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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
