SoFi launches innovative credit card to promote savings, investment and debt repayment
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 tackles 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 pay off a SoFi personal loan or student loan refinance. * According to a SoFi survey, nearly a third of respondents said credit card debt kept them from saving for retirement, and a quarter said credit card debt caused them to defer 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 eligible to participate in “Moneyball Madness” and will have 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 donate, 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 incentivizes cardholders to make payments on time with a reduction in the annual percentage rate of 1% after 12 consecutive payments on time, with reduced rate maintained with continuous on-time payments. †
In testing since its release limited to SoFi members in October 2020, the SoFi credit card has already shown that it can induce members to engage in vital financial behaviors that credit card debt may have prevented them from taking. in the past: were invested with SoFi Active Invest, 60% were reimbursed in SoFi Money®, and 15% went to repaying the SoFi loan debt. Additionally, in response to member feedback, SoFi has 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 get the best value for their money, we are delighted that we can now start offering the SoFi credit card more widely – a product that we have refined and iterated on thanks to member feedback. Said the CEO of SoFi. Antoine Noto. “With every purchase cardholders would normally make, they can now accelerate the path to their financial goals. “
Cash back for the SoFi credit card will be managed through the new SoFi Member Rewards program, which also rewards members who log into the app and make smart money transfers, including monitoring credit scores. via SoFi Relay, by setting up automated bill payment and linking 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 over 1.8 million members quick access to tools to get their money right. Membership in SoFi includes the essentials to move 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 in accordance with the license of Mastercard® International Incorporated and can be used anywhere Mastercard is accepted. Mastercard is a registered trademark and the design of the circles is a trademark of Mastercard International Incorporated.
* Members earn 2 reward points for every dollar spent on qualifying purchases. If you choose to redeem 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 refinance, your points will be traded at a rate of 1 cent per point. If you choose to redeem points as statement credit on 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 adviser registered with the SEC. For more information, please see our Form ADV Part 2A, a copy of which is available on request and at www.adviserinfo.sec.gov. 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 by 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 subsidiaries are a bank. © 2021 Social Finance, Inc. CC20-269414
1 Source: Based on a SoFi / Centiment Research survey conducted among 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 29/3. Void where prohibited by law.
View the source version on businesswire.com: https://www.businesswire.com/news/home/20210309005370/en/