SoFi Adds Credit Cards Focused on Rewards and Credit Scores

SoFi Technologies has added two new credit cards to its one-stop shop for digital financial services.

One card is designed for consumers who prioritize earning rewards on their daily spending, while the other is for those focused on building or improving their credit scores, the company said in a Wednesday (Oct. 9) press release.

“We’re excited to continue building out our credit card products and deepening our relationships with our members,” SoFi CEO Anthony Noto said in the release.

The new SoFi Everyday Cash Rewards Credit Card offers 3% unlimited cash back on dining, 2% unlimited cash back on grocery store and convenience store purchases, and 1% unlimited cash back on all other eligible purchases, according to the release.

The other new card, the SoFi Essential Credit Card, offers a “reliable credit line” for consumers focused on their credit scores and has no annual, over-limit or foreign transaction fees, per the release.

“Expanding SoFi’s credit card offering enables us to better serve more people’s spending and borrowing needs, whether it’s helping them earn rewards for everyday purchases or building their credit,” Noto said in the release.

For platforms like SoFi that marry spending, saving and lending products and services, the flow of cross-pollination opportunities can help improve financial wellness while building self-contained ecosystems, PYMNTS reported in May.

Noto said in April during an earnings call that the company’s growth in direct deposit activity winds up “presenting ample opportunities for cross-buy into other SoFi products.”

During the call, Noto added: “We continue to see members adopt more products and deepen their relationship with SoFi.”

In another recent addition to its product lineup, SoFi said Oct. 2 that it launched a Directed Share Platform (DSP) called DSP2.0 that offers a modern and streamlined approach to equity program management for companies looking to raise capital in the United States.

In May, SoFi announced the placement of a $350 million personal loan securitization exclusively with funds and accounts managed by PGIM Fixed Income, a Prudential Financial company. SoFi added that at that point it had sold over $15 billion and securitized over $14.5 billion of personal loan collateral.