If paying down your student loans is a priority, this cashback card from Sallie Mae offers an incentive — a 33 1/3% rewards rate booster (turning a 1.5% cashback rate to 2% cashback) to direct the money towards any federal or private loan. thumb_up Likes Earn 2% cashback when redeemed to help pay down a student loanNo annual fee$200 bonus for spending $1K in first three monthsNo cap or expiration on rewardsSecondary cell phone coverage and other Mastercard bennies thumb_down Dislikes Limited redemption options (which is kinda the point, but still)The 1.5% base cashback rate is pretty basic$25 reward redemption minimumNo welcome bonus or 0% intro APR on transfers or purchasesThe 3% foreign transaction and 5% cash advance fees will leave a markNot really worth it if you don’t have student loan debt Category Default Rate Bonus Rate Bonus Spend Cap Bonus Spend Period (Months) Gas 1.50% - - - Travel 1.50% - - - Dining 1.50% - - - Entertainment 1.50% - - - Pharmacy 1.50% - - - Groceries 1.50% - - - Other Purchases 1.50% - - -