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Dime Community Bank Reviews: Checking, Savings, CD, Money Market and IRA Accounts

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Dime Community Bank’s checking account options

Perfectly Free Checking

Free checks and no fees almost make up for the lack of interest with this basic checking account.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

Perfectly Free Checking is Dime’s bare-bones checking account. After your opening deposit, there are no maintenance fees or minimum balance requirements. You’ll also get your first 50 checks for free.

But this account bears no interest. While you’ll be pulling in zero interest, checking accounts aren’t typically the best place to grow your nest egg, anyway, as this is where you keep the money you’ll be spending and paying bills with on a day-to-day basis.

To open a Perfectly Free Checking account, you will have to visit a branch or call 800-321-3463. It’s more convenient to visit in person since you will have to submit a copy of your driver’s license, state-issued ID or passport to open your account. If you’re doing so in person, all you have to do is bring your physical ID with you, and your representative will take care of the rest.

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Fabulous 50 Interest Checking

A fee-free checking account for seniors offering a low interest rate.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

Fabulous 50 Interest Checking is a checking account available to seniors. It is nearly identical to Perfectly Free Checking, down to the 50 free checks. This account does bear interest, though. The interest rate is incredibly low, but it doesn’t come with any required minimum balance to earn your APY.

Open this account by visiting your local branch or calling 800-321-3463. Remember that you will have to submit a copy of your driver’s license, state-issued ID or passport to open your account.

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Direct Interest Checking

Set up direct deposit and earn a low APY on this checking account.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

If you have your paycheck go into your checking account via direct deposit, you could qualify for Direct Interest Checking, which is the same as Fabulous 50 Interest Checking, except that you don’t have to be 50 or older. You will get 50 free checks and earn the same low interest rate with no monthly maintenance fees or minimum balance requirements.

To open any checking account with Dime Community Bank, call 800-321-3463 or visit a location near you. Be prepared with your driver’s license, state-issued ID or passport whichever way you decide to apply.

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Prime Dime Interest Checking

Burdensome minimum balance requirements outweigh the scaling APY on this checking account.
APYMinimum Balance to Earn APY
0.05%$0.01
0.08%$1,500
0.10%$10,000
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $10 a month if you don’t maintain an average daily balance of $1,500
  • ATM fee: None
  • ATM fee refund: Up to $10 a month on fees charged by other financial institutions
  • Overdraft fee: $30 per item

Prime Dime Interest Checking does offer a slightly higher interest rate, but, to qualify for the higher rates, you’ll have to build up far larger reserves in your checking account. You can get much higher interest rates elsewhere with much lower minimum balance requirements.

One other bonus of this account is that if you use an outside ATM and are charged a fee by another financial institution or ATM owner, Dime Community Bank will refund those fees up to $10 a month. But that potential win is partially canceled out by the fact that you’ll be charged a $10 monthly maintenance fee if you don’t keep your daily balance high enough.

To open this account with Dime Community Bank, visit one of its branches or call 800-321-3463. You will need a driver’s license, state-issued ID or passport to open your account.

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How Dime Community Bank’s checking accounts compare

Dime Community Bank’s interest rates are dramatically lower than the checking account rates offered by the competition. You may be thinking that these other financial institutions offering better rates must be charging higher fees but, most of the time, that isn’t true. Many financial institutions now offer low-fee, high-interest checking, and many of these accounts can be opened online from the convenience of your living room.

Dime Community Bank’s savings account options

Statement Savings

A savings account offering all the same benefits as a checking account but with more fees.
APYMinimum Balance to Earn APY
0.05%$250
  • Minimum opening deposit: $500
  • Minimum balance to earn APY: $250
  • Monthly account maintenance fee: $4 if you do not maintain an average daily balance of at least $500
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

The requirements of Dime Community Bank’s Statement Savings account aren’t worth the “reward.” Offering an interest rate akin to its checking accounts, Dime Community Bank requires its customers to maintain $500 balances. Customers could achieve the same goals by using Dime Community Bank’s Direct Interest Checking account. The checking account has no minimum balance requirements or incurring monthly maintenance fees — as long as you are setting up direct deposit.

