SoFi Member Rewards, Earn Points Through Spending and Tasks
SoFi has been testing a rewards program for a couple of months. Today, the SoFi Member Rewards program was officially made available for all SoFi customers. You will need to use the app in order to enroll. You can earn points when you make moves toward financial independence, spending through your card and completing some simple tasks at first. Points are redeemable for pieces of stock, SoFi loan payments, or SoFi Credit Card statement credits.
Earning Points
Existing SoFi members must enroll in the SoFi Member Rewards program to participate and start earning points. You can earn points by taking various actions within the SoFi app or accounts. To view the current ways, including respective points values by activity, on your “How to earn points” in the app. Find this page in the app by navigating to your SoFi Points dashboard (from the SoFi Points button on the top of your home screen), and click on the “Earn” button. Some of the earning options are:
- 2x on credit card spend
- 10 for enrolling in Sofi Member Rewards
- 100 for signing up for Credit Score Monitoring
- 5 points for recurring direct deposits
- 5 points for sending money to a friend for first time
- 1 points for logging in daily and 5 points for login streak
- and much more
You can see all of your SoFi Points and respective transaction history in your SoFi Points Dashboard in the SoFi app.
Redeeming Points
You can redeem your SoFi Points into cash in your SoFi Money account, into Stock Bits in your SoFi Active Invest account, as an extra payment applied to your SoFi Personal Loan or SoFi Student Loan Refinance, or as a statement credit on your SoFi Credit Card–all from your phone.
To redeem points, from your SoFi Points Dashboard (from your SoFi app, click on your profile button, then Member Benefits tab, then Member Rewards) click on “Redeem” and review your available redemption options. Select a redemption option and go through the steps to confirm your redemption.
SoFi Points do not expire. Note that you can only redeem your points through the SoFi app.
Guru’s Wrap-up
The SoFi Member Rewards program doesn’t seem very exciting for now, besides the 2x points earned for credit card spend. Hopefully we see more offers added to the program soon for those who don’t have the card. In the mean time you can earn bonuses for signing up for SoFi Money, or checking your loan rate and taking out a loan.
