SoFi, the digital personal finance company, announced today the broad launch of its first-ever credit card, designed to incentivize healthy financial habits and further its mission to help people get their money right.
The SoFi Credit Card’s innovative rewards structure helps consumers reach their financial goals, such as saving and investing, and directly addresses the cycle of debt that prevents financially healthy behaviors, with up to 2% unlimited cash back when applied to a SoFi Money® or SoFi Active Invest account or used to pay down a SoFi personal loan or student loan refinance.* According to a SoFi survey, almost one third of respondents said credit card debt had prevented them from saving for retirement, and one quarter said credit card debt led them to put off investing.1
To celebrate the general launch of the SoFi Credit Card, SoFi is rolling out its biggest promotion of the year: New customers will be eligible to participate in “Moneyball Madness,” and the chance to receive SoFi Reward Points ranging from 2,000 (equivalent to $20) to 1 million (equivalent to $10,000). With 50 million points, worth a total of $500,000, to give away, members can use points to earn cash in their SoFi Money® account, buy securities with SoFi Active Invest, or pay down their eligible SoFi loans.2
The SoFi Credit Card carries no annual membership fee† and is the only card that incentivizes cardholders to make on-time payments with a 1% annual percentage rate reduction after 12 consecutive on-time payments, with the reduced rate sustained with continued on-time payments.†
In testing since its limited release to SoFi members in October 2020, the SoFi Credit Card has already shown that it can drive members to engage in vital financial behaviors that credit card debt may have prevented them from taking in the past: 17% of reward points have been invested with SoFi Active Invest, 60% have been redeemed into SoFi Money®, and 15% have gone into paying down SoFi loan debt. Additionally, in response to member feedback, SoFi has revised the SoFi Credit Card’s cashback methodology to make it easier for users to see how many points they have earned. In addition, SoFi plans to implement redemption options for purchasing cryptocurrency in the coming weeks.
“As part of our goal to help people get their money right, we are thrilled to now be able to start offering the SoFi Credit Card more broadly--a product we have refined and tailored through iteration driven by member feedback,” said SoFi CEO Anthony Noto. “With each purchase that cardholders would normally make, they can now accelerate the path to their financial goals.”
Cashback rewards for the SoFi Credit Card will be administered through the newly launched SoFi Member Rewards program, which also rewards members for logging on to the app and making smart money moves, including monitoring credit scores through SoFi Relay, setting up automated bill pay, and linking external financial accounts.