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SoFi Launches Mastercard with Moneyball Madness

The SoFi World Elite Mastercard is now open to all applicants. To celebrate the full launch, SoFi is giving away $500,000 in points to new applicants. Here is what you need to know about the New SoFi Card launch, plus the Moneyball Madness giveaway of 50 million points.

SoFi Card Now Open to All Applicants

The SoFi World Elite Mastercard is not a new credit card. News of the product started to circulate in March of 2020 when SoFi hired a former Amazon executive to head up its  credit card project. Later in the summer, the card’s first details came to light. Finally, in November, the card went live to new applicants who were existing SoFi customers. Now, however, the SoFi Card is open to applicants regardless of their affiliation with SoFi, also known as Social Finance, Inc.

About the SoFi World Elite Mastercard

The SoFi Credit Card is a cash back rewards card that earns 2% back on eligible purchases when customers direct those rewards into a SoFi account. This is how the program works: Cardholders get unlimited 1% cash back on purchases automatically – and another 1% back bonus when they apply their cash back to an eligible SoFi account.

The card also offers a unique APR reduction program. Cardholders who make 12 on-time payments with their SoFi Card will receive a 1% APR reduction.

New Accounts Earn Member Rewards Points Through Moneyball Madness

SoFi is giving away 50 million rewards points to successful new applicants through its Moneyball Madness giveaway. The Moneyball Madness promotion offers sign-up bonuses of between $20 and $10,000 to new accounts – up to a grand total of $500,000 in total prizes.

These bonus points apply to the company’s rewards program, SoFi Member Rewards. SoFi Rewards turns points into cash via the company’s SoFi Money accounts. Points are also earnable through:

  • Making direct deposit with SoFi Money accounts
  • Making P2P payments using SoFi Money
  • Setting up Bill Pay through SoFi Money
  • Signing up for SoFi credit monitoring
  • Linking any non-SoFi accounts to SoFi Relay
  • Managing transactions tracked through SoFi Relay
  • Making payments with the SoFi World Elite Mastercard or a SoFi debit card

Redemption options with points include using the money to help pay down SoFi loans, turning points into cash via SoFi Money, investing points into stocks through SoFi Active Invest, or statement credits on card accounts.

About SoFi

Social Finance, Inc. is an online personal finance company specializing in student loan financing. The company also offers mortgages, personal loans, and banking options to U.S. consumers.

Related Article: The Best Fintech Credit Cards of 2021

Featured photo by Matthew Henry / Burst
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Cory Santos

Cory is BestCards.com's "Jack of all trades" and resident credit expert, covering all facets of the credit card space. In addition to credit cards, Cory finds that jogging, cats, and memes are essential parts of a balanced day.