A further restriction on savings accounts is that all of them — regardless of the financial institution offering them — are governed by the federal government’s Regulation D. This regulation stipulates that you are allowed up to six certain withdrawals per month from a savings account.

With Dime Community Bank, however, withdrawals made at a branch or via mail do not count toward this limit. If you violate this rule regularly enough, the bank will be forced to shut your account down.

To open this savings account, you can start the process by visiting your local branch, emailing Dime Community Bank or calling 800-321-3463. Be prepared to submit a scanned copy of your ID, whether it be a driver’s license, state-issued ID or passport.

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Club Account

Stow away savings until a predetermined date and earn a low APY in the meantime.
APYMinimum Balance to Earn APY
0.05%$0.01
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

If you’re trying to save money for the holiday season or any other savings goal, you may consider a Club Account. This savings account allows you to put money in a separate account, and then that money is released to you at a specified date.

For example, if you were saving for holiday shopping, your Club Account funds may be distributed to your checking account sometime in November.

The idea is to set the funds aside separately from your other money so that it doesn’t get lost to day-to-day spending. This account comes with no minimum balance requirements and no account maintenance fees.

Club Accounts can be opened by visiting your local branch, emailing Dime Community Bank or calling 800-321-3463. Remember to come prepared with your driver’s license, state-issued ID or passport.

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Student Savings

Although this savings account carries a low interest rate, it is fee-free.
APYMinimum Balance to Earn APY
0.05% Variable $0.01
  • Minimum opening deposit: None
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

This savings account is for teens and young adults who have not yet graduated from college. It offers a meager interest rate, but it also comes with no minimum opening deposit requirement, no minimum balances and no monthly maintenance fees. It’s a low-cost account that will be converted to a regular savings account when the account holder turns 23.

To get the ball rolling on your Student Savings account, visit your local branch, call 800-321-3463 or email Dime Community Bank. Students will need to submit a copy of their state-issued ID, driver’s license or passport before opening an account.

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How Dime Community Bank’s savings accounts compare

Dime Community Bank’s savings accounts are hard to take seriously. Interest rates are abysmal. Statement Savings has potential monthly maintenance fees, and the account itself is difficult to set up. Shop for other savings accounts, where you’ll find better rates and lower fees. Your money will thank you.

Dime Community Bank’s CD rates

Certificates of deposit

Dime Community Bank’s CDs have low rates, but there may be a few pleasant surprises with this product.
TermAPY
3 Months0.10%
4 Months0.15%
5 Months1.65%
6 Months0.20%
7 Months0.30%
8 Months0.30%
9 Months1.65%
10 Months1.35%
11 Months0.40%
12 Months0.40%
13 Months0.45%
14 Months0.45%
15 Months1.75%
16 Months0.50%
16 Months — Promotional2.80%
18 Months0.50%
2 Years1.35%
2 Years — Promotional2.25%
30 Months1.35%
3 Years1.35%
4 Years1.35%
5 Years1.35%
7 Years1.60%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: One month worth of interest on terms of three to six months; three months’ worth of interest on terms of six months to one year; nine months’ worth of interest on terms of one to two years; 18 months’ worth of interest on terms of two to three years; 24 months’ worth of interest on terms of three years or more

As is the trend with most of Dime Community Bank’s products, its CDs are lackluster when it comes to APY. Two gleaming exceptions are the 11-month and 16-month promotional CDs. These offer competitive interest rates that keep pace with other options on the market.

Minimum opening deposit and balance requirements are also on the low end, which means more people will be able to take advantage of these terms.

You must open your CD in person, and you must present your driver’s license, state-issued ID or passport when you do.

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How Dime Community Bank’s CD rates compare

Most of Dime Community Bank’s rate and term offerings are not competitive. But the 11-month and promotional 16-month term CDs hold their own. Be sure to compare these individual terms and rates with the best CD offers on the market to ensure you get the highest-yielding account appropriate for your situation and time horizon.

