Here’s Every Type of Credit Card You Can Get

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types of credit cards

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Over the past four years, I’ve owned about 45 credit cards. As a result, I’ve learned there isn’t one best credit card out there. Different types of credit cards do different things, and it’s not always clear from marketing and promotions whether a card is the best option for you.

To help you sift through all your options, we’ve put together a list of every major credit card type, some pros and cons, and a few top examples.

8 major types of credit cards available today

Cash-back credit cards

These credit cards offer cash-back rewards to incentivize you to use your card regularly.

Although some cash-back credit cards offer sign-up bonuses, they’re typically smaller than the sign-up bonuses you get with travel credit cards.

Depending on the card, you might have different options for redeeming your cash back. Common redemption options include statement credits, direct deposits, paper checks, and gift cards.

Some cash-back credit cards also offer 0% APR promotions to make it easy to finance a big purchase or transfer a balance from a high-interest credit card.

Here are the most common types of rewards structures for cash-back credit cards.

Flat-rate rewards

Cards that offer flat-rate rewards give you the same rewards rate on every purchase.

Tiered rewards

Tiered rewards offer bonus cash back in certain spending categories. Popular bonus categories include groceries, gas, travel, and dining.

Rotating rewards

Some cards offer bonus rewards in certain categories but change up the categories every three months. For example, you might receive bonus rewards on transactions made at restaurants and gas stations one quarter. The following quarter, it could be department stores and Amazon.

Pros and cons

Since cash-back credit cards usually don’t charge an annual fee, you don’t have to worry about whether you’re earning enough rewards to break even. The flexibility of cash rewards also gives you more control over how you use your rewards.

Without an annual fee, however, cash-back credit cards typically don’t offer big sign-up bonuses. They also don’t come with a lot of extra credit card benefits beyond the basics such as price protection, purchase protection, and rental car insurance.

Should you get a cash-back credit card?

Cash-back credit cards are great for people who want flexible rewards. Unlike travel credit cards, which might limit you to travel-related redemptions, you can use your cash-back redemptions for anything.

Getting a cash-back credit card also might be a good choice if you’re looking to avoid an annual fee. Although some annual-fee credit cards offer cash back, they’re few and far between.

To get approved for a cash-back credit card, you typically need good to excellent credit. There are, however, some exceptions.

Top cash-back credit cards

If you’re interested in applying for a cash-back credit card, here are the top cards to consider:

Travel credit cards

Whether you have an incurable case of wanderlust or you’d like to start crossing off some adventures on your bucket list, travel credit cards can help lower the cost of your trips.

Virtually all travel credit cards are targeted to people with good or excellent credit. While there are some exceptions, they usually aren’t worth your time.

Here are four different types of credit cards that offer travel rewards.

General travel cards

These cards offer rewards you can use for a variety of travel purchases. You’re not restricted to a particular airline or hotel, but you won’t get special perks such as free checked bags for flights or hotel elite status.

That said, some general travel cards have airline and hotel partners to which you can transfer your rewards for purchases.

Airline cards

If you’re loyal to a particular airline, getting its credit card can help you rack up miles faster. You’ll also usually get airline-specific perks, including free checked bags, priority boarding, and discounts on in-flight purchases.

Hotel cards

These cards work best for folks who are loyal to a specific hotel chain. You’ll earn hotel points faster and get special benefits such as elite status, free upgrades, or free anniversary nights.

Premium cards

These cards often offer elite-level perks, including

  • Free airport lounge access
  • TSA Precheck or Global Entry for getting through airport security faster
  • Reimbursements for travel expenses
  • Special elite status with hotels and rental car companies

Note: Premium cards can be general, airline, or hotel cards and charge steep annual fees.

Pros and cons

Travel credit cards often come with big sign-up bonuses to help you pay for your next vacation. Depending on the card and how you spend your money, you could earn huge rewards with special bonus rewards categories.

Although you can find travel credit cards with no annual fee, they’re rare. The good news is many travel cards waive the fee for the first year, so you have some time to maximize the card’s value.

Also, some travel credit cards don’t offer a lot of value after the sign-up bonus, so you’ll have to look ahead to make sure a card is worth it.

Should you get a travel credit card?

