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 1% cash back on all eligible purchases and up to 2% unlimited cash back when rewards are redeemed to pay down eligible SoFi student or personal loan debt, save in SoFi Money® 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.
2% cash back: 1% on all purchases and an additional 1% when redeemed through SoFi Student or Personal Loans, SoFi Money® or SoFi Invest® accounts
No current offer
12.99% to 24.99% variable, with a 1% reduction after making 12 consecutive on-time credit card payments
Either $10 or 5%, whichever is greater
N/A; must currently be a SoFi member
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 12.99% to 24.99%, 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.
How to apply: Applications for the SoFi Credit Card are opening to members in phases, beginning today. Members will be notified via email, but if you didn't receive an email you can apply now to join the waitlist from SoFi's website. SoFi says it is approving more members each week, and the card will be made available to the general public in early 2021.
Information about the SoFi Credit Card has been collected independently by CNBC and has not been reviewed or provided by the issuer prior to publication.