Dime Community Bank’s money market account options

DimeDirect Money Market Account

This money market account offers a fantastic rate. Be careful of the potentially steep fees.
APYMinimum Balance to Earn APY
1.35%$0.01
0.20%$500,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: You must have $5,000 in your money market or $1,500 in your checking account to avoid a $15-a-month fee.
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

The DimeDirect Money Market Account offers a great rate on balances less than $500,000. There is a fairly steep monthly maintenance fee, but it can be alleviated by building up a higher balance in your money market account, or by satisfying rather ambitious minimum balance requirements in a Dime Community Bank checking account.

Money market accounts are also savings accounts, so be sure to remember Regulation D when you make your financial plans. You are able to make up to six certain withdrawals from this account per month, though Dime Community Bank may cut you some slack the first couple of times it happens.

This is one account available outside of the Big Apple. You can open your DimeDirect Money Market Account online regardless of where in the U.S. you live. Just know that you will have to upload an image of your state-issued ID, driver’s license or passport as a part of the application process.

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Rewards Money Market Account

A low-yield money market account you cannot open online.
APYMinimum Balance to Earn APY
0.05%$0.01
0.10%$1,000
0.15%$25,000
0.15%$50,000
0.20%$75,000
  • Minimum opening deposit: $2,500
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: If your balance stays at or above $2,500, you will not have to pay the $10-a-month maintenance fee.
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $30 per item

The Rewards Money Market Account is not available online, and the differences don’t stop there. While DimeDirect Money Market offers highly competitive rates, the Rewards Money Market Account is a letdown. You can find far better rate offers elsewhere — sometimes even with lower minimum balance requirements.

We’d encourage you to open a DimeDirect Money Market Account instead of this one, but if you want to give the Rewards Money Market Account a go anyways, you can do so by opening this account at your local branch with a passport, driver’s license or state-issued ID.

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How Dime Community Bank’s money market accounts compare

Dime’s two money market accounts couldn’t be more different. The online DimeDirect Money Market Account is right up there with the accounts offering the best rates on the market, while the Rewards Money Market Account, which is more difficult to open, doesn’t hold a candle to these rates. Do some comparison shopping for money market accounts as you might find your match at another financial institution, but keep this page open as you do. DimeDirect is going to give them a run for their money.

Dime Community Bank’s IRA account options

IRA CD rates

The promotional rates on these IRA CDs may be gone tomorrow.
TermAPY
18 Months1.75%
  • Minimum opening deposit: $500
  • ? Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Nine months’ worth of interest

Here today and potentially gone tomorrow, Dime Community Bank’s IRA certificate is promotional in nature. That being said, it does offer an APY that merits a second look. This rate is far from the highest on the market, but it’s no so low that it’s insulting either. Minimum opening deposit and balance requirements are reasonable, but this account isn’t so great that you should forgo checking out the competition.

To get the process started, call 800-321-3463.

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How Dime Community Bank’s IRA CD rates compare

The rates on this promotion are respectable, but they’re far from the best around. Other financial institutions are offering better rates, though they will sometimes come with much higher minimum deposit requirements. Do your research to make sure you are getting the best IRA CD for your individual situation. As this will be part of your IRA, it may not be a bad idea to sit down with a certified financial planner or chartered financial analyst while you’re at it to see how this type of account would function within your entire portfolio.

Overall review of Dime Community Bank’s banking products

Dime Community Bank offers many disappointing banking products with a few shining exceptions. While you’ll want to avoid its checking accounts, you’ll want to at least consider hopping online to open a DimeDirect Money Market Account. Its savings accounts aren’t the best products around, but the 11-month and promotional 16-month CDs are incredibly competitive.

If you’re piecemealing together the best financial landscape possible, a few of Dime Community Bank’s products will help you do just that. But if you’re looking for the convenience of a one-stop shop, your money is likely to grow quicker elsewhere.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Credit Cards, Reviews

The Platinum Card from American Express Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

If you’re a frequent traveler looking for a top-of-the-line luxury credit card with lounge access and other premium perks, The Platinum Card® from American Express might be the card you want to carry. It charges a high annual fee of $550, but it comes with unparallelled airport lounge access, statement and travel credits which can help you cut down on the cost of the annual fee and a strong welcome offer, among other perks.

