SoFi announces broad launch of its innovative credit card

By Pavithra R

Social Finance (SoFi), a leading next-generation financial services platform, has announced the broad launch of its credit card, designed to incentivize healthy financial habits and missions to help people get their money right.

The SoFi Credit Card’s innovative rewards structure helps consumers reach their financial goals, such as investing and saving and directly addresses the cycle of debt that prevents financially healthy behaviours, with up to 2% unlimited cashback when applied to a SoFi Money or SoFi Active Invest account or used to pay down a SoFi personal loan or student loan refinance. Cashback rewards for the SoFi Credit Card will be administered through the newly launched SoFi Member Rewards program.

SoFi, to celebrate the general launch of the credit card, is rolling out its biggest promotion: New customers will be eligible to participate in “Moneyball Madness,” and gain the chance to receive SoFi Reward Points ranging from 2,000 (equivalent to $20) to 1 mn (equivalent to $10,000). With 50 mn points worth a total of $500,000 to give away, members can use points to earn cash in their SoFi Money account, pay down their eligible SoFi loans or buy securities with SoFi Active Invest.

“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. With each purchase that cardholders would normally make, they can now accelerate the path to their financial goals,” said SoFi CEO Anthony Noto.

The SoFi Credit Card carries zero annual membership fee and incentivizes cardholders to make on-time payments with 1% annual percentage rate reduction after 12 consecutive on-time payments, with the reduced rate sustained with continued on-time payments.

Also read: SoFi to acquire Golden Pacific Bancorp, expedites effort to obtain National Bank Charter.