SallieMae is cancelling their Rewards Credit Card and replacing it with a spade, neutered, abused, and black and blue ‘Commence’ card. NO ONE wants this as the rewards are simply laughable. It’s best to use it as a coaster. .
How’s it going everybody business speed the bush my sally made credit card that gets five percent on gas and groceries recently got canceled this is what the car looks like it gives you five percent on gas and groceries on up to $250 per month on each of those categories and you can also buy $750 worth of books per month and you can also get 5% on this card you see
Over here it’s being cancelled on march 1st 2017 and you know i don’t really appreciate the fact that they’re saying they’re cancelling it and then it goes hey look you get this new card and you get all these benefits which are obviously a lot worse look at earn 2% cashback on groceries and utility this is basically like worse than anything i’ve seen 2% you can get
2% on everything on citi double cash back and one person on everything else basically they’re neutering this card and killing it off and giving you this ugly commence sally me card that no one ever wants now actually need the 5% cash back groceries because i use it to buy all the groceries for my cooking videos here these credit cards always seems to be changing
Their policy and stuff so it becomes kind of like a cat-and-mouse game they change it all the time try to mess with the consumer you know when the credit card is really good and a lot of people are using it they go just kidding you can’t use that anymore and let’s do something else that’s more complicated to confuse a consumer but this stuff happens all the time
And we can adapt and we can actually pull through this if you have this card you might be tempted to cancel it because it’s of no longer good use to you but it might be good to hold on to this because you can take advantage of this low balance cancellation thing i’ll leave a link over here and i’ll discuss a little bit more about that but you can keep it around
Get a low balance cancellation and you might want to keep your credit card around so your credit score doesn’t take a hit from the reduction in your total credit limit this cancellation of a really good credit card is actually nothing new long time ago i used to use a discover card that get 5% on gas this is not a rotating thing they used to have this and you can
Always just get gas with the discover card and you get 5% since a long time ago they did cancel a and credit cards company since then have introduce these categories thing that make it harder for the consumer to keep track of which category that you can spend in that you can get the most cash back the way i see it once the consumer is really really used to this
Switching per quarter thing and everyone is up to date on it they’re gonna change something else maybe they’re gonna do it like monthly or something maybe they’re gonna do it a daily rotation every single day is gonna be a different category where you get 5% or something ridiculous like that maybe they’re even gonna introduce a credit card where you actually don’t
Know which category that you’re gonna get a few percent cashback in maybe it’s just gonna be random you buy something and it’s gonna be a lot of 1 to 5 percent it’s gonna be like okay you happen to get something it’s gonna be a random draw between 1 and 5 percent okay today you get 3 percent and then tomorrow you buy some groceries oh it’s gonna be 1% and then you
Buy some gas so it’s three and a half percent or something i don’t know anyway going forward instead of the 5 percent gasoline groceries from the sallie mae you can actually get three percent gas permanently throughout the whole year on a chase ink card you can also get a three percent cash back on groceries up to six thousand dollars on an amex blue everyday card
Now i just did a video on an amex blue cash everyday and preferred card one of them have 3% the other one have 6% and i need to take comparison between the two i’ll leave the video over here so you can check that out if you want to there’s one last trick up my sleeve that i can actually try to get a forty percent cash back let me show you that card so it appears
Barclaycard really wants me to get this for a clay cash forward card you get $200 cash back reward bonus after you spend $500 in the first 90 days i showed you this card before but basically you get one man a half percent cash rewards on this card so you might think this might be kind of cheating because $200 cash bonus it’s just a bonus it’s a one-time thing but
You can think of it two different ways you can go hey you know i’m just gonna get $200 and this is a one-time deal or you can just go hey i’m always gonna try to get some of these cash back rewards and i’m just going to put my everyday spending on to the purchase requirements and you can kind of look differently instead of getting $200 as a one-time thing you can
Go i’m really getting 40% cash back so if i split it over three months every single month i spend one hundred sixty six dollars and that’s really like getting sixty six dollars cash back out of one hundred sixty six dollars that’s 40% now you got to consider the opportunity cost here if i didn’t get this 40% card i could have just spent it on an ink card and in
Combination with the amex blue everyday card where they get three percent right so as a baseline i’m gonna get three percent anyway but switching over to this i’m gonna get 40% just for a short duration so i can kind of only look at this as a thirty seven percent cash back because that’s the incremental game that i’m getting over the standard three percent that i
Would be getting with other cards that’s it for today i’m just showing you the thinking process behind whenever a credit card cancels they’re really good cash back credit card and what you can do to adapt to this don’t forget to give me a like on this video comment down below let me know if you have a sallie mae credit card as well and what you’re doing about it
And don’t forget to subscribe thanks for watching
Transcribed from video
When Your Best Cash Back Card Gets Cancelled | BeatTheBush By BeatTheBush
