back Back

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

By Pavithra R

October 29, 2020

  • Sofi
  • USA
Share

SoFi launches its first-ever credit card with unlimited 2% cash back
Anthony Noto, CEO of SoFi

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.

Previous Article

October 29, 2020

Fenergo records rapid adoption of its cloud managed service, Fen-Cloud

Read More
Next Article

October 29, 2020

Coinbase launches Coinbase Card, a cryptocurrency Visa debit card in the U.S.

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

Sofi

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 24, 2024

Capital on Tap partners with Plaid in the UK

Read More

May 24, 2024

PPRO and Afterpay team to bring BNPL solution to US consumers

Read More

May 24, 2024

UnaFinancial & JSCB Microcreditbank to offer lending services in Uzbekistan

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023