(Note: Neither of these is necessary if your purchase was based on an advertisement we mailed to you, or if we own the company that sold you the goods or services.). 5. Telephone Communication Monitoring and Contacting You: You agree that your telephone communications with us or any of our representatives, affiliates or service providers may be monitored, recorded and retained by any of them. Credit One Platinum X5 Visa vs Sallie Mae Accelerate 2023 Liability for Account: Each of you (other than an Authorized User), including any person who has agreed to be responsible for payment of the Account, is individually and jointly liable for all amounts due under this Agreement regardless of who receives benefit from the Account or any divorce or other legal proceeding or agreement that may affect liability between or among each of you. If you redeem Rewards to make a student loan payment, an additional 25% of the amount of any Rewards that you redeem to pay down a student loan ("Bonus Rewards") will be included in the student loan payment. What Is a Federal Pell Grant & Who is Eligible? You agree that we are not obligated to accept payment checks drawn on a non-U.S. domiciled financial institution or entity or that do not contain proper signatures and amounts. This Account may not be eligible for Balance Transfers at all times. MARRIED WISCONSIN RESIDENTS: If you are married: (i) you confirm that this Account is being incurred in the interest of your marriage or family; (ii) no provision of any marital property agreement, unilateral statement, or court decree under the Wisconsin Marital Property Act will adversely affect a creditors interest unless, before the time credit is granted, the creditor is furnished a copy of that agreement or decree or is given complete information about the agreement or decree; (iii) you understand and agree that we will provide a copy of this Agreement to your spouse for his or her information. If you send a rejection notice we will give you a credit for the standard cost of a letter sent by certified mail. If our investigation shows that you are right, we will contact each credit reporting agency to which we reported the information and will request they correct the report. You also understand and agree that we may obtain a consumer credit report in connection with the review or collection of any extension of credit made to you or for other legitimate purposes related to such extension of credit. 5 Things to Know About Sallie Mae Credit Cards - NerdWallet "We," "us" or "our" mean Sallie Mae Bank and its successors or assigns. We will re-evaluate your financial condition, including your ability to make payments, if you request a higher Credit Limit, or at any time we deem it appropriate to review your Account, and this may include obtaining a current credit bureau report, and/or asking you for current financial information. We reserve the right to make promotional offers selectively available to cardmembers, based on cardmember activity, Program participation, or other factors, at our sole discretion. For any arbitration-related proceedings in which courts are authorized to take actions under the FAA, each party hereto expressly consents to the non-exclusive jurisdiction and venue of any state court of general jurisdiction or any state court of equity that is reasonably convenient to you, provided that the parties to any such judicial proceeding shall have the right to initiate such proceeding in federal court or remove the proceeding to federal court if authorized to do so by applicable federal law. The following terms as used in this Agreement mean the following: " means a transaction where you request us and we agree (i) to use your Account, or you use a Convenience Check we provide you, to pay down or pay off a debt you owe a creditor other than us; or (ii) to use your Account to transfer funds through an automated clearing house (". " Rewards cannot be combined with other discount or reward programs unless specifically authorized by us. Payments received in proper form at our processing facility after that time on a business day will be credited to your Account as of the next day. The cards will be issued by the Sallie Mae Bank and will offer options on earning around 1.25 points per dollar spent. You must not yet have fully paid for the purchase. Earn interest at a higher rate than a traditional savings account, with no monthly fees. If your mobile phone or other electronic device can function as a Card, you are solely responsible for protecting it in the same manner as protecting a plastic credit card or Account information. You agree we may change your Credit Limit and Cash Advance Limit at any time subject to applicable law. The Sallie Mae Evolve is for those whose spending patterns may vary from month to month. It will be up to the Claimant to commence the arbitration proceeding. E. ELECTING OR REQUIRING ARBITRATION: The Claimant may elect arbitration of a Claim by initiating an arbitration in accordance with the Administrators rules. Our Verdict These cards were launched in late 2019, the cards are issued by Sallie Mae Bank. It also gives a 25% bonus on any cash back rewards used to pay down your student loans with Sallie Mae. On each Purchase, we charge interest charges from the posting date of the Purchase on your Statement unless the Purchase posts during a Grace Period. While you do not have to pay the amount in question, you are responsible for the remainder of your balance. The cards are: Accelerate, Evolve & Ignite. 