Since I’m a travel nut, travel credit cards are my favorite. I’ve earned thousands of dollars’ worth of free travel over the years using travel credit cards. So, if you’re like me and love to travel and spend enough to make up for a big annual fee, a travel credit card might be a good choice.

The type of travel card you choose depends on your preferences and loyalty. General travel cards are best for people who want the cheapest travel option every time, while airline and hotel cards are good for folks who want to stick with one brand. Premium cards are best for people who want extra perks and comforts.

Top travel credit cards

If you’re excited about the prospect of free travel, here are some of the best travel credit cards to consider:

Low-interest credit cards

While credit card rewards are exciting, you might have other priorities. When we talk about low-interest cards, three types of credit cards typically come to mind.

Zero percent APR cards

Although this technically includes balance transfer cards, it’s mainly marketed toward people who want a 0% APR promotion on new purchases.

For example, I applied for such a card when my wife and I moved into our first home. We used the card to furnish the home and cover other moving expenses and are paying it off interest-free over 21 months.

Balance transfer cards

If you have a high-interest credit card balance, some cards allow you to transfer your balance and pay it off with a 0% APR promotion. Among the best balance transfer cards, you can get up to 21 months with no interest. That said, most of these cards charge a balance transfer fee of 3 percent to 5 percent of the transfer amount.

Ongoing low-interest cards

Instead of offering a promotional 0% APR to start you off, these cards offer a below-average interest rate from the start. Typically, only credit unions and small regional banks offer these types of credit cards.

These credit cards almost always come with no annual fee. But some annual-fee credit cards offer a 0% APR promotion as an extra benefit. Also, low-interest credit cards typically require good to excellent credit.

Pros and cons

You can avoid racking up high-interest credit card debt on purchases and potentially get rid of toxic credit card debt.

On the flip side, some of the best low-interest credit cards don’t offer rewards or other perks. So, if you get a 0% APR promotion to finance a big purchase and it doesn’t offer rewards, the card doesn’t offer much value once the promotional period is over.

Should you get a low-interest credit card?

If your top priority is to pay off a purchase or debt or you plan to carry a balance in general, a low-interest card might be for you. The good news is some of these cards do offer rewards, so shop around to get the best one.

Top low-interest credit cards

Depending on your needs and preferences, here are some low-interest credit cards to consider:

Secured credit cards

If you’re new to credit or are trying to rebuild a bad credit score, your credit card options are limited.

Luckily, secured credit cards can help you get on the right track. Since folks with bad credit pose a higher risk to credit card companies, however, secured cards require a security deposit as collateral.

The deposit usually is equal to your desired credit limit. Then, in most cases, you’ll get your deposit back when you close the account. Other then that, secured credit cards function the same as normal credit cards.

Note: Unsecured credit cards for bad credit do exist. But most of these cards charge exorbitant fees and interest. In other words, they’re usually not worth it.

Pros and cons

Secured credit cards are a great way to build credit without going into debt — as long as you pay off your monthly bill on time and in full. Also, your credit line typically is limited to your opening deposit, so you likely won’t have much wiggle room if you overspend.

In contrast, most secured credit cards don’t offer many rewards or benefits. The main focus of these types of credit cards is to help you build credit. Also, many secured cards charge annual fees, but you can avoid them if you do your research.

Should you get a secured credit card?

Secured credit cards are great for folks who are just starting out with credit or looking to get back on track. Specifically, secured credit cards can be a great way to rebuild your credit after bankruptcy or another major negative credit event.

Top secured credit cards

If building credit is your top priority, these cards will help you do it best:

Store credit cards

There are two main credit card types you’ll see with retailers.

Closed-loop store cards

You can use these cards only at the store. You don’t get a lot of flexibility, and you’re forced to have a second card to use elsewhere. Closed-loop store cards might or might not offer rewards on the purchases you make.

Open-loop store cards

You can use these store cards anywhere. Some even offer rewards on purchases you make outside the store.

To get you to sign up, stores often offer one-time discounts when you apply.

Pros and cons

Store credit cards are typically easy to get if your credit is bad. And depending on the store, you might get ongoing discounts and offers to make it worth your while.

