Sallie Mae launches credit cards aimed at student loan borrowers

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For those struggling with student debt, a new credit card is hardly the answer.

Yet, lender Sallie Mae is banking on a few new offerings specifically geared toward recent grads with college loans.

As more people in the U.S. struggle to keep up with their credit card and student debt, the student loan lender recently rolled out three new cash-back cards with Mastercard — Ignite, Accelerate and Evolve

The Accelerate card comes with 1.25% cash back on all purchases plus an extra incentive for student loan borrowers: a 25% bonus on cash-back rewards that are used to pay down any federal or private student loan.

With Ignite, cardholders earn 1% back on purchases and a 25% bonus on cash-back rewards after making six consecutive on-time payments.

“The goal is not to increase debt but to establish credit and do so responsibly,” said Rick Castellano, a spokesman for Sallie Mae…..Read more>>

 

Source:-cnbc

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