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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.
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.
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.
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.
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.
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.
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Laurel Road Student Loan Cash Back® Credit Card | Wells Fargo Active Cash® Card | Sallie Mae Accelerate℠ | SoFi Credit Card |
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Read Review |
Apply Now on Wells Fargo's secure site
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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 |
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.