That said, store credit cards often charge high interest rates. And those ongoing discounts and offers could lead to overspending. Lastly, you could get into trouble if you apply for multiple store cards in a short period.

Should you get a store credit card?

If you’re going to get a store credit card, it’s best to do it with a store where you regularly shop. In other words, don’t let the initial discount sway you. Look for long-term value.

Top store credit cards

For general spending, here are the best store credit cards to consider:

Student credit cards

If you’re in college or planning to attend college soon, you might be able to avoid having to apply for a secured credit card. Student credit cards are designed specifically to help college students build credit while getting some of the perks you won’t get with most secured cards.

Student credit cards typically don’t require a minimum credit score, but you need to have some form of income to get approved. If you don’t, you might be able to apply with a cosigner.

Pros and cons

Student credit cards are easy to get if you meet the income requirements. They typically offer rewards, no annual fee, and incentives for things such as developing good credit habits and getting good grades.

These cards usually don’t offer high credit limits, though. So, if you can get approved for a good cash-back or travel card, you’ll get more flexibility there. Plus, you’ll get better rewards with an “adult” credit card.

Should you get a student credit card?

You should get a student credit card if you’re a college student who wants to build credit. Keep in mind that you need a Social Security number to apply for most student credit cards.

Top student credit cards

If you’re in the market for a student credit card, here are your top options:

Charge cards

Charge cards are credit cards that don’t have a credit limit. That doesn’t mean unlimited spending, though. Rather, the credit card issuer typically will allow you to spend up to the amount it determines is reasonable based on your financial profile and spending habits.

The caveat is that you must pay off your balance monthly rather than carrying it over from month to month.

Pros and cons

Charge cards offer a lot of flexibility for spending, but the fact that you’re forced to pay off your bill in full each month might make it hard if something goes wrong and you can’t afford it.

Also, charge cards typically come with higher annual fees, so you have to spend big to break even.

Should you get a charge card?

Big spenders who need the flexibility of having no credit limit would find charge cards most useful. Also, business owners with capital needs that vary and who don’t want to be tied down to a set credit limit can benefit.

Top charge cards

As of January 2018, American Express is the only credit card issuer that offers charge cards. Here are the best cards it has to offer:

Small-business credit cards

There’s no problem with using a personal credit card for your business. But many small-business credit cards offer benefits that are tailored toward business owners.

Based on your needs and preferences, you can find a variety of small-business cards. Whether you want cash-back rewards, travel rewards, no annual fee, a 0% APR promotion, or a secured card, there’s a small-business version.

Pros and cons

Business credit cards often adapt their rewards and benefits for small-business owners. For example, American Express OPEN business cards offer tools to help with expense management, discounts with business-related retailers, and special merchant financing.

Small-business cards also typically offer higher credit limits than personal cards. That said, they aren’t legally required to offer the same protections as personal credit cards. For example, you might end up paying higher fees and interest rates than you anticipated.

Also, small-business credit cards require that you personally guarantee payments for your purchases, even if you have limited liability in your business.

Should you get a small-business credit card?

Anyone with an established business can get approved for a small-business credit card. While the best types of credit cards are reserved for people with solid credit, there are some you can get with bad or fair credit.

Even if your business doesn’t have a lot of expenses, it’s wise to have a separate credit card for your business to keep those expenses separate from your personal finances. That makes it easier to keep track of your expenses for tax purposes.

Top small-business credit cards

If you’re looking for a credit card for your small business, consider these ones first:

How to sift through the different types of credit cards

With so many credit card types available, it can be hard to know which one is best for you. Unfortunately, there’s no magic formula that works for everyone. Much of it boils down to your credit score, how you spend your money, and your preferences.

As you learn about the different types of credit cards, you should get an idea of which one would suit your needs best. And if you end up with a credit card you’re not satisfied with, you can apply for another one — just make sure to do so responsibly.

The important thing is you use credit cards to improve your financial standing, not hurt it. Make your payments on time and in full, create a budget so you don’t overspend, and avoid applying for multiple credit cards in a short period. These habits will help you build your credit over time and ensure you’re getting value out of the plastic you use every day.

Interested in refinancing student loans?

