How We Will Calculate Your Balance: We use a method called "average daily balance (including new purchases)."
Loss of Introductory APR: We may end your introductory APR and apply the non-introductory APR based on your creditworthiness when you open your account if you make a late payment.
Prime Rate: The Index for variable APRs is based on the Prime Rate. The Index is 5.25% as of 8/1/2019. The way that APRs vary with the Prime Rate is described in the Cardmember Agreement (“Agreement”).
1Introductory APR: The Daily Periodic Rate for the introductory Purchase APR is 0%.
2Purchase APR:The Annual Percentage Rate of 14.99% to 24.99% for Purchases is equal to the Prime Rate plus a margin of 9.74% (Daily Periodic Rate currently 0.0410685%) to 19.74% (Daily Periodic Rate currently 0.0684658%).
3Balance Transfer APR: The Annual Percentage Rate of 14.99% to 24.99% for Balance Transfers is equal to the Prime Rate plus a margin of 9.74% (Daily Periodic Rate currently 0.0410685%) to 19.74% (Daily Periodic Rate currently 0.0684658%). Your account may not be eligible for Balance Transfers at all times. We may make Balance Transfers available to you as we determine in our sole discretion.
4Cash Advance APR: The Annual Percentage Rate of 26.99% for Cash Advances is equal to the Prime Rate plus a margin of 21.74% (Daily Periodic Rate currently 0.0739452%).
Payment Allocation: If your account has balances with different APRs, the amount of each of your payments equal to or less than the Minimum Payment Due is typically allocated to balances with the lower APRs before balances with higher APRs. We allocate the amount of each payment that is greater than the Minimum Payment Due to the balances with the highest APR first, then to lower APR balances in descending order of APRs.
CHANGE IN ACCOUNT TERMS: All account terms are governed by the Agreement. Account and Agreement terms are not guaranteed for any period of time; all terms, including fees and the APRs, may change in accordance with the Agreement and applicable law. We may change them based on information in your credit report, market conditions, business strategies, or for any reason. If we do, we will give you all legally required notices and the right to opt out of certain changes.
Cash Back Rewards Program Summary: There is no total cap on the cash back rewards (“Rewards”) you can earn and Rewards do not expire. You can earn Rewards at a rate of 1.25% for each $1 of eligible retail purchases once they are posted to your account (“Base Rewards”). 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. As soon as you have reached $25 in Rewards, you can pay down a student loan or request a statement credit or electronic deposit into a checking or savings account for the total accumulated Rewards balance. Bonus Rewards will not be awarded if Rewards are redeemed through a statement credit or electronic deposit into your bank account. Your account must be current to redeem Rewards. You may not earn Rewards or Rewards may be forfeited if your account becomes delinquent, exceeds the credit limit, or is in default under the Agreement, if you engage in fraudulent activity or become bankrupt, or if you or we close your account for any reason, including for inactivity or because we believe you present an increased credit risk. Rewards earned cannot be combined with other discount or reward programs unless specifically authorized by Sallie Mae Bank. When you become a cardmember, you will receive the full Rewards Program Rules. The terms of the Rewards Program are subject to change at any time.
California Residents: A married applicant may apply for a separate account. After credit approval, each applicant shall have the right to use this account to the extent of any credit limit set by the creditor and each applicant may be liable for all amounts of credit extended under this account to each joint applicant.
Ohio Residents: The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio civil rights commission administers compliance with this law.
New York Residents: New York residents may contact the New York State Department of Financial Services by telephone or visit its website for free information on comparative credit card rates, fees and grace periods. New York State Department of Financial Services: 1-877-226-5697 or http://www.dfs.ny.gov
Delaware and Oregon Residents: Service charges not in excess of those permitted by law will be charged on the outstanding balances from month to month. You may pay more than the minimum payment due, up to your entire outstanding balance, at any time.
Effect of APR Increases: If an APR Increases, interest charges increase and your minimum payment may increase.
This credit card program is issued and administered by Sallie Mae Bank. Any account opened in response to this application shall be governed by the laws of the State of Utah.