Benzinga | Jul 29, 2021 10:11AM EDT

Sallie Mae Enhances Cash Back Features on Accelerate and Evolve Credit Cards

Sallie Mae(r) today announced increased cash back rewards for its Accelerate and Evolve Mastercard(r) credit cards. Sallie Mae's Accelerate credit card now offers one of the most generous benefits in market when customers use rewards to pay down student loans. Accelerate card holders will now receive 2% cash back on rewards redeemed to pay down any federal or private student loan.

In addition, Sallie Mae's Evolve credit card, which automatically adjusts its rewards to how customers use their card, will also offer 2% cash back on cardholders' two highest-spending categories.

Both Accelerate and Evolve customers also receive unlimited 1.5% cash back on all purchases, and can earn $200 after they spend $1,000 in the first 3 months. Sallie Mae credit cards feature 100% U.S. based customer service, and cell phone insurance. The new and enhanced cash back rewards will be made available to both current and new credit card holders.

"Our cards are designed to empower customers with the tools to build a confident financial future," said Jennifer O'Donald, senior vice president, Sallie Mae. "Whether they want help paying down a student loan, or to be rewarded for their own unique spending habits, our new cash back features will help customers accelerate their progress."

Sallie Mae also offers Ignite, a credit card designed specifically for college students to help them establish credit responsibly. Ignite is the only card with cosigner capability offered by a major bank, and cardholders who make six consecutive, on-time payments unlock a 25% bonus to earn 1.25% unlimited cash back on everyday purchases. Ignite customers can earn $50 after they spend $250 in the first 3 months.