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Sallie Mae Accelerate Card

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This card is touted as “the only cash back credit card that gives you a bonus when you use your rewards to pay down a student loan.” If you’re approved for this card, you’ll be entered into a monthly drawing (for 12 months) to win $10K towards paying off your student loans.

Our rating
Credit range: Fair
Annual Fee: $0
Regular APR: 14.74%–24.74% Variable
Intro Purchase APR: 0% for 6 months

Sallie Mae Accelerate Card

Our rating
Fair Credit range
$0 Annual Fee
Apply Now

Highlights & Features

Rewards

  • 1.25% cash back on all purchases
  • 25% bonus on your cash back rewards when you use them to pay down your student loans

Balance Transfers

A balance transfer is a way to move credit card debt from one credit card to another with the goal of saving money on interest.

Intro Balance Transfer APR None
Regular Balance Transfer APR 14.74%–24.74% Variable
Balance Transfer Fee 3%, $5 minimum
How to Transfer a Balance on a Credit Card

Fees

Penalty APR N/A
Late Fee Up to $39
Returned Payment Fee Up to $39
Additional Cards Annual Fee N/A
Foreign Transaction Fee 3%
Learn About Types of Credit Card Fees

Cash Advances

Borrowing cash on your credit card is a cash advance. Cash advances usually come with very high fees. Even worse, cash advances can signal to lenders that you’re being irresponsible with money.

Cash Advance APR 26.74% Variable
Cash Advance Fee 5%, $10 minimum
How to Get a Cash Advance with a Credit Card
Sallie Mae Accelerate Card

Highlights

  • 0% purchase APR for 6 months, then your rate will be 14.74%–24.74% Variable
  • 1.25% unlimited cash back on all purchases
  • 25% bonus on your cash back rewards when you use them to pay off student loans
  • If approved, you’ll be automatically entered each month to win the Swipe Away $10k Sweepstakes that goes towards paying off your student loans
  • No annual fee
ABOUT THE ISSUER

Sallie Mae Bank

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1-888-295-3447

The Sallie Mae Accelerate card is designed for recent graduate students with student loans, and is touted as “the only cash back credit card that gives you a bonus when you use your rewards to pay down a student loan.”

You’ll earn 1.25% cash back for all purchases, and you’ll get a 25% bonus when you use your cash back rewards to pay off your student loans.

You’ll have a 0% intro purchase APR for 6 months, then your rate will be 14.74%–24.74% Variable.

This card has no annual fee.