Fintech company, SoFi, has launched SoFi Member Rewards for its members. What is the platform, which for now is invite-only, and what does it offer? Here is everything you need to know about the new SoFi Member Rewards program:
What Is SoFi Member Rewards?
SoFi Rewards is a member rewards program that turns points into cash via SoFi Money. Points are earnable through several methods, including:
- Signing up for SoFi credit monitoring
- Checking the SoFi app (with double points earned when checking the app on multiple days in a row)
- Linking non-SoFi accounts to SoFi Relay
- Managing transactions tracked through SoFi Relay
- Using the direct deposit feature with SoFi Money accounts
- Using SoFi Money for P2P payments
- Setting up Bill Pay through SoFi Money
- Activating a SoFi Money debit card
- Making purchases with a SoFi Credit Card
Once they earn points, SoFi Member Rewards members can use those points towards various SoFi products. Redemption options 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 towards the company’s co-branded credit card. SoFi points never expire.
Who Can Join?
The new SoFi Member Rewards program is now live. However, only a select few current customers have received access to it.
The new Member Rewards program is currently invite-only. Select members can join the program through the company’s app (available in both the App Store and Google Play Store). It is unknown at this time when the full roll-out of the Member Rewards program will take place.
SoFi, also known as 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. The fintech brand also provides a credit card. The recently-launched SoFi Credit Card allows SoFi customers to earn cash back on eligible purchases. These rewards can then be put back towards existing loan balances.
Related Article: SoFi or Upgrade Card: Which Is Right for You?