The Sallie Mae Rewards card had not been available to new applicants for about a year. Prior to that, it was originally marketed with students in mind, but quickly became a favorite for anyone looking for high cash back rewards. The card offered 5% cash back on Amazon.com, books, gas, and grocery purchases, and 1% cash back on all other purchases.
Legacy cardholders continued to enjoy the benefits of the card at no annual fee. On March 1, 2017, that will change. According to the letter sent to cardholders:
With the new Commence Mastercard, you’ll earn 2% cash back on grocery store and utility (cable, phone, internet, electric and gas) purchases and 1% cash back on all other purchases.
In other words, it’s no better than many other credit cards that currently exist. Sad to see a good rewards card bite the dust.