Here are the top 6 lenders of 2018!
LenderVariable APREligible Degrees 
Check out the testimonials and our in-depth reviews!
1 Important Disclosures for Earnest.

Earnest Disclosures

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.

Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.47% APR (with Auto Pay) to 6.97% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of Month/Day/Year, and are subject to change based on market conditions and borrower eligibility.

Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.

The information provided on this page is updated as of 08/21/18. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit, email us at, or call 888-601-2801 for more information on ourstudent loan refinance product.

© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.

2 Important Disclosures for Laurel Road.

Laurel Road Disclosures

APR stands for “Annual Percentage Rate.” Rates listed include a 0.25% EFT discount, for automatic payments made from a checking or savings account. Interest rates as of 11/8/2018. Rates subject to change.

Variable rate options consist of a range from 3.27% per year to 6.09% per year for a 5-year term, 4.64% per year to 6.14% per year for a 7-year term, 4.69% per year to 6.19% per year for a 10-year term, 4.94% per year to 6.44% per year for a 15-year term, or 5.19% per year to 6.69% per year for a 20-year term, with no origination fees. APR is subject to increase after consummation. The variable interest rate will change on the first day of every month (“Change Date”) if the Current Index changes. The variable interest rates are based on a Current Index, which is the 1-month London Interbank Offered Rate (LIBOR) (currency in US dollars), as published on The Wall Street Journal’s website. The variable interest rates and Annual Percentage Rate (APR) will increase or decrease when the 1-month LIBOR index changes. The variable interest rates are calculated by adding a margin ranging from 0.98% to 3.80% for the 5-year term loan, 2.35% to 3.85% for the 7-year term loan, 2.40% to 3.90% for the 10-year term loan, 2.65% to 4.15% for the 15-year term loan, and 2.90% to 4.40% for the 20-year term loan, respectively, to the 1-month LIBOR index published on the 25th day of each month immediately preceding each “Change Date,” as defined above, rounded to two decimal places, with no origination fees. If the 25th day of the month is not a business day or is a US federal holiday, the reference date will be the most recent date preceding the 25th day of the month that is a business day. The monthly payment for a sample $10,000 loan at a range of 3.27% per year to 6.09% per year for a 5-year term would be from $180.89 to $193.75. The monthly payment for a sample $10,000 loan at a range of 4.64% per year to 6.14% per year for a 7-year term would be from $139.65 to $146.76. The monthly payment for a sample $10,000 loan at a range of 4.69% per year to 6.19% per year for a 10-year term would be from $104.56 to $111.98. The monthly payment for a sample $10,000 loan at a range of 4.94% per year to 6.44% per year for a 15-year term would be from $78.77 to $86.78. The monthly payment for a sample $10,000 loan at a range of 5.19% per year to 6.69% per year for a 20-year term would be from $67.05 to $75.68.

However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.

3 Important Disclosures for SoFi.

SoFi Disclosures

  1. Student loan Refinance:
    Fixed rates from 3.899% APR to 7.979% APR (with AutoPay). Variable rates from 2.470% APR to 6.990% APR (with AutoPay). Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. See APR examples and terms. Lowest variable rate of 2.470% APR assumes current 1 month LIBOR rate of 2.30% plus 0.91% margin minus 0.25% ACH discount. Not all borrowers receive the lowest rate. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. *To check the rates and terms you qualify for, SoFi conducts a soft credit inquiry. Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score. Soft credit inquiries allow SoFi to show you what rates and terms SoFi can offer you up front. After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry. Hard credit inquiries (or hard credit pulls) are required for SoFi to be able to issue you a loan. In addition to requiring your explicit permission, these credit pulls may impact your credit score.
  2. Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (

4 Important Disclosures for LendKey.

LendKey Disclosures

Refinancing via is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.

5 Important Disclosures for CommonBond.

CommonBond Disclosures

Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.

All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.28% effective October 10, 2018.