11. It also gives a 25% bonus on any cash back rewards used to pay down your student loans with Sallie Mae. If this occurs, any Rewards you earn after that time will be applied to restore the Rewards balance at least back to zero. We will also pay all such fees we are required to bear: (a) under applicable law; or (b) in order to enforce this Arbitration Provision. SURVIVAL; PRIMACY: This Arbitration Provision shall survive your full payment of amounts due on your Account under the Agreement; termination or cancellation of the Agreement; our sale, assignment or transfer of the Agreement, the Account or any Account receivables; any legal proceeding to collect a debt owed by you; any bankruptcy or insolvency; and any postponement of payments, waiver of payments or modification granted pursuant to the Agreement. Within 30 days of receiving your letter, we must tell you that we received your letter. c) We may terminate your participation in any Promotional Plan if you fail to make any Minimum Payment Due by the Payment Due Date shown on your Statement during the promotional or introductory period or for any other reason as provided under the Promotional Plan. When required by law to advise you that you have a legal right to reject any changes we make, we will provide an explanation about how to do that. The excitement looms! These terms also include any party named as a co-defendant with us in a Claim (as defined below) asserted by you, such as a credit reporting agency, a merchant accepting a credit card, a servicing company or a debt collector. 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. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. ". " This ARBITRATION PROVISION does not apply if you are a covered borrower under the Military Lending Act on the date this Account is opened. By accepting a Card, activating or using the Account, allowing someone else to do so, or so otherwise agreeing to be liable for amounts due under this Agreement, you agree to and accept the terms of this Agreement, as such terms may be changed from time to time by us. You will be responsible for and obligated to pay all Account transactions made by such person(s), including all related interest and fees, whether or not you intended to be responsible for such charges. Please note that examples contained in the Program Rules are for illustration purposes only. Amounts drawn on any other credit account you have with us will not be accepted for payment on this Account or any other Sallie Mae account. Beginning with the first billing cycle following the Promotional Plan, the applicable APR and the corresponding DPR will be determined in accordance with Section 5(a). The Claimant will select the Administrator by filing a Claim with the Administrator of that partys choice. 04-26-2015 10:03 AM Re: sallie mae approved scores? Change of Contact Information: You agree to notify us promptly if you change your name, address, telephone number or any other contact information. You also agree that if the U.S. Costs of any appeal will be governed by Section F. above. . Notwithstanding the foregoing, the term "Claim" includes any dispute about the validity or enforceability of this Agreement, as a whole; any such Claim is for the arbitrator, not a court, to decide. No annual fee and apparently up to ten times a day with every purchase you get a chance to win $10k towards student loans. You agree never to use your Card or a Convenience Check when the use would exceed your Credit Limit or Cash Advance Limit, and that we are not obligated to extend credit to you for an amount that would cause your outstanding balance to exceed your Credit Limit or Cash Advance Limit, or for any amount if your outstanding balance is already over the Credit Limit. For each Cash Advance and Balance Transfer, we charge interest charges from the posting date of such transaction. "You" or "your" mean each person who is liable for payment of the Account and has the ability to use the Account. Contents [ hide] 1 Overview 1.1 APRs: 1.2 Fees: 1.3 Card Benefits 1.4 Card Negatives 2 Application Information 2.1 What Credit Score Is Required 2.2 What Credit Bureau Does Barclaycard Pull For The Sallie Mae Card? Sallie Mae Is Launching Three New Credit Cards - The Points Guy 15. Sallie Mae Rewards Master Card Review: 5% Cash Back - Doctor Of