SoFi Launches Innovative Credit Card to Promote Saving, Investing, and Paying Down Debt
SAN FRANCISCO–(BUSINESS WIRE)–Mar 9, 2021–
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.
For more information or to apply for the SoFi Credit Card, please visit sofi.com/credit-card/
SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing and protecting give our over 1.8 million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.
†See Pricing, Terms & Conditions (sofi.com/card/terms)
The SoFi Credit Card is issued by The Bank of Missouri pursuant to license by Mastercard ® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
*Members earn 2 reward points for every dollar spent on eligible purchases. If you elect to redeem points as cash deposited into your SoFi Money account, as fractional shares into your SoFi Invest account, or as a payment toward your SoFi Personal Loan or Student Loan Refinance, then your points will redeem at a rate of 1 cent per point. If you elect to redeem points as a statement credit into your SoFi Credit Card account, then your points will redeem at a rate of 0.5 cents per point. For more details, please see SoFi.com/card/rewards.
SoFi Relay is offered through SoFi Wealth LLC, an SEC-registered investment advisor. For more information, please see our Form ADV Part 2A, a copy of which is available upon request and at www.adviserinfo.sec.gov. For additional information on SoFi Wealth LLC, SoFi Relay, and products and services of affiliates, see SoFi.com/legal.
SoFi Credit Corp. CFL# 6054612. Advisory services are offered through SoFi Wealth, LLC an SEC-registered Investment adviser. Brokerage products and SoFi Money ® are offered through SoFi Securities LLC, member FINRA/SIPC. Neither SoFi nor its affiliates is a bank. ©2021 Social Finance, Inc. CC20-269414
1 Source: Based on a SoFi/Centiment Research survey of 2,841 general population respondents 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 Game Official Rules for details, including eligibility requirements and prize details. Ends 3/29. Void where prohibited by law.
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PUB: 03/09/2021 07:15 AM/DISC: 03/09/2021 07:15 AM
Copyright Business Wire 2021.