaeWin10K and #Sweepstakes.

For official rules visit SallieMae.com/swipeaway10ksweepstakesofficialrules. For more information visit SallieMae.com/CreditCard.

Sallie Mae (Nasdaq: SLM) believes education and life-long learning, in all forms, help people achieve great things. As the leader in private student lending, we provide financing and know-how to help make college happen and offer products and resources to help customers make new goals and experiences, beyond college, possible. Learn more at SallieMae.com. Commonly known as Sallie Mae, SLM Corporation and its subsidiaries are not sponsored by or agencies of the United States of America.

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Sallie Mae Launches New Credit Cards Designed for College Students and Young Adults (Photo: Business Wire)

Contact:

Rick Castellano
302-451-2541
Rick.Castellano@SallieMae.com