Sallie Mae Double Your Cash Back FAQs
How does the double cash back offer work?
Sallie Mae will automatically match the net Base Rewards you have earned during your account’s first twelve months (defined as the first twelve consecutive billing cycles), up to $20,000 in net annual spend, and apply the double cash back Reward amount to your Rewards balance in the following one to two billing cycles.
Base Rewards are cash back rewards (“Rewards”) earned on eligible retail purchases made by the cardmember once they are posted to your account. The following transactions do not earn Rewards: Cash Advances, including cash-like transactions, Balance Transfers, convenience check amounts, purchases we believe to have been made by or for a business, commercial or investment purpose, Account fees, interest charges, and unauthorized or fraudulent transactions.
In order to be eligible for the double cash back Reward amount, your account must be open and current (i.e., not past due) at the time we calculate your potential match. Please see the Rewards Program Terms and Conditions for additional details on Rewards eligibility.
Once the offer ends after the first twelve months, can I reapply to earn double cash back again?
No. This offer is only available to new cardmembers.
When will I receive my double cash back Reward?
After the first twelve consecutive billing cycles that your new account is open, we will apply the eligible double cash back Reward amount to your Rewards balance within one to two billing cycles.
Why do I have to wait until the end of the first twelve months to earn my double cash back?
Your double cash back Reward amount will not be applied to your Rewards balance until after your first twelve months because it is calculated based on your total net Base Rewards earned during the first twelve months. We do this to ensure your net Base Rewards earned throughout the first twelve months, up to $20,000 in net spend, is fully accounted for.
Is there a cap on how much double cash back I can earn?
We will match the net cash back Base Rewards earned for up to $20,000 in net annual spend.
How do I redeem my double cash back Reward?
Your double cash back Reward amount will automatically be applied to your Rewards balance within the following one to two billing cycles after the end of your account’s first twelve billing cycles. Cardmembers may redeem Rewards using the Sallie Mae Credit Card mobile app or by calling the number on the back of their credit card. Accelerate cardmembers wishing to redeem Rewards to pay down a student loan must first provide us with their loan information by using the Sallie Mae Credit Card mobile app.
What happens if I redeem my Rewards before receiving my double cash back?
You can redeem Rewards when your Rewards balance is $25 or more. We'll still match the net Base Rewards you've earned at the end of your first twelve months even if you’ve already redeemed Rewards earned prior to that time.
Where can I find how much I earned so far in double cash back?
Each month, any Base Rewards earned will be displayed on your monthly statement and subject to the terms and conditions of the Rewards Program. With the double cash back Reward, we will match your net Base Rewards earned throughout the first twelve months, up to $20,000 in net annual spend. You will not see any details about the double cash back Reward on your billing statement until the match is applied to your Rewards balance, which will be within one to two billing cycles after it’s calculated.
Will my Rewards expire?
No, Rewards do not expire, but your account must be open and current (i.e., not past due) 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 Cardmember Agreement; if you engage in fraudulent activity; if you 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. Please see the Rewards Program Terms and Conditions for additional details.