Laurel Road Student Loan Repayment Card – Forbes Advisor

Laurel Road Student Loan Repayment Cardâ„ * vs SoFi credit card

As mentioned earlier, the No Annual Fee SoFi Credit Card is another 2% cash back card that allows you to use your income to pay off student loans. Although in the case of the SoFi Card, the debt must be a student loan held by SoFi. But you can also use your rewards to save or invest with a SoFi account which may be more meaningful to you.

You can also exchange your winnings for cryptocurrency through a SoFi Active investment account, one of the many cards that allow you to exchange for crypto. But at the end of the day, to get 2% cash back from the SoFi card, you are required to redeem your winnings with one of SoFi’s qualifying banking products. You might prefer the freedom of a card that lets you take your rewards however you want.

Laurel Road Student Loan Repayment Cardâ„ * compared to the Wells Fargo Active Cash cardâ„ 

The Wells Fargo Active Cashâ„  card, with an annual fee of $ 0, also earns 2% cash back on all qualifying purchases. But, unlike the Laurel Road or SoFi cards, you have a lot more options for redeeming your winnings, without the hassle of some redemptions worth less than 2%.

Redemption options for the Active Cash card include statement credits, cash from an ATM in $ 20 increments using your ATM or Wells Fargo debit card, or mortgage product credit, from qualified Wells Fargo loan or credit. In other words, you can devote part of your reserve to your debt one month and put that income in your pocket another month. This makes the Active Cash card an attractive option long after your student loan has ended.

Laurel Road Student Loan Repayment Cardâ„ * vs Chase Freedom Flexâ„ 

Just because there are several cards that can earn up to 2% money on your spending in the market, doesn’t mean they’re the only options. Someone who has the tolerance for tracking multiple expense categories may find that they get even higher income with a card like the Chase Freedom Flexâ„ . The card has an annual fee of $ 0 and earns at the following rates: 5% cash back up to $ 1,500 in combined purchases in bonus categories each quarter you activate, 5% on travel purchased through Chase, 3% on meals in restaurants and pharmacies and 1% on all other eligible purchases. Previous quarterly bonus categories included wholesale clubs, gas stations, and home improvement stores.

This may ultimately yield more rewards than a card that earns a 2% flat rate, but that will ultimately depend on your individual spending habits. The Freedom Flex earns Ultimate Rewards points which can be redeemed for cash, statement credit, used to book travel through Chase Travel, or even transferred to one of Chase’s travel transfer partners if you have. also an Ultimate Reward premium card such as the Chase Sapphire Carte Preferred® or Chase Sapphire Reserve®.

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