Credit Salle Mae Accelerate This card earns 1.25% everywhere with no limit. However, transactions subject to any such terms and conditions are also subject to this Agreement. We may close your Account or suspend your ability to use your Account or a Card or Convenience Check to make a transaction, or otherwise cancel, or limit this Agreement at any time for any reason or no reason, and without notice to you, subject to applicable law. IF APPLICABLE, THE ARBITRATION PROVISION WILL SIGNIFICANTLY AFFECT YOUR RIGHTS IF A DISPUTE ARISES BETWEEN YOU AND US. You agree never to use your Card or a Convenience Check when the use would exceed your Credit Limit or Cash Advance Limit, and that we are not obligated to extend credit to you for an amount that would cause your outstanding balance to exceed your Credit Limit or Cash Advance Limit, or for any amount if your outstanding balance is already over the Credit Limit. 7. Sallie Mae Accelerate Credit Card has a variable purchase APR that ranges from 15.99% up to 27.99%. We are not liable to you for any expense or loss you incur arising from the actions we may take with respect to a post-dated check. Liability for Unauthorized Use: If you notice the loss or theft of your Card, a Convenience Check, or a possible unauthorized use of your Card or Convenience Check, you should write to us immediately at: PO Box 637, Menlo Park, CA 94026, or call us at 888-295-3447. Sallie Mae (Accelerate and Evolve) Credit Cards: $200 Credit Card If you do so, we cannot report you as delinquent without also reporting that you are questioning your bill. The purchase must have been made in your home state or within 100 miles of your current mailing address, and the purchase price must have been more than $50. 17. means the total amount of credit available on your Account. You agree that unauthorized use does not include use by a person to whom you have given authority to use the Card or any Convenience Check, and that you will be liable for all use by such a person until you notify us that such authority to use the Card or Convenience Check is no longer authorized. A. "Balance Transfer" means a transaction where you request us and we agree (i) to use your Account, or you use a Convenience Check we provide you, to pay down or pay off a debt you owe a creditor other than us; or (ii) to use your Account to transfer funds through an automated clearing house ("ACH") transaction to a deposit account you designate. Events of Default:Subject to applicable law, we may declare your Account to be in default under this Agreement if any of the following events occur: (a) you fail to pay any Minimum Payment Due on or before its Payment Due Date; (b) you breach any other term of this Agreement or of any other obligation or agreement you have or will have with us or any of our affiliates; (c) you die or become insolvent; (d) a petition is filed or other proceeding is started under the federal Bankruptcy Code or any state insolvency statute by or against you; (e) a receiver is appointed or a writ or order of attachment, levy or garnishment is issued against you or any of your property assets or income; (f) we believe in good faith, that the likelihood of your paying or performing all your obligations under this Agreement is impaired; or (g) you make a fraudulent, false or misleading statement in your Account application or otherwise in connection with any other obligation or agreement you have with us or any of our affiliates. Each such APR (and DPR) may change each billing cycle if the Index changes. New Sallie Mae credit cards: Are they worth it? You must be an individual and use the Account only for lawful personal, family or household purposes, and not for any business, commercial or investment purpose. Any calculations that result in more than two decimal places are rounded up or down to the nearest whole cent (e.g., $0.005 will be rounded up, while $0.004 will be rounded down). It also gives a 25% bonus on cash back rewards earned from your top two purchase categories each month. 3 Rewards Program 3.1 Earning Rewards 3.1.1 Sign Up Bonus 3.1.1.1 Current Sign Up Bonus Changes will not apply to existing balances except where permitted by applicable law. Any increases in your Credit Limit you request will require that you make either a written, oral or electronic application for our approval. "Purchase" means using your Card (including through a mobile device or mobile wallet) to purchase or lease goods or services, or to make any transaction which is not a Cash Advance or Balance Transfer. We cannot try to collect the amount in question, or report you as delinquent on that amount. The provisions of this Agreement apply to any Promotional Plan offering, unless otherwise provided in this Agreement or under the Promotional Plan offering. Salle Mae Credit Cards - Page 3 - myFICO Forums - 5602811 Other Fees: The fees listed below will be treated as Purchases on your Account. In