SoFi, has launched its first credit card that is said to include a rewards structure designed to help consumers reach their financial goals, including up to 2% unlimited cash back when applied to a SoFi Money® or SoFi Active Invest account or used to pay down a SoFi personal loan or student loan refinance.
To help promote the new card, SoFi is rolling out “Moneyball Madness,” as a chance to receive SoFi Reward Points ranging from 2,000 to 1 million. The promotion involves 50 million points, worth a total of $500,000, to give away.
Like many cards today, the SoFi Credit Card carries no annual membership fee.
SoFi CEO Anthony Noto said they are thrilled to be able to launch their credit card – a product they have been testing since the end of last year. Noto said they have refined the product and tailored the card by member feedback.
The SoFi Credit Card is issued by The Bank of Missouri pursuant to a license by Mastercard International Incorporated