SoFi Launches Credit Card to Help Users Pay Down Their Debt

SoFi, one of the most successful fintechs in the U.S., announced on Wednesday it has launched its first-ever credit card. According to SoFi, the credit card incentivizes healthy financial habits and delivers on its mission to help people get their money right. The card, which is part of the Mastercard exclusive card network, does not carry an annual fee and 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. APR for purchases and balance transfers will be between 12.99% and 24.99%. APR for cash advances is set at 26.99%.

SoFi further explained that members will also be able to set up automated redemptions into their account of choice and thus creating a “frictionless” way to redeem cashback, pay down debt, invest, or even 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.”

SoFi CEO, Anthony Noto, shared more details about the card by stating:

“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.”

SoFi then revealed 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. SoFi Credit Cardholders will also have 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.

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. Here are the complete terms. To sign up for the waitlist, click here.

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