We’re going to look at the details of where this card stands out and where it falls short, and help you determine how well it fits your spending habits and travel needs.

The Platinum Card® from American Express

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Terms Apply |  Rates & Fees

The Platinum Card® from American Express

Annual fee
$550
Rewards Rate
5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel and 5X Membership Rewards® points on prepaid hotels booked on amextravel.com.
Credit required
good-credit
Excellent/Good

Where The Platinum Card® from American Express stands out

Lounge access. This is where The Platinum Card® from American Express outshines its competitors. You’ll get access to The American Express Global Lounge Collection®, which includes more than 1,200 airport lounges in 130 countries.

Annual airline fee statement credit. You can select one qualifying airline and receive up to $200 in statement credits per calendar year to cover incidental fees (such as checked bags and in-flight refreshments) that are charged to The Platinum Card® from American Express.

Annual Uber credit. When you link this card with your Uber account, you can get up to $15 per month (and up to $20 in December) in Uber Cash. That adds up to almost $200 a year.

Welcome offer. 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months.

Rewards. Earn 5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel and 5X Membership Rewards® points on prepaid hotels booked on amextravel.com. Points are worth varying amounts depending on how you redeem them — booking airfare and hotel stays through American Express Travel will net you good value, with each point being worth 1 cent when redeemed that way.

You can also transfer your points to the following airline loyalty programs:

  • Aer Lingus AerClub (1,000 Membership Rewards points = 1,000 Avios)
  • AeroMexico Club Premier (1,000 Membership Rewards points = 1,600 Premier Points)
  • Air Canada Aeroplan (1,000 Membership Rewards points = 1,000 Aeroplan Miles)
  • AIR FRANCE KLM Flying Blue (1,000 Membership Rewards points = 1,000 Flying Blue Award Miles)
  • MilleMiglia Alitalia(1,000 Membership Rewards points = 1,000 Alitalia Miles)
  • ANA Mileage Club (1,000 Membership Rewards points = 1,000 ANA Mileage Club Miles)
  • Asia Miles (1,000 Membership Rewards points = 1,000 Asia Miles)
  • Avianca LifeMiles (1,000 Membership Rewards points = 1,000 LifeMiles)
  • British Airways Executive Club (1,000 Membership Rewards points = 1,000 Avios)
  • Delta SkyMiles (1,000 Membership Rewards points = 1,000 miles)
  • El Al Israel Airlines Matmid Club (1,000 Membership Rewards points = 20 Matmid Points)
  • Emirates Skywards (1,000 Membership Rewards points = 1,000 Skywards Miles)
  • Etihad Airways Guest (1,000 Membership Rewards points = 1,000 Etihad Guest Miles)
  • Hawaiian Miles HawaiianMiles (1,000 Membership Rewards points = 1,000 HawaiianMiles)
  • Iberia Plus (1,000 Membership Rewards points = 1,000 Avios)
  • JetBlue TrueBlue (250 Membership Rewards points = 200 TrueBlue points)
  • Qantas Frequent Flyer (500 Membership Rewards points = 500 Qantas Points)
  • Singapore Airlines KrisFlyer (1,000 Membership Rewards points = 1,000 KrisFlyer Miles)
  • Virgin Atlantic Flying Club (1,000 Membership Rewards points = 1,000 Flying Club miles)

And you can transfer your points to the following hotel loyalty programs:

  • Choice Privileges (1,000 Membership Rewards points = 1,000 Choice Privileges)
  • Hilton Honors (1,000 Membership Rewards points = 2,000 Hilton Honors Points)
  • Marriott Bonvoy (1,000 Membership Rewards points = 1,000 Marriott Bonvoy points)

Fee credit for Global Entry or TSA Precheck. You can get a credit of up to $100 for Global Entry or a credit of up to $85 for TSA Precheck when you use this card to pay. If you purchase both, you’ll only get a credit for the one that’s charged to your card first.

You can get the Global Entry credit once in a four-year period or the TSA Precheck credit once in a 4 ½-year period.

Additional benefits

Fine Hotels & Resorts Program. Receive complimentary benefits at more than 1,000 properties, such as daily breakfast for two, guaranteed 4 p.m. late checkout and a room upgrade when available.

