The card, for which Mastercard is the exclusive card network, provides up to 2% unlimited cash back, when redeemed into SoFi Money or SoFi Invest accounts, or used to pay down SoFi Student Loans or SoFi Personal Loans.
SoFi CEO Anthony Noto commented: “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 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 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 spending.
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.
Linda Kirkpatrick, president, U.S. Issuers at Mastercard added: “SoFi continues to create thoughtful and innovative products to empower its members to pay down debt and improve their financial lives.
“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.”
Expert Analysis: This launch comes at a time when health financial habits have never been so important as consumers and firms look to navigate through the turbulent period that is forthcoming with the second wave of the pandemic.