Sallie Mae Changes Card Partners: Bigger Rewards?

To date, Upromise members have saved a total of $675 million since the program was rolled out in 2001, the company says.

Any cash back earned from the card can be used in several ways: investing it back in a college 529 plan, popped into a Sallie Mae investment account, used to pay down a student loan or simply redeemed for a check.

Every customer may not be thrilled with the changeover from Bank of America for Barclays, especially if they don't drive and use gasoline a lot, or dine out frequently. But Sallie Mae is betting that change is good, and that college students will get on board with the new program.

Consumers using the old credit card will be given the new card by fall with no loss of cash back rewards accrued, Sallie Mae says.