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Laurel Road Student Loan Cash Back® Credit Card

Laurel Road Student Loan Cash Back® Credit Card

Sign Up Bonus
$500 in cashback rewards towards any eligible student loan after you spend $5,000 in the first 90 days
Rewards Rate
Earn 1% unlimited cashback on all purchases and 2% unlimited cashback when you use it to pay down your student loan
Balance Transfer Intro APR
0% for 12 months on balance transfers made within the first 60 days of account opening, then 13.99% - 22.99% (Variable)
Edited by
Julie Sherrier
Reviewed by
Tracy Brackman
Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

Who is the Laurel Road Student Loan Cash Back® Credit Card best for?

If you’re looking to chip away at some of your student loan debt with the help of a credit card, you may want to consider the Laurel Road Student Loan Cash Back® Credit Card. The card offers cashback rewards on every purchase, which can then be used to pay down your student loan balance.

We should note, you can potentially earn a much higher rate from other rewards credit cards that allow you to redeem rewards for checks or cash back, which can then be applied toward your student loan payments. But if you’re looking for an easier — albeit less lucrative — way to reduce your student loan debt, the Laurel Road Student Loan Cash Back® Credit Card can assist you in doing that.

We highlight the pros and cons of the Laurel Road Student Loan Cash Back® Credit Card, and show how it compares to similar cashback cards to help you decide which is the right choice for you.

Laurel Road Student Loan Cash Back® Credit Card overview

    • Balance Transfer Offer: 0% Intro APR for the first 12 months on balance transfers made in the first 60 days. After that, the variable APR will be 13.99% - 22.99%, based on your creditworthiness.
    • Avoid being charged interest on purchases when you pay your entire balance (including balance transfer) by the due date each month.
    • Balance transfer fee is either $10.00 or 3% of the amount of each transaction, whichever is greater.
    • Balance Transfers do not earn cash back.
    • No annual fee
    • No foreign transaction fees
    • Convenience check advance fee is either $10.00 or 3% of the amount of each transaction, whichever is greater. 
    • Earn 2% unlimited cashback rewards when redeemed towards your student loans with 95% of U.S. servicers. Or, you can redeem 1% cashback towards anything else.
    • The first credit card that lets you redeem 2% cashback toward student loans with 95% of U.S. servicers - not just a Laurel Road loan.
    • World Mastercard® benefits: Mastercard’s Priceless® Experiences and security features like Mastercard ID Theft Protection™ and Price Protection. Added Benefits: Collision Damage Waiver, Extended Warranty, Price Assurance.*
    • Secure technology backed by a national bank lending in all 50 states
    • Laurel road is a brand of KeyBank, N.A. Member FDIC.
    • *Benefits are subject to terms, conditions and limitations, including limitations on the amount of coverage. Coverage is provided by New Hampshire Insurance Company, an AIG company. Policy provides secondary coverage only. Please see your Guide to Benefits for details, or call 1-800-MASTERCARD.  The creditor and issuer of this credit card is KeyBank N.A., pursuant to a license from Mastercard International Incorporated. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
  • Credit needed:
    661 730
    excellent-good
  • Foreign transaction fees: None
  • Mastercard ID Theft Protection™
  • Extended warranty
  • Purchase Assurance
  • Mastercard Priceless® Experiences
  • Mastercard Global Service™

Intro Purchase APR

N/A

Regular Purchase APR

13.99% – 22.99% (Variable)

Intro BT APR

0% for 12 months on balance transfers made within the first 60 days of account opening

Regular BT APR

13.99% - 22.99% (Variable)

Annual Fee

$0

Cash Advance Fee

Either $10.00 or 4% of the amount of each transaction, whichever is greater.

Foreign Transaction Fee

None

Balance Transfer Fee

Either $10.00 or 3% of the amount of each transaction, whichever is greater.

