American consumer banking services provider Sallie Mae has launched three new credit cards for college students and young adults.
The newly launch cards are: Ignite, Accelerate and Evolve.
Sallie Mae Ignite is a cash back credit card. It has been designed to help college students create credit in responsible manners. Additionally, the cardholders will get 1% cash back on all shopping without any limitation or expiry date.
Also, the cardholders will receive a 25% bonus on cash back rewards received on all future purchases following six successive months of timely payments.
Sallie Mae Accelerate is said to be the only credit card that provides a cash back bonus when cardholders use their rewards to pay any student loan. It offers 1.25% cash back on all purchases.
Sallie Mae said that Evolve credit card automatically adapts as per the usage of the cardholders’ shopping habits.
The cardholders can avail 1.25% cash back on all shopping along with an automatic 25% bonus on cash back earned on the top two shopping categories in each billing cycle.
Sallie Mae chief marketing officer said: “For our customers, it’s not just about getting to, and graduating from college, but also reaching milestones after college. We are creating products that empower them to accomplish what’s next with confidence while fuelling their own financial independence.
“Our new credit cards, co-created and developed with students, parents, and recent graduates, offer simplicity and provide the right benefits at the right time, both during and after college.”
The cardholders will be able to get additional benefits such as cell phone insurance, instant perks, as well as free access to credit scores every month.