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Laurel Road Student Loan Cashback℠ Card

Cory Santos

| Last updated on October 13th, 2023

Laurel Road Student Loan Cashback℠ Card

Laurel Road Student Loan Cashback℠ Card
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Laurel Road Student Loan Cashback℠ Card

  • 19.24% to 28.24% variable based on creditworthiness and the Prime Rate Regular Purchase APR
  • 19.24% to 28.24% variable based on creditworthiness and the Prime Rate Balance Transfer APR

At a Glance

The Laurel Road Student Loan Cashback? Card is a cash back rewards credit card that can help you pay off your student loans – no matter who issuers them. The card from KeyBank features no annual fee, 0% APR on balance transfers, and up to 2% cash back on all purchases.

  • Best Benefits
  • Rates & Fees
  • Why Should You Apply?
  • No annual fee
  • 0% introductory APR for the first 12 months on balance transfers
  • 2% cash back on all purchases when applying rewards to student loans
  • No foreign transaction fees
  • Regular Purchase APR: 19.24% to 28.24% variable based on creditworthiness and the Prime Rate
  • Intro Balance Transfer APR: 0% for 12 months on transfers made within 60 days from account opening date
  • Balance Transfer APR: 19.24% to 28.24% variable based on creditworthiness and the Prime Rate
  • Balance Transfer Transaction Fee: Either $10 or 3% of the amount of each transaction, whichever is greater
  • Late Payment Penalty Fee: Up to $39
  • You want to prioritize repaying your student loans
  • You have an existing card balance you want to pay off
  • You don’t want to pay an annual fee
Laurel Road Student Loan Cashback℠ Card

Laurel Road Student Loan Cashback℠ Card

Terms & Conditions

Laurel Road Student Loan Cashback℠ Card Review

The Laurel Road Student Loan Cashback℠ Card is a basic cash back credit card that earns up to 2% cash back on purchases – but only if you use the rewards to pay an eligible student loan.

Up to 2% Cash Back

According to data from, 34% of adults aged 18 to 29 years have student loan debt. The new Laurel Road Student Loan credit card makes paying off student loan debt somewhat easier, thanks to up to 2% cash back on all purchases.

That 2% back, however, only applies when using cash back rewards for eligible student loan payments. Otherwise, the card earns a flat rate of 1% back on all purchases.

Fortunately, the 2% back towards student loans isn’t limited to just loans serviced through Laurel Road, a division of KeyBank. Instead, cardholders can apply their cash back towards fifty leading student loan providers and services, including federal student loan servicers Navient. The complete list of eligible loan services includes:

  • 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 – U.S. Department of Education
  • Mohela Education Loan Servicing
  • National Student Loan 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 N.J. 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
  • VSAC Payments
  • Wells Fargo Education Loan

$500 Introductory Bonus – and More

The Laurel Road Student Loan Cashback℠ Card also comes with an assortment of introductory bonuses and offers. New accounts can earn a $500 cash back bonus after making $5,000 within the first 90 days of opening an account, for example. Those same new accounts will also enjoy 0% introductory APR on balance transfers for the first 12 months on balance transfers made in the first 60 days.

The introductory APR offer is nice, but the sign-up cash back bonus is less appealing. The 4500 cash back is fine, but the spending needed to achieve that goal is relatively high. Spending $5,000 within the first 90 days is a tall ask for a premium travel rewards card – let alone a card offer marketed at those who are struggling with student loans.

World Mastercard Benefits

The Laurel Road Card enjoys the benefits of World Mastercard, the second-tier in the Mastercard product range. This means that cardholders will enjoy the following perks and protections:

  • Mastercard ID Theft Protection
  • Mastercard Priceless Experiences
  • Extended Warranty coverage
  • Purchase assurance
  • Global travel concierge

Should You Apply for the Laurel Road Student Loan Cashback℠ Card?

The Laurel Road Student Loan Cashback℠ Card is an interesting credit card for a particular market. The card is relatively unique in that it comes from a student loan provider, but this is not unheard of – Sallie Mae also offers three credit cards, but none of those prioritize loan repayments as their main thrust – something the Laurel Road Card does.

The major drawback of the card is also its biggest strength – the 2% back on purchases when using rewards to pay off student loans. For those that want to prioritize student loan repayments above any other credit card rewards, it’s a great option to consider; for those that like variety, however, the card offers little.

Overall, the Laurel Road Student Loan Cashback℠ Card is a decent credit card for the millions of millennials buried under mountains of student debt. It likely won’t fix a broken education system, but it can help those impacted most with a little relief from steep monthly debt payments. Another newer option for building credit is Chase’s Slate Edge, though that might be more challenging for recent graduates to receive than the Laurel Road Card.


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