Sallie Mae Accelerate Credit Card

Sallie Mae Accelerate Credit Card Review

This is a cashback card issued by Sallie Mae. If you're wondering whether Sallie Mae Accelerate Credit Card is the right card for you, read on.

Key Takeaways

• Generous reward rate. You can get a maximum cashback rewards rate of up to 2.5x.
• 0% APR balance transfer intro rate. Offers an introductory 0% APR rate on balance transfers for up to 15 months, which is longer than the average 0% APR period of 12 months.
• 0% APR on new purchases. New cardholders receive an introductory 0% APR rate on new purchases for up to 15 months.
• Competitive APRs. Sallie Mae Accelerate Credit Card has a variable purchase APR that ranges from 15.99% up to 27.99%.
• No annual fee. This is a great option for people looking for a low-maintenance cashback card. It gives you cashback on your eligible purchases, but you don't have to pay an annual fee for the privilege.
• 3% Balance transfer fee. Sallie Mae Accelerate Credit Card charges a fee of 3% on balance transfers. For example, a balance of $1,000 could cost $30 in transfer fees. The minimum fee is $5.
• Charges foreign transaction fees. Avoid using this card when traveling abroad because it charges a commission of 3% every time you make a transaction outside the U.S.
• Fair or better credit required. You will have good approval odds if your credit score is above 650.

Pros & Cons of Sallie Mae Accelerate Credit Card

The Good

The Bad

Potentially lower than average purchase APRs. 0% APR balance transfer intro rate on balance transfers for up to 15 months. 0% APR on new purchases during the first 15 months. There is then a variable purchase APR that ranges from 15.99% up to 27.99%. No annual fee. Identity Theft Protection. Cardholders can earn rewards on purchases everywhere Sallie Mae Accelerate Credit Card is accepted. Sallie Mae Accelerate Credit Card reports to multiple credit bureaus.

Does not offer a signup bonus. Charges a foreign transaction fee of 3%. Charges a 3% balance transfer fee

Sallie Mae Accelerate Credit Card FAQ

Does Sallie Mae Accelerate Credit Card have a cash back or rewards program?

This is a cashback card. This means you earn a percentage of your purchases as cash back rewards. You will receive 1.25% cash back on travel, dining, groceries, drugstore purchases, or any other purchase. For example, if you buy a $1,000 laptop, you will receive $12.5 back in cash. However, you can earn up to 2.5% for purchases in a bonus category.

Sallie Mae Accelerate Credit Card Rewards

Minimum rewards rate	1.25x
Max rewards rate	2.5x
Annual rewards limit	N/A

What are the Sallie Mae Accelerate Credit Card benefits?

It provides the following benefits:

• Zero fraud liability
• Cell Phone Protection
• Reports to major credit bureaus

What are the relevant APRs for Sallie Mae Accelerate Credit Card?

According to the Federal Reserve Board, the average regular APR is 15% for all credit cards and 17% for accounts that carry a balance. This card has lower than average regular APRs.

Sallie Mae Accelerate Credit Card has a variable purchase APR that ranges from 15.99% up to 27.99%. The card has a variable balance transfer APR that ranges from 15.99% up to 27.99%. It also has a variable cash advance APR of 27.99% .

What are the fees for Sallie Mae Accelerate Credit Card?

The following fees apply:

• There is no overlimit fee

Sallie Mae Accelerate Credit Card Fees

Description
Cash Advance Fee Minimum	$10
Cash Advance Fee (%)	Up to 5%
Minimum Cash Advance Fee ($)	Starting at $10
Foreign Currency Transaction Fee	3%
No Annual Fee?
Annual Fee	$0
Minimum Interest Charge	$0.50
Over-Limit Fee	$0
No Interest Grace Period for Late Payment	23 days
Returned Payment Fee	Up to $39
Late Fee Amount	Up to $39

This card does not charge an annual fee, which makes it a smart choice for consumers looking for a low-cost cashback card.

Does Sallie Mae Accelerate Credit Card report your account activity to credit bureaus?

Yes, Sallie Mae Accelerate Credit Card reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

How to apply for Sallie Mae Accelerate Credit Card

• Visit the Sallie Mae Accelerate Credit Card website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, and annual income.
• Check the information is accurate and submit your application.

If your credit score is preventing you from qualifying for this credit card, check out our guide for the best credit cards for bad credit.