Sallie Mae credit card holders had their cards converted to Commence Mastercards back on March 2nd, 2017. Cardholders should receive a notice in the mail informing them that their Commence Mastercards will be converted to Barclaycard Reward Mastercards. The changes are as follows
- You’ll no longer be able to transfer points to student loans for an extra 25%
- You will now earn 2% cash back on gas station purchases (in addition to grocery and utilities that already earned 2% cash back)
- You’ll keep the same card number, CVV and expiry date will change
This card was already useless before and it continues to be useless now. If anything it’s slightly more useless now due to the removal of the 25% bonus (that made grocery and utilities effectively worth 2.5%. Still a bad deal when comparing to the best grocery and utility cards). Some people like to keep these cards open as Barclaycard sometimes sends out useful spending bonuses. Being forcefully product changed twice in two years is a bit excessive though.
Hat tip to rm_a