6 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Education Refinance Loan Rate Disclosure: Variable rate, based on the one-month London Interbank Offered Rate (“LIBOR”) published in The Wall Street Journal on the twenty-fifth day, or the next business day, of the preceding calendar month. As of November 1, 2018, the one-month LIBOR rate is 2.29%. Variable interest rates range from 2.79%-8.39% (2.79%-8.39% APR) and will fluctuate over the term of the borrower’s loan with changes in the LIBOR rate, and will vary based on applicable terms, level of degree earned and presence of a cosigner. Fixed interest rates range from 3.75%-8.69% (3.75%-8.69% APR) based on applicable terms, level of degree earned and presence of a cosigner. Lowest rates shown require application with a cosigner, are for eligible, creditworthy applicants with a graduate level degree, require a 5-year repayment term and include our Loyalty discount and Automatic Payment discounts of 0.25 percentage points each, as outlined in the Loyalty and Automatic Payment Discount disclosures. The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Please note: Due to federal regulations, Citizens Bank is required to provide every potential borrower with disclosure information before they apply for a private student loan. The borrower will be presented with an Application Disclosure and an Approval Disclosure within the application process before they accept the terms and conditions of their loan.
  2. Federal Loan vs. Private Loan Benefits: Some federal student loans include unique benefits that the borrower may not receive with a private student loan, some of which we do not offer with the Education Refinance Loan. Borrowers should carefully review their current benefits, especially if they work in public service, are in the military, are currently on or considering income based repayment options or are concerned about a steady source of future income and would want to lower their payments at some time in the future. When the borrower refinances, they waive any current and potential future benefits of their federal loans and replace those with the benefits of the Education Refinance Loan. For more information about federal student loan benefits and federal loan consolidation, visit We also have several resources available to help the borrower make a decision at, including Should I Refinance My Student Loans? and our FAQs. Should I Refinance My Student Loans? includes a comparison of federal and private student loan benefits that we encourage the borrower to review.
  3. Citizens Bank Education Refinance Loan Eligibility: Eligible applicants may not be currently enrolled. Applicants with an Associate’s degree or with no degree must have made at least 12 qualifying payments after leaving school. Qualifying payments are the most recent on time and consecutive payments of principal and interest on the loans being refinanced. Primary borrowers must be a U.S. citizen, permanent resident or resident alien with a valid U.S. Social Security Number residing in the United States. Resident aliens must apply with a cosigner who is a U.S. citizen or permanent resident. The cosigner (if applicable) must be a U.S. citizen or permanent resident with a valid U.S. Social Security Number residing in the United States. For applicants who have not attained the age of majority in their state of residence, a cosigner will be required. Citizens Bank reserves the right to modify eligibility criteria at anytime. Interest rate ranges subject to change. Education Refinance Loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, certification of borrower’s student loan amount(s) and highest degree earned.
  4. Loyalty Discount Disclosure: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower or their co-signer (if applicable) has a qualifying account in existence with us at the time the borrower and their co-signer (if applicable) have submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, or other student loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI, and VT and some products may have an associated cost. This discount will be reflected in the interest rate disclosed in the Loan Approval Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  5. Automatic Payment Discount Disclosure: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their student loans owned by Citizens Bank, N.A. during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. Discount is not available when payments are not due, such as during forbearance. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account three or more times within any 12-month period, the borrower will no longer be eligible for this discount.
  6. Co-signer Release: Borrowers may apply for co-signer release after making 36 consecutive on-time payments of principal and interest. For the purpose of the application for co-signer release, on-time payments are defined as payments received within 15 days of the due date. Interest only payments do not qualify. The borrower must meet certain credit and eligibility guidelines when applying for the co-signer release. Borrowers must complete an application for release and provide income verification documents as part of the review. Borrowers who use deferment or forbearance will need to make 36 consecutive on-time payments after reentering repayment to qualify for release. The borrower applying for co-signer release must be a U.S. citizen or permanent resident. If an application for co-signer release is denied, the borrower may not reapply for co-signer release until at least one year from the date the application for co-signer release was received. Terms and conditions apply.

2.47% – 6.99%3Undergrad
& Graduate

Visit SoFi

2.46% – 6.97%1Undergrad
& Graduate

Visit Earnest

2.57% – 8.44%4Undergrad
& Graduate

Visit Lendkey

3.02% – 6.44%2Undergrad
& Graduate

Visit Laurel Road

2.50% – 7.24%5Undergrad
& Graduate

Visit CommonBond

2.79% – 8.39%6Undergrad
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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.