Pros and cons of the Laurel Road Student Loan Cash Back® Credit Card

Pros

  • Cashback on every purchase
  • Sign-up bonus
  • Intro APR on balance transfers
  • $0 annual fee

Cons

  • High spend requirement to earn sign-up bonus
  • Mediocre rewards rate on other purchases
  • No intro APR on purchases

What we like about the Laurel Road Student Loan Cash Back® Credit Card

  • Cashback on every purchase

    Laurel Road Student Loan Cash Back® Credit Card holders earn 1% unlimited cashback on all purchases and 2% unlimited cashback when you use it to pay down your student loan.

    Rewards are worth 1 cent each when redeemed for statement credit and 2 cents each when redeemed toward your student loan payment with an eligible servicer.

    There are 50 loan servicers eligible for redemptions, including American Education Services, Aspire Servicing Center, College Ave Student Loans, College Foundation Inc., PenFed Credit Union, Sallie Mae, Wells Fargo Education Loan and more. See a full list here.

  • Sign-up bonus

    The Laurel Road Student Loan Cash Back® Credit Card offers a $500 in cashback rewards towards any eligible student loan after you spend $5,000 in the first 90 days.

    Just know, the amount of the sign-up bonus varies depending on how you redeem your rewards. The bonus cashback amount will be $500 if redeemed toward eligible student loans, but only $250 if redeemed for statement credit.

  • Intro APR on balance transfers

    If you have a large amount of existing credit card debt, you can transfer it to the Laurel Road Student Loan Cash Back® Credit Card without incurring interest charges for a year.

    The card offers an intro APR of 0% for 12 months on balance transfers made within the first 60 days of account opening. After that, a regular APR of 13.99% - 22.99% (variable) applies.

    Just know, balance transfers cannot be used to pay off accounts with Laurel Road or KeyBank. Additionally, balance transfers are subject to a fee of either $10.00 or 3% of the amount of each transaction, whichever is greater.

  • Annual fee

    The Laurel Road Student Loan Cash Back® Credit Card charges a $0 annual fee.

What to watch out for with the Laurel Road Student Loan Cash Back® Credit Card

  • High spend requirement to earn bonus

    While the Laurel Road Student Loan Cash Back® Credit Card comes with a generous sign-up bonus, know that you have to spend $5,000 in the first 90 days to earn it.

  • Mediocre rewards rate on general purchases

    Although the Laurel Road Student Loan Cash Back® Credit Card offers cashback on every purchase, the rate is relatively low.

    If you want to earn a higher rewards rate on general purchases, a flat-rate cashback card, like the Wells Fargo Active Cash® Card may be a better option.

  • No intro APR on purchases

    Because the Laurel Road Student Loan Cash Back® Credit Card doesn’t offer an intro APR on purchases, you will be subject to interest charges at an APR of 13.99% – 22.99% (variable) if you carry a balance on your card from month to month.

Alternate cashback card to the Laurel Road Student Loan Cash Back® Credit Card

Compare it to the Wells Fargo Active Cash® Card

| Disclosures
Wells Fargo Active Cash® Card
Wells Fargo Active Cash® Card
on Wells Fargo's secure site
0% intro APR for 15 months from account opening
15.74%, 20.74%, or 25.74% Variable APR
$0
Earn unlimited 2% cash rewards on purchases
  • Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months
  • Earn unlimited 2% cash rewards on purchases
  • 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 15.74%, 20.74%, or 25.74% variable APR; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5
  • $0 annual fee
  • No categories to track or remember and cash rewards don't expire as long as your account remains open
  • Enjoy a premium collection of benefits at a selection of the world's most intriguing and prestigious hotel properties with Visa Signature Concierge
  • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Active Cash® Card
  • Select “Apply Now” to learn more about the product features, terms and conditions
660 850

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

 

If you want to earn an accelerated cashback rate on every purchase, as well as a more easily attainable sign-up bonus, you may want to consider the Wells Fargo Active Cash® Card.

