Sallie Mae credit card rewards getting gutted

[seattlecyclone]

I know many people on here have the Salle Mae credit card from Barclaycard, that offers 5% back on gas, groceries, and bookstores. This card has been closed for new signups for a while, so I wasn't too surprised to get a letter today saying they'll be replacing my card with a new one effective March 1. This one will offer a mere 2% back on groceries and utilities, 1% on everything else. If you apply your cash back to a student loan you get a 25% bonus on it, but it's still a major downgrade overall. I expect I'll cancel the card. One less thing to carry around, I guess.

[SomedayStache]

I was very bummed yesterday when I opened the same letter you got.  Aw well the writing had been on the wall.

I might open one of those Amazon cards that Amazon has been pushing at me for years to continue getting 5% at Amazon.

I'll have to figure out a new go-to gasoline card.  Any suggestions?

[Dave1442397]

I'm not sure if they still offer it, but I have a Pentagon Federal card that gives me 5% back on gasoline. Www.penfed.org

[seattlecyclone]

Along the same lines, what's a good grocery card these days? I already have the AmEx Blue Cash. Ponying up for the preferred version wasn't worthwhile before with the Sallie Mae card, but I might have to look into that again.

[meerkat]

There's another thread on this that might answer some of your questions already.

[nalor511]

Seems Amex blue cash preferred is the best replacement, and the $95 annual fee is covered by the additional 3% rewards as long as you spend at least $3167 on groceries each year. If you spend more, you come out ahead (of Amex blue cash non-preferred version)

[JimLahey]

Discover and Chase will have 5% Cashback on gas next quarter. I don't see the BCP being worth the annual fee for me. I'll miss my Sallie Mae card. It was good while it lasted.