SoFi launches innovative credit card to promote savings, investment and debt repayment
SAN FRANCISCO – (BUSINESS WIRE) – SoFi, the digital personal finance company, today announced the large-scale launch of its first-ever credit card, designed to encourage healthy financial habits and continue its mission of helping people manage their money well . The SoFi credit card’s innovative reward structure helps consumers achieve their financial goals, such as saving and investing, and directly addresses the debt cycle that prevents financially healthy behaviors, with up to 2 % Unlimited Cash Back when applied to SoFi Money.® or a SoFi Active Invest account or used to repay a SoFi personal loan or student loan refinancing *. led them to postpone their investments.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 able to participate in “Moneyball Madness” and the chance to receive SoFi reward points ranging from 2000 (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 money in their SoFi Money.® account, buy securities with SoFi Active Invest or repay their eligible SoFi loans.2
The SoFi credit card has no annual membership fee † and is the only card that encourages cardholders to make payments on time with an annual rate reduction of 1% after 12 consecutive payments on time, the rate discount being maintained while continuing to meet Payments deadlines. †
Testing since its limited release to SoFi members in October 2020, the SoFi credit card has already shown that it can lead members to engage in vital financial behaviors that credit card debt could have prevented them from accepting into the market. past: 17% of reward points were invested with SoFi Active Invest, 60% were refunded in SoFi Money®, and 15% have committed to repay the SoFi loan debt. Additionally, in response to member feedback, SoFi revised the SoFi credit card reimbursement methodology to make it easier for users to see how many points they have earned. Additionally, SoFi plans to implement redemption options for purchasing cryptocurrency in the coming weeks.
“As part of our goal of helping people make their money well, we’re excited to now start offering the SoFi credit card more broadly – a product we’ve refined and adapted based on member feedback. Said the CEO of SoFi. Anthony Noto. “With every purchase 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 new SoFi Member Rewards program, which also rewards members for logging into the app and making smart money movements, including monitoring credit scores through SoFi Relay, automated bill payment setup, and link external financial accounts.
For more information or to apply for the SoFi credit card, please visit sofi.com/credit-card/
SoFi helps people achieve financial independence to achieve their ambitions. Our borrowing, savings, spending, investing and protection products give our more than 1.8 million members quick access to tools to make money. Membership in SoFi includes the essentials for moving forward, including career counselors and a connection to a thriving community of ambitious and like-minded individuals. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.
† See prices, general conditions (sofi.com/card/terms)
The SoFi credit card is issued by the Bank of Missouri pursuant to the license of Mastercard® International Incorporated and can be used anywhere Mastercard is accepted. Mastercard is a registered trademark and the circle design is a trademark of Mastercard International Incorporated.
* Members earn 2 reward points for every dollar spent on qualifying purchases. If you choose to redeem your points in the form of cash deposited into your SoFi Money account, in the form of fractional shares in your SoFi Invest account, or as payment for your SoFi personal loan or student loan refinancing, your points will be redeemed at the rate of 1 cent point. If you choose to redeem points as a credit to your SoFi credit card account, your points will be redeemed at a rate of 0.5 cents per point. For more details, please see SoFi.com/card/rewards.
SoFi Relay is offered by SoFi Wealth LLC, an investment advisor registered with the SEC. For more information, please see our ADV Part 2A form, a copy of which is available on request and at oakparkfinancial.com crm features For more information on SoFi Wealth LLC, SoFi Relay, and affiliate products and services, see SoFi.com/legal.
SoFi Credit Corp. CFL # 6054612. Advisory services are offered through SoFi Wealth, LLC, an investment advisor registered with the SEC. Brokerage Products and SoFi Money® are offered by SoFi Securities LLC, a FINRA / SIPC member. Neither SoFi nor its affiliates are a bank. © 2021 Social Finance, Inc. CC20-269414
1 Source: Based on a SoFi / Centiment Research survey of 2,841 respondents from the general population from February 19, 2021 to February 24, 2021
2 No purchase necessary to play or win. You must be approved for a SoFi credit card to participate. Visit sofi.com/moneyball-rules to view the official game rules for full details, including eligibility requirements and prize details. Ends 03/29. Void where prohibited by law.