Sallie Mae, Barclaycard Relaunch Upromise Credit Card

Sallie Mae has introduced new rewards for its relaunched Upromise World Mastercard, which is now issued by Barclaycard US.

The card offers 5% cash back on certain purchases made at retailers through Upromise.com in addition to rewards on other shopping. Under the free Upromise program, money earned is accumulated in an Upromise account and can be invested in a tax-deferred college savings plan, deposited into a Sallie Mae high-yield savings account, used to pay down student loans or sent to the customer as a check, the private student lender said Tuesday.

Barclaycard, the U.S. credit card unit of Barclays (BCS), is reissuing the cards after buying the $1.3 billion Sallie Mae card portfolio. The deal mostly included assets owned by Bank of America (BAC), with a smaller portfolio bought directly from SLM Corp. (SLM).

Since 2009, Barclaycard has acquired or launched a string of cobranded cards for companies such as US Airways (LCC), the hotel chain Best Western and retailer Williams-Sonoma (WSM). In contrast, Bank of America has been selling its portfolios to slim down and focus on its core operations.