SoFi Announces First Credit Card That Can Help People Pay Down Debt

SAN FRANCISCO, Oct. 28, 2020 /PRNewswire/ -- SoFi, the digital personal finance company, announced today that it has launched its first-ever credit card, which incentivizes healthy financial habits and delivers on its mission to help people get their money right. Carrying no annual fee†, the card, for which Mastercard® is the exclusive card network, provides up to 2% unlimited cashback† when redeemed into SoFi Money® or SoFi Invest® accounts, or used to pay down SoFi Student Loans or SoFi Personal Loans. The card is launching today to an initial batch of SoFi members, while interested individuals can join the waitlist.

With total consumer debt reaching a record $14.3 trillion this year, the SoFi Credit Card offers a revolutionary card experience that allows people to pay down debt with rewards that are earned for spending¹. Members will also be able to set up automated redemptions into their account of choice, creating a frictionless way to redeem cash back, pay down debt, invest, or save for the future. From the streamlined application process—it only takes six taps to apply—to the innovative debt-payment rewards structure, SoFi listened closely to member feedback to design a card that fulfilled their needs and was as clear and simple as possible.

"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," said SoFi CEO Anthony Noto. "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."

The card also rewards responsible usage and payback patterns with a sustained 1% APR reduction after 12 consecutive on-time credit card payments, as long as on-time payments continue. † 

The SoFi Credit card is issued by the Bank of Missouri and leverages the global payments network of Mastercard. SoFi Credit Card holders will enjoy access to World Elite Mastercard® Benefits, including exclusive discounts with select merchants such as Instacart, Lyft, ShopRunner, and Fandango, as well as access to the World Elite Concierge. The SoFi Credit Card will include advanced security features including Mastercard ID Theft Protection™ and Price Protection, and cardholders will also have access to Priceless® Experiences, offering activities both digitally and in the cities where they are.

"SoFi continues to create thoughtful and innovative products to empower its members to pay down debt and improve their financial lives," said Linda Kirkpatrick, president, U.S. Issuers at Mastercard. "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."

Applications for the SoFi Credit Card will open to SoFi members in phases, beginning today, and will be available to the general public in early 2021, with additional features to roll out in the interim. For more information on the SoFi Credit Card or to check your eligibility, please visit sofi.com.  

About SoFi
SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. SoFi is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.

Contact
[email protected]

Disclosures
†See Pricing, Terms & Conditions

The SoFi Credit Card is issued by TBOM pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

1. You can earn rewards points of 1% of all eligible purchases. If you elect to redeem points as cash deposited into your SoFi Money® account, for shares in your SoFi Invest® account, or as payments to a SoFi Student or Personal Loan, then SoFi will match the value with an additional 1% in cash, so you will receive a total of 2% cash back. For more details, please see SoFi.com/card/rewards. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC.

SoFi Lending Corp. CFL# 6054612, NMLS #1121636 (www.nmlsconsumeraccess.org). Advisory services are offered through SoFi Wealth, LLC an SEC-registered Investment adviser. Brokerage products and SoFi Money® are offered through SoFi Securities LLC, member FINRA/SIPC. Neither SoFi nor its affiliates is a bank. ©2020 Social Finance, Inc.

SOURCE SoFi

Related Links

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