SoFi Credit Card Broad Launch
The SoFi Credit Card was introduced in October 2020, and now it is open to anyone interested in applying. SoFi has used the time since the limited release to improve and refine their credit card based on feedback they received from first members.
The SoFi Credit Card became available to the general public on March 9, 2021 and to celebrate it, the company started its biggest promotion of the year – “Moneyball Madness.” This promotion gives newly approved members the chance to earn from 2,000 (equivalent to $20) to 1 million SoFi Reward Points (equivalent to $10,000). SoFi is planning to give away 50 million points that are worth a total of $500,000. The lucky members will be able to use points with their SoFi Money® or SoFi Active Invest® account or pay down their eligible SoFi loans.
As for the other specs of the card, the SoFi Credit Card comes without an annual fee and offers 2 SoFi Rewards Points per $1 spent on purchases. The points redemption value is up to 2% cash back when redeemed to pay down a SoFi Student Loan Refinance or SoFi Personal Loan, applied to SoFi Money® Account or SoFi Invest Account. Plus, SoFi plans to implement redemption options for purchasing cryptocurrency through SoFi Active Invest.
Also, the SoFi Credit Card is the only credit card that incentivizes cardmembers to pay on-time – cardmembers can lower their APR by 1% by simply making 12 on-time payments in a row. And they will keep their reduced rate if they continue being on-time with all their payments.
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