Contents
The Offer
- Available nationwide, Laurel Road Bank customers can get $400 when they refer a friend to signup for a Laurel Cashback credit card, student loan refinance, or personal loan financing.
- Max 10 referrals per year for $4,000 total.
They also offer a neat capability to split the referral bonus with the new applicant, e.g. you can set in the system that when the new member signs up for the card you’ll each get $200 instead of you getting the full $400.
Our Verdict
There’s also a $300 bonus on the Laurel Cashback credit card which can be applied towards any eligible student loan. I imagine that stacks with this $400 bonus, but again, you get the full $300 only toward a student loan. Without student loans you only get $150 back as a statement credit which isn’t great on a $3,000 spend requirement.
Regardless, a $400 bonus with no spend requirement is quite nice. You can open a Laurel bank account with a bonus of $300 + $240 and then get the ability to refer friend. Then refer your P2 who will sign up for a credit card and you’ll get another $400 bonus. Then your P2 can sign up for the checking bonus too if they want for another $540. And you can get another $150-$300 if you choose to do the spend requirement on the card.
It’s possible that your P2 can then refer you to the credit card (?) and you’ll get another $400 + $150/$300. All in, two people might be able to land up with $2,480 in the most optimistic scenario.
No referrals in the comments below.
Hat tip to reader PNG and others
Hard Pull being removed from P2 credit report by Key Bank. They sent a letter that they sent a request to the Consumer Reporting Agencies to have the hard pull removed. I had referred P2 a few months back for the $400 Credit Card bonus, I think they pulled the offer after a flood of referrals.
Tried to do a referral for P2 for credit card and it says the program not currently available. Wonder if it’s just for me or they paused it for everyone ?
credit card referral was currently unavailable ,not sure when it back again
As of 10/29 it’s still showing as unavailable for me.
Where do you guy share the referral links?
There’s not a referral thread on this website.
I logged in to my account and sent referrals to family/friends from there.
Finally got the referral check mailed to me….I put in ACH information, but I believe they will only mail it after talking to support. I referred random people online for 300 them, 100 me split. “My” referral check that came in the mail was for $400 and a different name than my own was on it…..
Escalated customer support to managers. First time ever I have gotten a “bank error in your favor”. Instead of collected $200, I will be getting $400 for the referral due to the inconvenience!
This inspired me to reach out to their support. P1 and P2 both had checking accounts for the other Laurel Road bonus. We referred each other for the credit card, were approved and had $400 in the referral tracker that was stuck on “Waiting” for 2 months. Figured they would never get mailed out as we weren’t “new” customers. Reached out and they mailed both $400 bonuses with no hassle.
Hi
Tabbatha, so from your preexisting memberships and still open checking accounts, you were able to refer each other and each earn the $400 referral bonus? TIA!
Correct.
TransUnion hard pull.
Referred P2.
Froze Equifax, applied, then got Alert of TransUnion hard pull.
Applicaiton under review.
Update: Denied via email, received 10/10/22. Applied almost 4 weeks ago. That took a while.
Had 2 400.00 credits as referrals. No way to get the $ into LR or ANY acct. I emailed them and spoke to reps 2x who were clueless. Made a complaint with the cfpb that all I want is the 800.00 deposited into my checking acct. After 12 days, received 2 400.00 checks in the mail.
Were they new to LR? Did they already having a checking account?
Has anyone else have pending referrals? I luckily was able to refer 5 random people since Tuesday, and all of them are still “pending approval”. Tried asking support and they said they can’t disclose status as it would violate privacy law -.-
How much did you split with them?
$100 me, $300 them
Where did you find 5 random people to refer?
Has anyone successfully applied for the credit card yet? I’ve tried on three separate browsers and keep getting a “Something Unexpected Happened” message at various stages. I called Laurel Road and was told that the $400 bonus was only valid online (but the code could be added after the fact via telephone).
my p2 did it a few days ago with my link and it was instant approval. very simple $400.
Good to know. Glad it worked for you (P2). Thanks!
user yours
B^2, went under review
thank you!
I sent links to my 2 sons. They had to use Key bank logon which they both have also. Recd the 400.00 bonus 2x for 800.00. BIG BUT..I see the slider stating I have 800 in bonuses, BUT no way to xfer to Laurel Rd checking or any other bank. I emailed and they said they are working on it. But absolutely no buttons or forms to get that 800.. out. Anybody?
also surprised to see no way to have it go to my LR account since I was logged in to it already. Seems the referral credit system is not connected to their bank system. I recall there was an option to submit routing number and account number to transfer to any bank but I requested a check. We’ll see, hopefully it shows up.
I did the same thing, we’ll see.
update on this: got a $400 check in the mail today, so took almost a month in total. Curiously, I got an email from them a couple weeks ago saying they could not send a check because they did not have my address(!).
I have referred 5 random people online starting tuesday-wednesday, my progress bar says all are still pending approval.
A bit confused about “create credential” requirement. Could someone enumerate steps for P1 and P2 if both never had any Laurel product?
I would like to know this as well.
all I know is that if you have Key Bank accts (closed or open)you need that login.
Luckily, i still haven’t opened a Checking account with them yet, but i had P2 did a couple weeks ago.
Looks like an easy $740 if me and P2 split the 400 referral bonus.
Not too shabby at all. And Laurel Road pays decently quick from some of the DP’s I’ve seen.