If you have student loans or just appreciate a generous cash back rewards program, the Sallie Mae World Mastercard is ideal. Especially if your credit is excellent, you could enjoy a very low APR in addition to your cash rewards. But rewards seekers who love to travel will be disappointed with the rewards available for this card.
The best candidates for the Sallie Mae World Mastercard are individuals with excellent credit who also have loans with Sallie Mae. That's because one of the perks of this card is that it allows cardholders to apply cash back rewards toward Sallie Mae student loans. But the Sallie Mae World Mastercard is also a regular credit card, available to the general public.
There are no annual fees.
The Sallie Mae World Mastercard offers cash back rewards exclusively. Cardholders earn 1 percent cash back on all purchases. Cardholders also earn 5 percent cash back each month on the first 250 dollars spent using the card for gas and another 5 percent cash back each month on the first 250 dollars spent using the card for groceries. Cardholders also earn 5 percent cash back each month on the first 750 dollars spent on books.
Foreign transactions are subject to a 3 percent fee, payable in US Dollars, which is ironic, given the name of the card.
Late payment penalties and returned payment penalties are up to 37 dollars. Cash advances are charged either 10 dollars or 5 percent for each transaction, whichever is greater.
The Sallie Mae World Mastercard has one of the most generous cash back rewards programs For individuals with student loans, the Sallie Mae World Mastercard could be a great resource. Bookworms could also finance a good portion of their libraries. But travelers or individuals who want merchandise included among the perks for their cards should look elsewhere.