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 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.

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