Where The Platinum Card® from American Express falls short

Annual fee. At $550, the annual fee for The Platinum Card® from American Express is in the top tier for what it charges you as well as for the perks it offers. If you’re only a casual traveler, you may be better off with a mid-tier travel card charging an annual fee in the $95 range.

Compare it with the Chase Sapphire Reserve®

Another big name among premium travel cards is the Chase Sapphire Reserve®. Here’s how it stacks up against The Platinum Card® from American Express:

 

The Platinum Card® from American Express

Chase Sapphire Reserve®

Welcome offer

60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months.

Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

Credits

Up to $200 in statement credits per year to cover incidental airline fees. Up to $200 in Uber Cash each year.

Up to $300 in statement credits each account anniversary year as reimbursement for travel purchases.

Rewards

5X Membership Rewards® points on flights booked directly with airlines or with American Express Travel and 5X Membership Rewards® points on prepaid hotels booked on amextravel.com.

3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases.

Annual fee

$550

$450

Annual fee for additional cards/authorized users

$175 for up to three additional cards. $175 per card for each card after that.

$75 for each authorized user.

Both of these cards offer significant value for frequent travelers who have the funds to cover a high annual fee. The Chase Sapphire Reserve® is slightly less expensive than The Platinum Card® from American Express, but when you factor in the value of the annual credits offered by both cards, the two annual fees are relatively similar.

We also like the Chase Sapphire Reserve® better for ongoing rewards, as it offers 3X points on a wide variety of travel purchases, whereas The Platinum Card® from American Express has a more limited category for earning a higher rewards rate — airline tickets (booked either directly with the airline or via American Express Travel) and prepaid hotels booked through amextravel.com. Plus, you get 50% more value when you redeem your Chase Ultimate Rewards® points for travel through the Ultimate Rewards portal.

When it comes to airport lounge access, the Chase Sapphire Reserve® comes with a Priority Pass Select membership (you’ll need to complete a one-time enrollment), which can get you into more than 1,300 lounges around the world. But this is territory where The Platinum Card® from American Express truly excels. The American Express Global Lounge Collection® allows you access to the following:

  • Air Space
  • Delta Sky Club®
  • Escape Lounges
  • Plaza Premium
  • The Centurion Lounge
  • The International American Express Lounges

In short, if wide-ranging lounge access is what you’re looking for, The Platinum Card® from American Express is probably the card for you.

The bottom line

If you’re looking to travel in luxury, you’ll find a lot to like about The Platinum Card® from American Express. It stands head and shoulders above the competition when it comes to airport lounge access. And if you make use of the annual airline fee statement credit (up to $200) and the annual Uber statement credit (also up to $200), that knocks the effective annual fee down to a more reasonable $150.

The information related to the Chase Sapphire Reserve® has been independently collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Glen Luke Flanagan
Glen Luke Flanagan |

Glen Luke Flanagan is a writer at MagnifyMoney. You can email Glen Luke here

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Earning Cashback, Reviews

Sallie Mae Accelerate Credit Card Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

If you’re looking for a cashback credit card, the Sallie Mae AccelerateSM offers an OK flat APR along with an interesting incentive — bonus cash back when you use your rewards to make a payment on a student loan. At a time when American college students and graduates are facing daunting levels of debt, this could be another weapon in your arsenal to apply toward paying down student loans. Let’s take a look at the details of what this card offers, where it falls short and how it stands up against other cashback cards.

Where the Sallie Mae AccelerateSM stands out

Chance to earn bonus cash back. Unlimited 1.25% cash back on every purchase. Earn a 25% bonus on your cash back rewards used to pay down your student loans. You can earn the bonus toward both federal and private student loans.

No annual fee. This card’s annual fee is $0, and since it’s targeted at recent college grads who are often on a tight budget, that’s important.

Additional benefits

Intro APR. Get a 0% Introductory APR for purchases for 12 months. After that, a 14.74% to 24.74% variable applies. The intro purchase APR is a decent amount of time to purchase a big-ticket item and pay it off without accruing interest charges, but there are cards with longer intro periods listed on our site.