your letter, (i) provide your name and the Account number, (ii) identify the specific information that is being disputed, (iii) explain the basis for the dispute, and (iv) provide any supporting documentation you have that substantiates the basis of the dispute. This notice tells you about your rights and our responsibilities under the Fair Credit Billing Act. 23. We may require proof of a student loan. You should sign the back of your Card before using it. You agree to allow us, at our discretion, to place a hold on your Account until such payment amount has been finally collected, and to debit your deposit account or to reduce your payment, to cover any collection and processing fees associated with handling these payments. If we disagree with you after our investigation, we will tell you in writing. F. LOCATION AND COSTS: Any arbitration hearing that you attend will take place in a location that is reasonably near your residence or in another location agreed to by you and us. You will notify us promptly if your Card or any Convenience Check is lost, stolen or if there is unauthorized use of your Card or a Convenience Check, or if someone uses your Card to make unauthorized purchases at merchants not authorized to accept your Card. Rewards may not be transferred or assigned to any other party, and any attempt to do so shall be void and of no legal effect. Each card caters to a slightly different stage of life students trying to establish credit, college graduates who are paying down student loans and adults who want cash back rewards. We may seek to collect on this Account from any of you, in any order we wish, without losing our rights to collect from any of you. The Prime Rate is simply a pricing index and may not be the lowest interest rate available. b) Returned Payment Fee: If payment of a check or similar instrument, sent to us in payment on your Account, is not honored or is returned, or if an automatic debit cannot be processed, your Account will be charged a Returned Payment Fee of $28 for the first returned payment and $39 for any subsequent returned payment during one of the next six billing cycles. If you think there is an error on your statement, write to us at: Sallie Mae, PO Box 1230, Menlo Park, CA 94026. Sallie Mae Accelerate Credit Card Review 2023 - Forbes Advisor They are currently only available by invitation. The arbitrators award will be final and binding, except for: (1) any appeal right under the FAA; and (2) Claims involving more than $50,000. The average American that spends $1000 per month will earn $180.00 in cash back per year using the Sallie Mae Accelerate. MARYLAND RESIDENTS:You have the right to answer to your written inquiry concerning the status of your Account within 60 days after we receive your inquiry. Giving another person a device that functions as a Card and/or any information necessary to use the device as a Card has the same consequence for you as permitting such person to use your Account. Your initial Credit Limit and your Cash Advance Limit are provided on the Card carrier and are included in this Agreement by reference. Sallie Mae has launched three new credit cards. Sallie Mae launches three new credit cards aimed at you. This rate must include, as applicable to the credit transaction or account: The costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any application fee charged (other than certain application fees for specific credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account). Cash Advances, including cash-like transactions, Balance Transfers, convenience check amounts, purchases we believe to have been made by or for a business or for a business, commercial or investment purpose, Account fees, interest charges, and unauthorized or fraudulent transactions do not qualify as Eligible Purchases and do not earn Rewards. Sallie Mae is not responsible for unauthorized redemptions on your Account. If you wish to make a payment in satisfaction of a disputed amount or balance, you must send it to PO Box 666, Menlo Park, CA 94026 with a letter of explanation. 10. To the extent permitted by law, you knowingly and voluntarily waive any right to trial by jury in the event of litigation arising out of or related to this Agreement. Seems amazing (for a year) tbh. When we assess a Negative Rewards Adjustment, the amount of that adjustment will also be applied to your negative rewards balance. 