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?"
On Wednesday, Sallie Mae announced it had turned away from its old bank provider, Bank of America ( BAC) and has turned toward Barclaycard US ( BCS) for its new Upromise World Master Card ( MA). 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:
|Sallie Mae is hoping college students will get on board with its new program.|
- 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