A reader, Tim, is searching for a new cash rewards credit card . He used the Schwab card for the last three years, but since it was discontinued, he’s looking for a replacement.
However, Tim isn’t liking those alternatives, and he’s not a fan of rotating cards quarterly  either:
I’ve had the Schwab card for about 3 years but it’s going away on 10/31. It was great while it lasted but I have to move on.
My concern with the AmEx is it’s not as accepted as Visa or Mastercard. I only carry one card so I need something that’s accepted everywhere.
The Fidelity card requires a Fidelity account, and I already have accounts at Vanguard. I don’t have a problem with Fidelity, but don’t really want to open a new after-tax account that pays no interest (money market) or an account that may lose money (short term bond fund) just to get their credit card.
I’m not interested in the revolving 5% because it has limits ($1500 groceries in 3 months) or it is for stuff I don’t buy. I use the credit card for normal purchases, groceries, gas, clothes, monthly bills such as phone, TV etc. I charge around $40k/year. I’m not interested in airline miles or home improvement stores.
Tim also considered a Capital One card, but I’m not a fan of Capial One at all, so I promised Tim I’d search for something better!
After reviewing every credit card  and issuer I could think of, I finally found a card for Tim! A non fidelity, non American Express, non quarterly rotating, non airline mile, and non home improvement card! I think that covers all the requirements, right Tim?
Sallie Mae 2% Credit Card
The Sallie Mae Visa card  earns 2% cash back rewards that you can redeem for cash, merchandise, or an interesting twist – principal payments on a Sallie Mae student loan.
And it comes with a favorite feature of mine, the $100 sign up bonus.
How to Get Your $100 Sign Up Bonus
- Open a new Sallie Mae card .
- Spend $500 in the first 90 days.
- Get a 10,000 point bonus to redeem for $100 (once you have other points, see my notes below).
Sallie Mae Terms and Conditions
- Annual Fee: None
- Cash Back Rewards – Earn 2 points for every $1 you spend on everyday purchases.
- There are no caps and your points don’t expire.
- Redeem for merchandise, travel, or to help pay down your Sallie Mae student loan principal.
More on Sallie Mae Credit Card
Redeeming Points. You can redeem points for a check, statement credit or merchandise on the Sallie Mae Rewards web site.
Point Values. You’ll want to wait until you have 25,000 points to cash out your points for $250. If you cash out points less than that, you don’t get the full 2%. When you get your 10,000 bonus points on the sign up bonus, wait until you get more to cash out to get the full 2% cash back.