30. If the Index has changed, the new APR (and DPR) will apply to your Account as of the first day of your next billing cycle. For context, the average annual rewards payout from the cashback credit cards in the investor.com database is $181.73. Based on such reviews, we may immediately increase or reduce your Credit Limit, or close the Account, without prior written notice to you except as required by applicable law. We will temporarily or permanently suspend your ability to earn Rewards if any of the following events occur: Your ability to earn Rewards may be suspended if your Account's New Balance exceeds the Credit Limit, or you or an Authorized User of the Account engage in fraudulent activity on any other Sallie Mae loan, account or product. We will also tell you if we have already corrected the error. If you have a Promotional Plan balance and you continue to use your Account to make Purchases, you will lose your Grace Period on new Purchases if you do not pay your entire New Balance, including the Promotional Plan balance, by the Payment Due Date. Redeem 2% cash back to help pay down any student loan, federal or private, or 1.5% for everything else. Agreement in Writing: This Agreement (including this Cardmember Agreement and the Supplement), is the final expression of the agreement between you and us and it may not be contradicted by evidence of an alleged oral agreement. Postal Service or one of its agents is in error. We are not liable for any refusal by anyone to honor your Account, Card or a Convenience Check. No longer in school? We are not responsible if a transaction violates such terms and conditions. If neither the AAA nor JAMS is able or willing to serve as Administrator, you and we will mutually agree upon an Administrator or arbitrator, or the court will appoint the Administrator or arbitrator or arbitrators (in the case of a three-arbitrator panel provided for in Section H., below), subject to the limitations set forth above regarding the Class Action and Multi-Party Waivers. 13. Sallie Mae Accelerate? : r/CreditCards - Reddit Also, "Claim" does not include disputes about the validity, enforceability, coverage or scope of this Arbitration Provision or any part thereof (including, without limitation, this sentence, the Class Action and Multi-Party Waivers or, subparts (A) and (B) of Section K. below, captioned "SEVERABILITY"); all such disputes are for a court and not an arbitrator to decide. "Cash Advance" means a transaction where you use your Account up to your Cash Advance Limit in any of the following ways: (i) to obtain cash from financial institutions that accept cards of the payment network associated with your Card; (ii) to obtain cash by making a withdrawal using your Card at an automated teller machine that can access your Account; or (iii) to make other transactions that are similar to cash transactions, including but not limited to, purchases of wire transfers, money orders, travelers checks, foreign currency, lottery tickets, off-track bets and casino gambling chips. The Mobile App Rewards balance will be the most up-to-date and may therefore differ from the Rewards balance reflected on your Statement. The accrual and/or redemption of Rewards is void where prohibited by law. EQ 733 EX 715 I do have 5 inquiries. Illegal Activities and Card Use: You agree not to use your Card or Account to engage in activities deemed illegal by federal and/or state laws, including, but not limited to, certain internet gambling. We reserve the right to refuse to add any Authorized User(s) to an Account. If you use your Card or Account to engage in such activities, you understand that you will nevertheless be liable for any resulting transactions made by use of your Card or Account, and any related interest and fees. In such a case the parties will request that the court stay the Claim for public injunctive relief until the arbitration award pertaining to individual relief has been entered in court. This notice may be given after a lawsuit has been filed and may be given in papers or motions in the lawsuit. We reserve the right to offer you additional ways to redeem Rewards from time to time at our option, such as for merchandise, gift cards or other options. Purchases made with Cash Advances from an ATM or with a check that accesses your credit card Account do not qualify. If a daily balance is less than zero, we will treat it as zero: For the Purchase category of transactions, for each day in the billing cycle: (i) we start with the beginning Purchases balance for such day (which equals the daily balance of Purchases for the immediately preceding day), if any; (ii) as of the first day of the billing cycle, if the immediately preceding billing cycle was a Grace Period we subtract all payments and credits applied to Purchases and posted by the Payment Due Date in the current billing cycle, and make any other necessary debit or other adjustments; (iii) we add any new Purchases (including other fees), if any; and. We then add up all such interest charges to get your total interest charges. Enriched Data. You may not use this Account to make a payment on any Sallie Mae loan account you may have with us (other than pursuant to the terms of any rewards program we may offer). Sallie Mae Evolve Beginning with the billing cycle following a Payment Holiday, you agree that all of the provisions of this Agreement shall apply.
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