NEW YORK ( MainStreet) -- Sallie Mae (SLM), the nation's leading college financing provider, has changed dance partners on its credit card program, and consumers may want to an answer to that age-old question:
"What's in it for me?"
Sallie Mae is hoping college students will get on board with its new program.
On Wednesday, Sallie Mae announced it had turned away from its old bank provider, Bank of America (BAC - Get Report) and has turned toward Barclaycard US (BCS) for its new Upromise World Master Card (MA - Get Report).
The program is billed as a college savings plan with credit card cash rewards as its centerpiece. Consumer use the card for payments and earn cash-back payments of up to 10% in some cases, although the deal with Barclays changes the payout levels customers of the Bank of America were accustomed to.The payout system:
- 5% cash back for college on eligible online purchases at hundreds of major online retailers through Upromise.com
- 4% cash back at Upromise Dining restaurants
- 3% cash back on eligible gas purchases at Exxon or Mobil (XOM) locations
- 2% cash back at eligible movie theaters
- 1% on everything else
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