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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 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.

SoFi Credit Card

SoFi Credit Card
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.
  • Rewards

    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

  • Welcome bonus

    No current offer

  • Annual fee

    $0

  • Intro APR

    N/A

  • Regular APR

    12.99% to 24.99% variable, with a 1% reduction after making 12 consecutive on-time credit card payments

  • Balance transfer fee

    Either $10 or 5%, whichever is greater

  • Foreign transaction fee

    0%

  • Credit needed

    N/A; must currently be a SoFi member

Terms apply.

Pros

  • Up to 2% cash back
  • Simple cash-back program that helps you pay down debt, save or invest for the future
  • Opportunity to get a 1% 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

  • No welcome bonus, so you can’t maximize rewards during the first few months of card opening
  • 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.

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