SoFi launches its first-ever credit card with unlimited 2% cash back

By Pavithra R

SoFi, the digital personal finance company has announced the launch of its first-ever credit card, incentivizing healthy financial habits and builds on its mission to help people get their money right.

The new credit card which is issued by the Bank of Missouri and leverages Mastercard’s network, takes no annual fee and provides upto 2% unlimited cashback when redeemed into SoFi Money or SoFi Invest accounts, or used to pay down SoFi Student Loans or SoFi Personal Loans.

With 2020 witnessing total consumer debt reaching a record $14.3 trillion, the new SoFi Credit Card offers a revolutionary card experience that allows people to pay down debt with rewards earned for spending. Members will also be able to set up automated redemptions into their account, creating a frictionless way to redeem cashback, pay down debt, invest, or save for the future.

“Based on feedback from our members, we designed a credit card that helps our members pay down debt or invest in the future with every purchase, while building holistic, healthy money habits. Through simply using the SoFi Credit Card and following the same daily spending patterns that our members do today, we are making ‘getting your money right’ the most intuitive and convenient choice,” said SoFi CEO Anthony Noto.

The card rewards responsible usage and payback patterns with a sustained 1% APR reduction after 12 consecutive on time credit card payments. The card is to be issued initially to a batch of SoFi members, while interested individuals can join the waitlist.

“SoFi continues to create thoughtful and innovative products to empower its members to pay down debt and improve their financial lives. We are proud to build upon our relationship with SoFi and work closely to arm their members with benefits and features that are directly relevant and meaningful to their lives,” said Linda Kirkpatrick, president, U.S. Issuers at Mastercard.

The credit card features advanced security features, including Mastercard ID Theft Protection, Price Protection, and access to Priceless Experiences. Cardholders will also have access to World Elite Mastercard Benefits, including exclusive discounts with select merchants such as Lyft, ShopRunner, Instacart, and Fandango, as well as access to the World Elite Concierge.