SoFi Helps People 'Get Their Money Right' With New Credit Card

SoFi, a provider of lending and wealth management services, formally announced the launch of a credit card.

The development comes as consumer debt reached a record $14.3 trillion this year. The new product will incentivize healthy financial habits and deliver on the firm’s mission to help people get their money right.

What Happened: SoFi is a holistic platform for all aspects of financial health.

As part of a mission to help people get their money right, SoFi introduced a credit card that allows users to pay down debt with rewards earned for spending. Additional features include the ability to set up automated redemptions into accounts of choice, creating an easy way to redeem cash back, pay down debt, invest, or save for the future.

"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."

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Why It Matters: Overall, SoFi’s credit card comes as a natural complement to the firm's other products, such as SoFi Money and Invest.

"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."