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SoFi, the San Francisco-based digital personal finance company, announced today the launch of its first-ever credit card, giving SoFi members the opportunity to earn cash back on their purchases to pay off loans, save or invest through the SoFi platform.
The all-new SoFi Credit Card rewards cardholders when they use the cash back earned from purchases to improve their financial big-picture. Cardmembers receive 3% cash back for a year when you set up direct deposit with SoFi. After that, earn 2% unlimited cash back on purchases when redeemed to pay down SoFi student or personal loan debt, save in SoFi Banking or invest with SoFi Invest® accounts.
Similar to setting up autopay, members can enable automated redemptions into their choice of eligible SoFi accounts.
"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," SoFi CEO Anthony Noto says in the company's press release issued Wednesday.
Earn 3% cash back for a year when you set up direct deposit with SoFi. After that, earn 2% unlimited cash back on purchases when redeemed toward investing, saving, or paying down an eligible loan with SoFi.*
Earn $100 when you fund an Invest account as well as a Checking and Savings account after getting approved for the SoFi Credit Card.
13.24% to 25.24% variable
Balance transfer fee
Either $10 or 5%, whichever is greater
Foreign transaction fee
The SoFi Credit Card has no annual fee nor foreign transaction fees and also incentivizes healthy financial habits. It offers a variable APR range between 13.24% to 25.24%, but after making 12 consecutive on-time credit card payments, cardholders are rewarded with a 1% reduction in their APR. This reduction continues as long as they keep making on-time payments.
Issued by the Bank of Missouri and part of the Mastercard® network, the SoFi Credit Card grants cardholders access to World Elite Mastercard® benefits, such as the World Elite Concierge and exclusive discounts on places like Postmates and ShopRunner. Cardholders can also partake in Mastercard's Priceless® Experiences, such as sporting events and online classes or art tours. Security features like Mastercard ID Theft Protection™ and Price Protection are included with the SoFi Credit Card, as well as complimentary cell phone insurance coverage up to $1,000.