Laurel Road summary
- 2% cashback towards student loan balances
- 0% intro APR for 12 months
- $500 bonus offer for new cardholders
- Only 1% cashback if you take a statement credit
- Moderately high APR after introductory rate
Laurel Road at a Glance
|Fees||No annual fee|
2% cashback towards student loans
1% cashback towards anything else
|Minimum Credit Score||None|
0% APR for 12 months on balance transfers in first 60 days
$500 when you spend $5,000 in first 90 days
|Suitable For||Using rewards to pay off student loans|
Laurel Road is a national lender founded in 2013. The company offers student loans, personal loans, and mortgages, as well as the Student Loan Cashback Card and a savings account.
The Student Loan Cashback Card offers 2% cashback on most purchases1 if you use the rewards to pay off student loans. Rewards can be used with 95% of student loan servicers in the US, so the card’s usefulness isn’t limited if you have student loans from a company other than Laurel Road. In addition, you can get 1% cashback on purchases if you use the rewards for a statement credit.
The Student Loan Cashback Card is most suitable for anyone who wants to use credit card rewards to pay off student loan debt. The 2% reward rate is very good for a card that doesn’t have an annual fee. Plus, you can claim your cashback on student loans serviced by most US lenders.
The Laurel Road card is also great for those who can take advantage of the introductory offers. You get $500 in cashback if you spend $5,000 within the first 90 days of receiving the card. You can also pay no interest for 12 months on balance transfers made in the first 60 days. So, this card can be helpful if you want to transfer a balance from another credit card with a high interest rate.
Interest Rates and Fees
The Laurel Road Student Loan Cashback Card doesn’t have an annual fee or foreign transaction fees. The card has a variable interest rate from 13.99%-22.99% APR.
|Annual Fee||Foreign Transaction Fee||Late Fee||APR|
Rewards & Cashback
The Laurel Road credit card offers 2% cashback on most purchases when you use the rewards to pay off your student loans. You can apply the rewards to a student loan balance with most major US servicers, including Laurel Road, EdFinancial, CommonBond, and more. If you want to use cashback for a statement credit, you receive a 1% reward on purchases instead of 2%.
The card also comes with two introductory offers. First, all new cardholders can receive a one-time $500 cashback bonus when they spend $5,000 in the first 90 days. Second, Laurel Road offers 0% APR for 12 months on all balances transferred to the card in the first 60 days.
The Application Process
You can apply for the Laurel Road Cashback Credit Card online. You will need to provide your social security number and agree to a credit check, as well as giving basic information about your employment status and income. The company makes an approval decision in minutes, and once you’re approved, Laurel Road will send out your new card within 7-10 business days.
Help & Support
Laurel Road offers customer service support by phone, live chat, and email. The company also has an FAQs page with specific information about the Student Loan Cashback Card.
Phone call hours: 7 am-11 pm (ET) 7 days a week
Laurel Road’s online application is encrypted to protect your personal information. The card also comes with Mastercard ID Theft Protection, which helps you resolve any fraudulent charges on your account.
Does the Laurel Road credit card work with Apple Pay?
Yes, the Laurel Road Student Loan Cashback Card is compatible with Apple Pay, Samsung Pay, and Google Pay.
How do I get the $500 bonus offer?
You can get the $500 introductory bonus by spending $5,000 on qualifying purchases within the first 90 days of activating your card. You must redeem the bonus to pay off a student loan in order to receive $500. If you redeem the bonus for a statement credit, you will get $250.
Can I set up automatic payments?
Yes, you can set up automatic credit card payments through your online Laurel Road account.
The Laurel Road Student Loan Cashback Card offers 2% cashback on most purchases when you use the rewards to pay off your student loans. The cashback can be used towards student loan balances with most US servicers. In addition, Laurel Road offers a $500 bonus when you spend $5,000 in the first 90 days. Best of all, the card has no annual fee.
This review was completed using information from the Laurel Road website.
1You will earn 2.0% in Cashback Rewards for each $1 spent on eligible Purchases if you redeem your Cashback Rewards towards your Student Loan with an eligible servicer. This equates to $0.02 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $2.00 in Student Loan Credit. You will earn 1.0% in Cashback Rewards for each $1 spent on eligible Purchases if redeemed for a statement credit. This equates to $0.01 in Cashback Rewards, for each $1 spent. For example, if you spend $100, you will earn $1.00 in Cashback Rewards. Cashback is awarded based on eligible credit card purchases excluding transactions such as cash advances of any type, balance transfers, convenience check transactions, overdraft protection transfers and quasi-cash transactions.
Eligible student loan services include the following:
Laurel Road – MOHELA Loan Servicing; Alaska Commission (ACPE); American Education Services; Aspire Servicing Center; Bank of North Dakota; College Ave Student Loans; College Foundation Inc.; CommonBond; CornerStone U.S Department of Education; CornerStone Education Loan Services; Discover Student Loans; Earnest Operations LLC; EdFinancial Services U.S Department of Education; EdFinancial Services; FedLoan Servicing Department of Education; First Mark Services; Great Lakes U.S Department of Education; Granite State Management & Resources; Granite State Management & Resources – U.S Department of Education; Heartland – ECSI; Kentucky Higher Education Student Loan Corporation; Launch Servicing; Lendkey Technologies Loan; MOHELA-SoFi; MOHELA-U.S Department of Education; MOHELA Education Loan Servicing; National Student Lona Services; Navient Commercial Loans; Navient – U.S. Department of Education Loan Servicing; Navient Private Loans; NaviReFi; North Carolina State Education Assistance Authority; Nelnet ” J ”; Nelnet ” D ”; Nelnet E Department of Education; NJHESAA or NJ Class; North Texas HEA; Oklahoma Student Loan; Oklahoma Student Loan U.S Department of Education; PenFed Credit Union; ReliaMax Ln. Services LLC; Rhode Island Student Loan Authority; RSLFC Payment Center; Sallie Mae; SEAA Repayment Services; Tuition Options; UAS; UHEAA; VSAC Payments; Wells Fargo Education Loan.
See Terms and Conditions for more information.