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This bank card enables you to make rewards to cover your student loans off — but will it be a great deal?

This bank card enables you to make rewards to cover your student loans off — but will it be a great deal?

Posted: Oct 15, 2019 9:38 a.m. ET

Sallie Mae has rolled down three brand new bank cards targeted at university students and current graduates

JacobPassy

Education loan giant Sallie Mae SLM, +0.44% happens to be providing three bank cards created for the collegiate set — including one which lets people utilize their cash-back rewards to repay figuratively speaking.

However for some, the move that is smarter be to register for other credit-building cards available on the market.

The 3 credit cards — Sallie Mae Ignite, Sallie Mae Accelerate and Sallie Mae evolve — are all structured likewise. Each features a base price for cash-back benefits, after which an additional 25% bonus on benefits if users satisfy particular needs. Here’s exactly how they break up:

• The Sallie Mae Accelerate card offers 1.25% right right straight back on all acquisitions, but individuals will get a supplementary 25% bonus regarding the benefits in the event that benefits are widely used to lower any federal or student loan that is private. This is done through Sallie Mae’s mobile app.

• The Sallie Mae Ignite card, which can be meant to help university students develop credit, will pay 1% cash return on all purchases. Card holders are able to unlock a 25% bonus on benefits acquired on all purchases that are future they make six consecutive months of on-time re re payments.