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 Laurel Road Student Loan Cashback Card® offers 2% cashback on most purchases if you use the rewards towards student loans with 95% of U.S. servicers, 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.1
The Laurel Road Student Loan Cashback Card® is most suitable for anyone who wants to use credit card rewards towards student loans. 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 $300 in cashback if you spend $3,000 within the first 90 days of receiving the card.3 You can also pay no interest for 12 months on balance transfers made in the first 60 days.2 So, this card can be helpful if you want to transfer a balance from another credit card with a high interest rate.
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 18.99% - 27.99% (variable) APR based on your creditworthiness. This APR will vary with the market based on the Prime Rate.
|Annual Fee||Foreign Transaction Fee||Late Fee||APR|
|$0||$0||Up to $39||18.99% - 27.99% (variable)|
The Laurel Road credit card offers 2% cashback on most purchases when you use the rewards toward eligible student loans. You can apply the rewards to a student loan balance with most major US servicers, including Laurel Road, EdFinancial, CommonBond, and more.1 If you want to use cashback for a statement credit, you receive a 1% reward on purchases instead of 2%.1
The card also comes with two introductory offers. First, all new cardholders can receive a one-time $300 cashback bonus when they spend $3,000 in the first 90 days.3 Second, Laurel Road offers 0% APR for 12 months on all balances transferred to the card in the first 60 days.2
You can apply for the Laurel Road Student Loan 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.
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.
Yes, the Laurel Road Student Loan Cashback Card® is compatible with Apple Pay®, Samsung Pay®, and Google PayTM.
You can get the $300 introductory bonus by spending $3,000 on qualifying purchases within the first 90 days of activating your card.
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.1 In addition, Laurel Road offers a $300 bonus when you spend $3,000 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.
*All credit products are subject to credit approval.
NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All mortgage products are subject to credit and collateral approval. Mortgage products are available in all 50 U.S. states and Washington, D.C. Hazard insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice.
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.
2 0% Intro APR for the first 12 months on balance transfers when you transfer your balance within the first 60 days of account opening. After that, the variable APR on balance transfers will be 18.99% - 27.99% (variable) based on creditworthiness. This APR will vary with the market based on the Prime Rate. Balance transfer fee is either $10.00 or 3% of the amount of each transaction, whichever is greater.
|Do you pay your balance in full each month?|
|If you always pay your balance in full each month, you do not pay interest on your purchases. This is called a grace period. You will lose this grace period if you transfer a balance and do not pay off your entire balance by the payment due date. Even if you pay off all of your purchases in full each month, you will begin to pay interest on those purchases. To avoid interest on purchases, you must pay the entire balance (including the balance transfer amount) each month by the payment due date. Here’s an example: Let’s say you complete a balance transfer or write a $1,000 convenience check. No matter how else you use your card, that part of the balance has the disclosed Introductory APR for the disclosed amount of billing cycles from account opening. Then you make a $500 purchase with your card. Purchases are charged the disclosed purchase APR from the transaction date once you lose your grace period. If you do not pay the entire $1,500 by the payment due date you will have lost your grace period and therefore you will pay the disclosed purchase interest APR on the $500 in card purchases from the transaction date.|
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 circle design is a trademark of Mastercard International Incorporated.
³Introductory offer: For a limited time earn a cash back bonus offer after spending $3,000 within 90 days of account opening. Account must be opened before 11:59pm ET on 1/3/2022. The bonus cashback amount will be $300 if redeemed towards student loans with an eligible servicer. The bonus cashback amount will be $250 if redeemed for statement credit. 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.
See Terms and Conditions for more information.
Google Pay is a trademark of Google LLC.
Samsung Pay is a registered trademark of Samsung Electronics Co., Ltd.
Apple Pay® is a trademark of Apple, Inc.
Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. Member FDIC. NMLS # 399797. Equal Housing Lender. © 2021 KeyCorp® All Rights Reserved. Laurel Road is a federally registered service mark of KeyCorp. 855 Main St., 8th Floor, Bridgeport, CT 06604, USA.