Cellphone protection. When you pay your cellphone bill with this card, you can get up to $600 per claim in cellphone protection. Note that this is secondary coverage only (meaning it kicks in after any other insurance) and each claim is subject to a $50 copay. Terms apply.

Free FICO Score. The FICO® Score is one of the most common credit score models around. If you apply for a credit card, car loan or other credit product, it’s likely the bank will check your FICO Score before approving or declining you. Your FICO Score will influence the interest rate that you can get approved for – it’s smart to keep an eye on it.

Read: View Your Free FICO Score for all 3 Credit Bureaus

Where the Sallie Mae AccelerateSM falls short

Low cashback rate. It’s pretty easy to find a credit card that offers 1.5% cash back, and some offer up to 2% — and that’s just for flat-rate cards. You can earn up to 5% cash back with cards such as the Discover it® Cash Back, which offers a 5% cash back in rotating quarterly categories (up to $1,500 in purchases each quarter you activate, then the rate drops to 1% cash back).

Earning 1.25% on the Sallie Mae AccelerateSM doesn’t cut it. And while it’s true that you can earn a 25% bonus on your cash back when applied toward a student loan, that’s likely not a big enough bonus to make up for getting a subpar cashback rate on all your purchases.

The minimum amount of cash back to redeem is $25.

Discover it® Cash Back

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Rates & Fees

Discover it® Cash Back

Annual fee
$0
Intro Purchase APR
0% for 14 months
Regular APR
13.49% - 24.49% Variable
Rewards Rate
5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate, 1% unlimited cash back on all other purchases - automatically.
Credit required
good-credit
Excellent/Good

Foreign transaction fee. If you use the Sallie Mae AccelerateSM outside the United States, there’s a foreign transaction fee of 3% of each transaction in U.S. dollars. It’s better to leave this card at home and travel with a card that charges no foreign transaction fee.

Compare it with the Citi® Double Cash Card – 18 month BT offer

One of the best cards around for earning flat-rate cash back is the Citi® Double Cash Card – 18 month BT offer. Let’s take a look at how the two cards compare:

 

Sallie Mae AccelerateSM

Citi® Double Cash Card – 18 month BT offer

Rewards

Unlimited 1.25% cash back on every purchase. Earn a 25% bonus on your cash back rewards used to pay down your student loans.

Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay.

Purchase APR

0% Introductory APR for purchases for 12 months. After that, a 14.74% to 24.74% variable APR applies.

15.49% - 25.49% (variable)

Balance transfer APR

14.74% to 24.74% variable

Intro 0% for 18 months on balance transfers. After that, a 15.49% - 25.49% (variable) APR applies.

Annual fee

$0

$0

Foreign transaction fee

3% of each transaction in U.S. dollars.

3%

The clear winner is the Citi® Double Cash Card – 18 month BT offer, with a cashback rate that’s 0.75% higher than the Sallie Mae AccelerateSM. Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay. (We recommend paying your card in full each month if possible.)

Another strong choice for flat-rate cash back is the Capital One® Quicksilver® Cash Rewards Credit Card, which earns 1.5% cash back on every purchase, every day.

Capital One® Quicksilver® Cash Rewards Credit Card

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Capital One® Quicksilver® Cash Rewards Credit Card

Annual fee
$0
Intro Purchase APR
0% intro on purchases for 15 months
Intro BT APR
0% intro on balance transfers for 15 months
Balance Transfer Fee
3%
Regular Purchase APR
15.74% - 25.74% (Variable)
Rewards Rate
1.5% Cash Back on every purchase, every day
Credit required
good-credit
Excellent/Good

The bottom line

Earning bonus cash back when you use your rewards toward student loan payments is an interesting feature offered by the Sallie Mae AccelerateSM. However, the card’s cashback rate is subpar, and a card such as the Citi® Double Cash Card – 18 month BT offer or the Discover it® Cash Back can put more rewards back in your pocket.

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Glen Luke Flanagan
Glen Luke Flanagan |

Glen Luke Flanagan is a writer at MagnifyMoney. You can email Glen Luke here

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