Laurel Road, a leading servicer of U.S. student loans, has a new cash back credit card issued by KeyBank. The new Laurel Road Student Loan Cashback℠ Card offers up to 2% cash back on all purchases when those rewards are used to pay off eligible student loans – a novelty in the credit card rewards space. Here is what you need to know about the new card, which is now live to applicants:
KeyBank Launches New Laurel Road Student Loan Cashback℠ Card
KeyBank and subsidiary Laurel Road have a new credit card: the Laurel Road Student Loan Cashback℠ Card. The new card prioritizes paying off student loans, with users earning additional value when using their cash back rewards for that purpose.
The card, a World Mastercard, earns an unlimited 1% cash back on all eligible purchases. However, what sets the Laurel Road card apart is that 1% turns to 2% cash back when applied to a student loan balance with an eligible servicer.
One of the unique features of the Laurel Road Mastercard is that the additional value doesn’t only apply to Laurel Road loans. Instead, the bonus cash back applies to almost 95% of U.S. federal and private student loan originators and providers. For a complete list of eligible loans, check out our full review, but it includes major names such as Discover, Sallie Mae, Wells Fargo, American Education Services, and even Navient.
Special $500 Student Loan Cash Back Bonus for Launch
KeyBank and Laurel Road are also offering two special bonuses in honor of the card’s launch. First, new accounts can earn a $500 student loan cashback bonus or a $250 statement credit after spending $5,000 within the first 90 days of opening a new card. Second, new accounts enjoy 0% intro APR on balance transfers for the first 12 months.
Student Loans a Major Worry for Americans
The coronavirus pandemic saw a temporary halt to mandatory student loan payments. While this pause has been beneficial for the strained finances of many Americans, it is only temporary.
The new Laurel Road credit card attempts to provide some relief for those suffering from an arguably broken education finance system. The Laurel Road card aligns credit card rewards with supporting student loan repayment, helping those with steady disposable income accelerate their student loan repayments.
About Laurel Road
Laurel Road, a division of KeyBank, is a student loan originator and servicer. Since 2013, Laurel Road has helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $7 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products, personal loans, and mortgages that helps simplify lending through technology and personalized service.