News Credit Card News SoFi Launches New 2% Cash-Back Credit Card SoFi customers are rewarded for paying down debt or investing By Sienna Wrenn Sienna Wrenn Facebook Twitter Website Sienna is a self-proclaimed credit card nerd who has been creating personal finance content for more than seven years. She joined The Balance as a staff writer and is now managing special projects to further engage readers in important topics. Sienna's work has been cited by major news outlets and government agencies. She holds a journalism degree from the University of Wisconsin Oshkosh. learn about our editorial policies Updated on October 28, 2020 Share Tweet Pin Email Photo: Inti St. Clair for Getty Images It’s official: The student loan company SoFi has launched its first credit card, and customers with a loan or investment account can earn a very competitive 2% cash back on all purchases made with the card. Some SoFi app users got a sneak peek of the SoFi Credit Card back in July, as previously reported by The Balance, but this no-annual-fee Mastercard became available to select users Wednesday and there’s now a waitlist for others who want to sign up. SoFi is billing the new card as a way to incentivize healthy financial habits like paying down debt and saving for the future. It offers a pretty standard 1% back on all purchases, but that gets doubled when rewards are used to pay a SoFi loan or deposited in a SoFi Money or SoFi Invest account. The chance to earn 2% back is about as good as it gets; The Fidelity Rewards Visa Signature Card and the Citi Double Cash Card are among the few cards with a similar rewards proposition. Many other cards offer a singular cash-back rate regardless of how you use the cash, but often that’s just 1.5% back. Depending on an applicant’s creditworthiness, the variable APR for purchases will be 12.99%-24.99%—in line with the average cash-back rewards card APR of about 19%—but there’s an additional interest rate proposition that’s more unusual. Cardholders who make on-time payments for 12 consecutive months will get a 1% reduction in their APR, and that reduced rate will hold steady as long as on-time payments continue. Users can set up their account so rewards are redeemed into their SoFi accounts automatically. Rewards are worth only 1% back when used for a statement credit, according to a SoFi spokesperson. The card is officially issued by the Bank of Missouri, since SoFi is a financial technology company, not a bank. The general public will be able to apply by early next year, SoFi said. Was this page helpful? Thanks for your feedback! Tell us why! Other Submit Sources The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Read our editorial process to learn more about how we fact-check and keep our content accurate, reliable, and trustworthy. SoFi. "SoFi Credit Card." SoFi. "SoFi Announces First Credit Card That Can Help People Pay Down Debt."