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.

• 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.

Compare it to the Wells Fargo Active Cash^® Card

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Wells Fargo Active Cash^® Card

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Rates & Fees

Wells Fargo Active Cash^® Card

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Intro Purchase APR 0% intro APR for 15 months from account opening

Regular Purchase APR 18.74%, 23.74%, or 28.74% variable APR

Annual Fee $0

Rewards Rate Earn unlimited 2% cash rewards on purchases

Highlights

• 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 18.74%, 23.74%, or 28.74% 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 of cell phone protection against damage or theft when you pay your monthly cell phone bill with your eligible Wells Fargo card. (subject to a $25 deductible).
• Select “Apply Now” to learn more about the product features, terms and conditions

Typical Credit Needed

660 850

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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 18.74%, 23.74%, or 28.74% 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 18.74%, 23.74%, or 28.74% variable apr. This gives you more than a year to pay off your credit card debt without incurring interest charges.

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.