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With this new credit card, you can use your cash back to pay off student loan debt

CNBC Select takes a look at SoFi's first-ever credit card that helps members pay down their debt.

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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.

SoFi Credit Card

Information about the SoFi Credit Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.
  • Rewards

    Earn up to 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.*

  • Welcome bonus

    Once you apply and get approved for the SoFi Credit Card, you can tap to play for a chance to win a welcome bonus between $10–$10K in rewards points.**

  • Annual fee

    $0

  • Intro APR

    N/A

  • Regular APR

    17.24% to 29.24% variable

  • Balance transfer fee

    Either $10 or 5%, whichever is greater

  • Foreign transaction fee

    0%

  • Credit needed

    Good/Excellent

  • *Terms apply. See offer details here.

**Bonus distributed as reward points; see terms and conditions here.

Pros

  • Simple cash-back program that helps you pay down debt, save or invest for the future
  • Opportunity to get a reduction in APR
  • Access to World Elite Mastercard® benefits, Mastercard’s Priceless® Experiences and security features like Mastercard ID Theft Protection™ and Price Protection

Cons

  • Limited cash-back categories

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 17.24% to 29.24%, 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.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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