Cardholders earn unlimited 2% cash rewards on purchases, and earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months. Cash back can be used to cover recent eligible purchases or redeemed for cash, gift cards or credit to a qualifying Wells Fargo credit card, checking account or mortgage.

The Wells Fargo Active Cash® Card comes with a slightly longer promotional APR on balance transfers than the Laurel Road Student Loan Cash Back® Credit Card. The card offers a 0% intro APR for 15 months from account opening on qualifying balance transfers, after that, a 15.74%, 20.74%, or 25.74% variable apr APR applies.

Additionally, the Wells Fargo Active Cash® Card offers a 0% intro APR for 15 months from account opening on purchases, then a regular APR of 15.74%, 20.74%, or 25.74% variable apr. This gives you more than a year to pay off your credit card debt without incurring interest charges.

Compare the Laurel Road Student Loan Cash Back® Credit Card to similar cards

The information related to the Laurel Road Student Loan Cash Back® Credit Card, Sallie Mae Accelerate℠ and SoFi Credit Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.

Comparison of four different credit cards
Laurel Road Student Loan Cash Back® Credit Card Wells Fargo Active Cash<sup>®</sup> Card Sallie Mae Accelerate℠ SoFi Credit Card
Laurel Road Student Loan Cash Back® Credit Card Wells Fargo Active Cash® Card Sallie Mae Accelerate℠ SoFi Credit Card
Read Review
Apply Now
on Wells Fargo's secure site
Review Coming Soon Review Coming Soon
Welcome Offer
$500 in cashback rewards towards any eligible student loan after you spend $5,000 in the first 90 days Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months N/A Earn $100 when you fund an Invest account as well as a Checking and Savings account.
Rewards Rate
Earn 1% unlimited cashback on all purchases and 2% unlimited cashback when you use it to pay down your student loan Earn unlimited 2% cash rewards on purchases Unlimited 1.25% cash back on every purchase, and a 25% bonus on your cash back rewards used to pay down your student loans Earn 3% cash back for a year when you set up direct deposit with SoFi. After that, earn 2% unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi.
Annual Fee
$0 $0 $0 $0
Intro Purchase APR
N/A 0% intro APR for 15 months from account opening 0% Introductory APR for purchases for 12 months N/A
Regular APR
13.99% – 22.99% (Variable) 15.74%, 20.74%, or 25.74% Variable APR 14.74% to 24.74% Variable 12.99% - 24.99% variable
Intro Balance Transfer APR
0% for 12 months on balance transfers made within the first 60 days of account opening 0% intro APR for 15 months from account opening on qualifying balance transfers N/A N/A
Regular Balance Transfer APR
13.99% - 22.99% (Variable) 15.74%, 20.74%, or 25.74% Variable APR 14.74% to 24.74% Variable 12.99% - 24.99% variable
Balance Transfer Fee
Either $10.00 or 3% of the amount of each transaction, whichever is greater. 3% intro for 120 days from account opening, then up to 5%; min: $5 Either $5 or 3% of the amount of each transfer, whichever is greater. Either $10 or 5% of each balance transfer, whichever is greater
Recommended Credit
excellent-good excellent-good excellent-good good
Card Details
Laurel Road Student Loan Cash Back® Credit Card

Wells Fargo Active Cash® Card.

Additional card details unavailable Additional card details unavailable

Is the Laurel Road Student Loan Cash Back® Credit Card right for you?

While the Laurel Road Student Loan Cash Back® Credit Card provides the opportunity to earn cashback rewards that can be applied to your student loan payments, you can just as easily earn a higher rewards rate on every purchase you make with the Wells Fargo Active Cash® Card — and then use that cash back to pay down your student loan debt.

Additionally, if you need to transfer high-interest credit card debt or carry a balance from month to month, the Wells Fargo Active Cash® Card is a better fit, since it offers promotional intro APR periods on purchases and balance transfers for more than a year.

 

The information related to the Laurel Road Student Loan Cash Back® Credit Card has been independently collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication.